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Search resuls for: "Orrick"


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Slideshow ( 2 images )ROME/LONDON/MILAN (Reuters) - Italy has picked Bank of America and Orrick as financial and legal advisers to help the Treasury secure a merger deal for bailed-out bank Monte dei Paschi as part of its privatization plan, three sources close to the matter told Reuters. Rome aims to clinch a merger with a healthier peer in 2021, the sources said, to secure a long-term solution for the bank, which is dogged by legal risks and poor quality assets. Monte dei Paschi (MPS) has said its capital buffers are set to fall below minimum requirements early next year, hit by the cost of a bad loan clean-up it is about to complete as well as provisions against legal risks following the conviction of former top executives. Italy’s Treasury and Orrick were not immediately available for comment, while Bank of America declined to comment.
Persons: Orrick Organizations: of America, Treasury, Reuters, Monte, Italy’s Treasury, Bank of America Locations: ROME, MILAN, Italy, dei, Rome
FILE PHOTO: A man walks in front of the Monte dei Paschi bank in Siena, central Italy, January 29, 2016. Italy’s Treasury and Bank of America declined to comment, while Orrick was not immediately available. Rome is expected to pay about 150,000 euros in financial and legal fees, with the lion’s share going to Bank of America, the sources said. Rome has set aside 1.5 billion euros to shore up MPS but the bank faces a shortfall of at least 2 billion, sources have said. In the case of MPS, that entails a 3 billion euro earnings boost, sources have said.
Persons: Max Rossi, Giorgio Cocini, Patrizio Messina, Marco Nicolini, Orrick, Jean Pierre Mustier, Organizations: Treasury, of America, REUTERS, Bank, America’s, Bank of America, UBI Banca, MPS, Banco Locations: MILAN, dei, Siena, Italy, Tuscany, Rome
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