Prosecutors seize 358,000 euros at branch of troubled MPS

Italy's third-biggest lender engulfed in financial scandal

Prosecutors seize 358,000 euros at branch of troubled MPS

Trani, February 1 - Police on Friday carried out an order by prosecutors to seize 358,157.83 euros at a southern Italian branch of troubled bank Monte dei Paschi di Siena, which has been engulfed by a major financial scandal. MPS was thrown in crisis last week when it emerged that a shady series of derivative and structured-finance deals produced losses of around 720 million euros. It is feared that the hole in the bank's accounts could be even bigger. The confiscation order for a branch in Corato, near Bari, was authorised by magistrates in the southern city of Trani, who are investigating the MPS scandal along with prosecutors in Siena and Rome. The order is related to alleged wrongdoing concerning operations called interest-rate swaps offered to local businesses. MPS, the oldest bank in the world still in business and Italy's third-largest lender, has seen its share price tumble since the scandal broke. It shed another 4% in early trading on Friday.

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