July 18, 2013 / 11:54 AM / in 4 years

Monte Paschi head says won't be easy to find new investors

SIENA, Italy (Reuters) - There are no new investors in sight yet for Italy’s Banca Monte dei Paschi di Siena (BMPS.MI) and it won’t be easy to find them, the bank’s chairman said on Thursday.

The entrance of Monte Dei Paschi bank headquarters is pictured in Siena January 24, 2013.REUTERS/Stefano Rellandini

“Unfortunately, there are no new shareholders on the horizon, and it will be difficult to find them,” Chairman Alessandro Profumo told a shareholder meeting due to approve a change in ownership rules to attract new investors.

He said the bank, which received a 4.1 billion euro state bailout earlier this year, could remain independent only if it rebuilt its capital base and paid back the state aid.

“Should the bank not manage to pay back the Monti bonds (state loans), it would be nationalized,” Profumo said.

Reporting by Silvia Aloisi; editing by Francesca Landini

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