Paschi Hires UBS, Citigroup to Explore All Strategic Options

Banca Monte dei Paschi di Siena SpA, Italy’s third-biggest bank, said it hired UBS AG and Citigroup Inc. to explore all strategic options as it considers how to replenish a capital gap that emerges from the European Central Bank’s review.

The board has started a review of the potential actions to be included in the capital plan that will be submitted to relevant authorities within the established terms, the company said in a stock-exchange statement today.

Monte dei Paschi is shown to have a capital gap of 2.1 billion euros ($2.7 billion) in the ECB’s health check published today.

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