Placement of MPS Stake ‘Absolutely’ Correct – Giorgetti

Milan: Economy Minister Giancarlo Giorgetti said Wednesday that the government had respected the rules in relation to its placement of a 15% stake in the Monte dei Paschi di Siena bank in November. Milan prosecutors have opened an investigation into the accelerated bookbuilding (ABB) sale, which was part of the process in which the State reduced its stake in the lender from the 64% it acquired in a bailout in 2017 to around 11.7% now.

According to Ansa News Agency, a European Commission spokesperson on Wednesday confirmed reports that Brussels was examining the details of the sale as part of a standard procedure after receiving “information from market participants” about it. Giorgetti said that he reiterated the “absolute correctness” of the operation during a hearing with parliamentary security commission Copasir.

“The European Commission asks us about so many things and we provide answers on so many things,” Giorgetti said. “I point out that the withdrawal from MPS was finalized with a letter from the European Commission that gave the OK and said that we absolutely respected all the conditions set in 2017 to shed control of MPS.”

“This letter arrived at the beginning of 2025 and we were very happy about that. Now of course there is a different commissioner and maybe he will somehow want to understand what the previous one did. But we are totally calm.”