Italian bank Banca Monte dei Paschi di
Siena (MPS) has reportedly given financial advisory group
Rothschild a mandate to sell part of its leasing arm, according to
a report in Reuters.
The bank, which declined to comment on the
story, proposed the sale of Leasing BU as part of an asset disposal
revealed in its 2012 to 2015 business plan with the sale to be
completed by 2013.
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The bank also intends to sell its stake in
regional bank Biverbanca and its consumer credit business
Consum.it.
The Leasing BU business makes up 70% of MPS
Leasing & Factoring which had loans of around €5bn and made a
net profit of €7m in 2011.
Italian investment bank Mediobanca valued the
MPS Leasing & Factoring loan book at around €320m, according to
the Reuters report.
The sale follows a request by MPS for state
aid to cover a capital shortfall and meet more stringent European
requirements.
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By GlobalDataItalian newspaper Il Sole 24 Ore
reported General Electric, BNP Paribas and some private equity
firms as potential buyers for the business.
