Monte Dei Paschi Foundation Votes To Delay Sale

Wochit 0:49 mins

Shareholders in Monte dei Paschi di Siena, the world’s oldest bank, derailed a plan by management to raise urgently needed new cash, leaving the bank’s future in limbo and illustrating the conflict in crisis-ridden Italy between change and tradition. At a shareholders meeting Saturday, the charitable organization that owns about one-third of the bank’s equity, along with many smaller shareholders, blocked a plan to issue new shares in January to raise 3 billion euros, or $4.1 billion. The cash is needed to repay bailout money and avoid possible nationalization by the Italian government.

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