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MPS to incorporate subsidiaries, close 400 branches

Italy's third biggest bank will sell 60% of Biverbanca

27 June, 10:42
MPS to incorporate subsidiaries, close 400 branches (ANSA) - Rome, June 27 - Italy's third biggest bank Monte Dei Paschi di Siena (MPS) on Wednesday announced plans to incorporate its subsidiaries into the main group and close 400 branches by 2015 as part of its new industrial plan.

MPS and other Italian banks have seen their share prices hit and long-term debt and deposit ratings downgraded because of their exposure to the eurozone debt crisis.

It also said it was selling just over 60% of the Biverbanca group to CariAsti for 203 million euros.

MPS, which was founded in 1472 and is the world's oldest bank still doing business, saw its share price gain 3.41% on the Milan stock exchange soon after the announcement.