Italy’s Ministry of Treasury has tapped UBS, Jefferies, and Clifford Chance to provide financial and legal guidance for the privatization of Monte dei Paschi di Siena, the bank that received a bailout.
The government is bound by commitments made during the 2017 bailout, requiring it to eventually sell off its 64% stake in the institution, as agreed with the European Union competition authorities.
Previously, the bank’s sale to UniCredit failed, prompting Italy to accept undisclosed