Axa sells Monte dei Paschi stake after salvaging capital increase
French insurer Axa has sold almost all of its 8 per cent stake in Monte dei Paschi di Siena just three months after it helped salvage the Italian bank’s capital increase, saying it had no plans to become a strategic investor.
Shares in Monte dei Paschi were down close to 9 per cent in mid-morning trading. Axa, which turned a profit of at least €30mn on the sale, said it had not wanted to seek representation on the Italian group’s board or “influence the bank’s broader long-term strategy”.
This story originally appeared on: Financial Times - Author:Silvia Sciorilli Borrelli
