Monte dei Paschi di Siena
(MPS) bank has said it has reached a settlement with Japan's
Nomura Holdings to close a loss-making derivative trade, in a
bid to boost its chances of finding a buyer.
Shares in the Tuscan bank soared over 8% to 1.6 euros a
share on Thursday after MPS said late on Wednesday it would pay
Nomura 359 million euros to wind up the deal on the so-called
"Alexandria" derivative trade - 440 million euros less than the
cost would have been under the initial terms of the trade.
In a statement, Nomura said it would incur losses of 34.5
billion yen (approximately 256.5 million euros) from the
settlement, to be booked in the third quarter.
MPS, the world's oldest surviving bank, was one of the
largest to fail last year's health checks conducted by the
European Central Bank (ECB) and has been struggling in recent
years after losses amid a global financial crisis that hit Italy
especially hard.
The ECB has said it needs to find a buyer quickly.
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