By Giuseppe Fonte, Pamela Barbaglia and Valentina Za
ROME/LONDON/MILAN (Reuters) – Italy has picked Bank of America and Orrick as monetary and authorized advisers to assist the Treasury safe a merger deal for bailed-out bank Monte dei Paschi as a part of its privatization plan, three sources near the matter advised Reuters.
Rome goals to clinch a merger with a more healthy peer in 2021, the sources stated, to safe a long-term resolution for the bank, which is dogged by authorized dangers and poor high quality belongings.
Monte dei Paschi (MPS) has stated its capital buffers are set to fall beneath minimal necessities early subsequent yr, hit by the price of a foul loan clean-up it’s about to finish in addition to provisions towards authorized dangers following the conviction of former high executives.
Italy’s Treasury and Orrick weren’t instantly accessible for remark, whereas Bank of America declined to remark.
(Reporting by Giuseppe Fonte, Pamela Barbaglia and Valentina Za; Modifying by Mark Potter)
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