WORLD'S OLD­EST BANK TO BE NATIONALISED

Qatar Today - - BUSINESS > BANK NOTES -

Italy’s Banca Monte dei Paschi di Siena, which sur­vived the In­qui­si­tion, the uni­fi­ca­tion of Italy, fas­cism and two world wars, is in dire straits af­ter years of mis­man­age­ment. The bank emerged as the worst per­former in Euro­pean stress tests that showed its cap­i­tal would be en­tirely wiped out in a se­vere eco­nomic down­turn. Monte Paschi’s shares were down more than 80% in 2016 and af­ter it failed to at­tract funds for a $5.2 bil­lion cap­i­tal in­crease, the Ital­ian gov­ern­ment is ex­pected to step in to bail it out. Qatar In­vest­ment Author­ity had ex­pressed a pre­lim­i­nary in­ter­est in back­ing the bank’s emer­gency cash call but in the end didn’t come through.

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