Finance
New Italy Banking Force Begins to Emerge From Monte Paschi Deal
A BPM SpA bank branch in Milan.
Photographer: Camilla Cerea/BloombergThis article is for subscribers only.
A possible new force in Italian banking has begun to take shape, after regional lender Banco BPM SpA took a major stake in rival Banca Monte dei Paschi di Siena SpA.
Banco BPM on Wednesday snapped up 5% of its rival as the Italian government unloaded most of its remaining stake.