Monte Dei Paschi sells Belgian Subsidiary, Banca Monte Paschi Belgio, for €42 Million to Warburg Pincus.

Monte Dei Paschi, the world’s oldest bank, sells Belgian Subsidiary, Banca Monte Paschi Belgio, for €42m to private-equity firm, Warburg Pincus. The sale was made within the framework of an agreement with the European Commission last year. The European executive had authorized Rome to grant the bank support to the sum of €5.4bn in exchange for a restructuring plan. The bank’s French branch also had to be sold. The Belgian subsidiary had total assets of €1.5bn, loans to customers of €0.8bn, direct funding of €1bn and a book value of €110 million as of 31 December 2017.