12:45 - 21.11.2023

---

November 21, Fineko/abc.az. The Italian government has taken the first step in the privatization of the world's oldest bank Monte dei Paschi.

ABC.AZ reports that the first step of the Italian government to sell the bank was unsuccessful.

Two years later, the government sold a 25% stake in the rescued Monte dei Paschi di Siena, generating revenue of 920 million euros ($1 billion). Thus, the government has moved forward in its plans to privatize the oldest bank in the world.

Seeing that the demand was too high, the government increased the volume of supply, which at the initial stage was set at 20%.

The bank's net profit this year is estimated to exceed 1.1 billion euros, as increase in interest rates led to a record increase in the profits of Italian banks.