MILAN: Shares in Italian lender Banca Monte dei Paschi di Siena rose more than 5 percent on Friday, helped by consolidation expectations for the sector.
A Milan-based trader said the stock was enjoying a rally among Italian banks on the back of a reform of ownership rules for local cooperative lenders which is expected to fuel consolidation.
By 1453 GMT, shares in Monte Paschi, which is due to launch a 3-billion-euro ($3.3-billion) cash call to fill a capital gap, were up 5 percent at 0.5935 euros.
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