According to a recent survey by Money.it, there is a strong indication that Banca MPS could be heading towards privatization.
The survey was launched at a time when news circulated that the Ministry of Economy, which currently holds 26.7% of the shares of the Sienese institution, might sell an additional 10% of its shares in July.
The survey results, while not scientifically conclusive, paint an interesting picture.
52% of respondents expressed their support for the privatization of Banca Monte dei Paschi di Siena.
On the other hand, 46% of readers opposed the privatization, despite the bank’s recent positive financial performance, reporting a net profit of €2.052 billion in the last fiscal year.
The saga of Monte dei Paschi di Siena, the oldest operating bank in the world, remains a sensitive topic.
Following years of financial turmoil, the State intervened to rescue the Sienese institution and other struggling banks, resulting in a total bailout of €20 billion.
The government seems committed to gradually divesting its shares, with plans to sell an additional 10% stake in July.
The Ministry of Economy hopes to raise half a billion euros from this transaction, providing a much-needed boost to the struggling state coffers, especially now that Italy is officially under excessive deficit procedure.
For further insights on the challenges faced by the government and the proposed austerity measures, you can read here.
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