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JPMorgan and Mediobanca, who are leading the fund raising as
global coordinators, have so far contacted a pool of banks
including Goldman Sachs, Morgan Stanley, Bank of America,
Citigroup, Deutsche Bank , Unicredit and Intesa SanPaolo's Banca
IMI, the source said.
He added that UBS, which is working on Monte dei Paschi's rescue
plan alongside Citi, is among the banks who have been left out
from the list.
Monte dei Paschi wants to get approval from the European Central
Bank for its proposed capital hike ahead of the release of the
region's bank stress tests on Friday evening. Investors fear the
tests will show the bank has insufficient capital levels to
withstand an economic downturn.
Monte dei Paschi, UniCredit, Deutsche Bank, Morgan Stanley and
Citi declined to comment. Goldman Sachs, Mediobanca, JPMorgan
and UBS were not immediately available for comment.
Monte dei Paschi has set a multiple of between 0.5 and 0.6 of
its tangible book value as a threshold to back the capital hike.
That's raising concern about its proposed valuation as the
bank's share price has slumped by around 75 percent so far this
year and is currently trading at just 0.1 of its tangible book
value, the source said.
Discussions with Monte dei Paschi are currently underway and no
final decision has been taken on which banks will be part of the
consortium, the source added.
($1 = 0.9100 euros)
(Additional reporting by Paola Arosio and Stefano Bernabei;
Editing by Rachel Armstrong)
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