Exclusive: Italy picks Bank of America and Orrick to advise on MPS privatization, sources say

In this news, we discuss the Exclusive: Italy picks Bank of America and Orrick to advise on MPS privatization, sources say.

ROME / LONDON / MILAN (Reuters) – Italy has selected Bank of America and Orrick as financial and legal advisers to help the Treasury strike a merger deal for bailout Monte dei Paschi as part of its privatization plan, three sources close to the matter told Reuters.

Rome aims to complete a merger with a healthier peer in 2021, the sources say, to secure a long-term solution for the bank, which is hampered by legal risks and shoddy assets.

Monte dei Paschi (MPS) said his capital buffers are expected to fall below minimum requirements early next year, hit by the cost of a bad debt cleanup he is close to completing. as well as provisions against legal risks following the conviction of senior executives.

Italy’s Treasury and Orrick were not immediately available for comment, while Bank of America declined to comment.

Reporting by Giuseppe Fonte, Pamela Barbaglia and Valentina Za; Editing by Mark Potter

Original © Thomson Reuters

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