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Italy confident over Monte dei Paschi deal in October

by Mike Robinson

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© Reuters. FILE PHOTO: Banca Monte dei Paschi’s headquarters in Siena, Italy, October 27, 2017. REUTERS/Stefano Rellandini/File Photo

ROME (Reuters) – Italy’s Treasury is confident it will be able to announce a deal clinching the sale of selected parts of Monte dei Paschi to larger bank UniCredit next month, four sources close to the matter told Reuters.

According to sources, the parties agreed to only negotiate on July 29, but had not exchanged complete figures about the terms. Rome will have to go past European Union officials to verify that it is compliant with the regulations on bank state aid.

Treasury hopes to have a plan in place that will enable it to bring Monte dei Paschi back into its own hands, by reducing the 64% share it has after a 2017 rescue.

UniCredit declined comment.

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