Unicredit – MPS rescue failed – economy

Talks about the sale of the nationalized Italian crisis bank Monte dei Paschi di Siena (MPS) to competitor Unicredit have failed. This was announced by the Hypovereinsbank parent company Unicredit and the Italian Ministry of Economics and Finance. Negotiations on both sides about a possible sale of certain parts of MPS would not continue. The reason are differences of opinion between the government and Unicredit over a costly recapitalization of MPS, as insiders had already told Reuters on Saturday.