Teetering Italian bank looks for investors
MILAN — Shares in Italy’s most troubled bank, Monte dei Paschi di Siena, are down again amid rising concerns about its ability to remain solvent.
Shares were down 3 percent Tuesday though the bank said it had achieved one part of a turnaround program. Bondholders agreed to swap some 1.02 billion euros (1.09 billion dollars) in subordinated shares.
The future of Italy’s third largest-lender is in doubt amid political turmoil, with Premier Matteo Renzi poised to resign after a stunning rebuke by voters to his constitutional reforms.