Milan

MPS shares under pressure again, lose 5% in early trading

World's oldest bank hit by derivatives scandal

MPS shares under pressure again, lose 5% in early trading

Milan, January 24 - The stock of Monte dei Paschi di Siena (MPS) came under more pressure on Thursday following a major derivatives scandal, with the bank's share value losing 5% in early trading. The turmoil started on Tuesday, when reports emerged that a three-year-old derivative deal with Japanese bank Nomura meant that MPS would book an additional loss of at least 220 million euros for 2012. The news led to the resignation of MPS ex-chairman Giuseppe Mussari from his post as chief of the Italian banking association ABI. Mussari denies any wrongdoing. MPS shares lost 8% on Wednesday after dropping 5.7% on Tuesday. Last year MPS, Italy's third-biggest lender and the world's oldest bank still doing business, had to request 3.9 billion euros in government aid due to possible losses from past transactions related to its exposure to Italian State debt.

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