Meloni, UBS, Jefferies Pull Off Stealth $1 Billion Bank Sale
- Rome jumped on expected market boost after ratings decisions
- Move on stake sale decided with advisers UBS, Jefferies
The Banca Monte dei Paschi di Siena headquarters in Siena, Italy.
Photographer: Francesca Volpi/BloombergThis article is for subscribers only.
It took just a few hours for Prime Minister Giorgia Meloni to kick off the sale of a $1 billion stake in Banca Monte Paschi di Siena SpA which had been years in the works.
Soon after a ratings decision by Moody’s Investors Service on Friday capped a series of such assessments, her government jumped on an expected boost in market sentiment to green light the sale of the stake in the world’s oldest bank, according to people familiar with the matter.