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Deutsche Bank Said to Be Among New Banks Hired by Paschi

Banca Monte dei Paschi di Siena SpA added Deutsche Bank AG and Banco Santander SA to the roster of banks managing its 5 billion-euro ($7 billion) rights offering, according to two people with knowledge of the matter.

Deutsche Bank and Santander will bring the total number of banks advising on the sale to 23, said the people, who asked not to be identified because the preparations are private. UBS AG and Mediobanca SpA are among the other underwriters, the bank said on April 18.

“Stock sales are a boon to bankers at this time,” said Fabrizio Bernardi, an analyst at Fidentiis Equities in Milan. “There is a huge appetite for this kind of deal, even the risky ones like the mega rights issue of Monte Paschi.”

Monte Paschi is raising capital to reimburse part of state aid and to create a cushion as the European Central Bank assesses capital. Last month, Italy’s No. 3 bank agreed to boost the planned rights offering to 5 billion euros from the 3 billion euros it announced in November to absorb eventual negative effects from the ECB’s review, it said .

Officials for Siena, Italy-based Monte Paschi, Deutsche Bank and Santander declined to comment.

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