MILAN (Reuters) - Monte dei Paschi di Siena's (MIL:BMPS) leading shareholder could consider selling all its 33.5 percent stake in the troubled Italian lender, the head of the bank's foundation was quoted as saying on Sunday.
"There are no taboos," foundation President Antonella Mansi told Italian daily Il Sole 24 Ore when asked if was ready to sell the entire stake.
The Monte dei Paschi foundation, a not-for-profit entity with close ties to local politicians, needs to pay back bank debts of 350 million euros ($473 million) - which at current market prices would force it to sell a 12.5 percent stake in the Tuscan lender.
The foundation is under pressure to complete the sale quickly because the bank needs to carry out a 2.5 billion euros capital increase by end-2014 to meet European Union conditions for approving a state bailout.
Mansi said the foundation would take the time necessary to reach the best outcome in its efforts to repay its debts and find sources of income.
Asked if there were any negotiations going on, Mansi said: "We are looking at several options with the help of Lazard as financial adviser."
(Reporting by Valentina Za; Editing by David Cowell)
- Mergers, Acquisitions & Takeovers
- Budget, Tax & Economy
- Monte dei Paschi di Siena