The top investor in Banca Monte dei Paschi di Siena said on Saturday it had sold an 8.2 percent stake in Italy's No 3 bank, raising around 339 million euros ($449.61 million) and boosting chances of keeping creditors at bay. The foundation, a charitable institution which until recently held 49 percent in Monte dei Paschi, is selling down its stake in the Tuscan bank to repay debts worth around 1 billion euros by an agreed April 30 deadline.
The creditors are 12 domestic and foreign banks, including J.P. Morgan and Credit Suisse. After much media speculation about potential suitors for a stake in the world's oldest bank, Fondazione Monte dei Paschi di Siena said in a statement it had agreed to sell 4 percent of the lender to Tuscan-based entrepreneurs Aleotti. The rest of the 8.2 percent stake was sold through off-market block sales, it said, adding the average price for the overall stake was 0.376 euros per share.