WORLD'S OLDEST BANK TO BE NATIONALISED
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.