York Capital Management Global
Advisors has taken a stake of 5.025% in historic Italian bank
Monte dei Paschi di Siena (MPS), making it at the largest
shareholder, national financial market regulator Consob said
Tuesday.
The size of the American company's investment in struggling
MPS was announced as part of regular filings by the market
regulator.
The troubled bank, the world's oldest still in operation,
sold almost five billion euros worth of shares last month to pay
off government loans.
The bank, Italy's third-largest by assets, ran the risk of
nationalization if it had failed to raise enough cash to pay off
the government loans made as part of a plan to turn the lender
around.
MPS had been thrown into crisis in January 2013 when it
emerged that a shady series of derivative and structured-finance
deals produced losses of 720 million euros.
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