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Shares in Monte dei Paschi di Siena fail to start trading

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Shares in Monte dei Paschi di Siena fail to start trading

Shares in Monte dei Paschi di Siena fail to start trading
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Shares in Italy’s third largest bank , Monte dei Paschi di Siena failed to start trading at the opening on Monday as it launched its second rights issue in less than a year to repair its balance sheet.

The Monte Pachi, which was founded in 1472 and calls itself the world’s oldest bank is raising three billion euros from investors – more than its market value which stood at 2.44 billion euros at the end of last week.

It is selling 2.56 billion new shares to fill a capital shortfall identified in last year’s pan-European banking review by the European Central Bank.