Italian bank fundraising attracts ‘state aid’ scrutiny in Brussels
Brussels officials are concerned that a €2.5bn fundraising at the world’s oldest bank Monte dei Paschi di Siena could constitute illegal state aid.
The Italian treasury is buying 64 per cent of the shares in the capital raise, which has been shunned by most private investors and launched last week only after underwriters were offered an unusually lucrative deal.
Under EU rules, the state can only take part if all investors — public and private — are subject to the same conditions.
This story originally appeared on: Financial Times - Author:Tax Cognition
