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BTG Pactual to remain investor in Banca Monte dei Paschi for mid-term.

M2 EQUITYBITES-May 15, 2014-BTG Pactual to remain investor in Banca Monte dei Paschi for mid-term

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15 May 2014 - Brazilian Grupo BTG Pactual (BVMF:BBTG11) has bought into Italian lender Banca Monte dei Paschi di Siena SpA (BIT:BMPS) with the aim of taking part in its rejig and remaining a shareholder for the medium term, probably a couple of years, founder Andre Esteves told daily Il Sole 24 Ore.

The Monte dei Paschi Foundation announced yesterday it was cleared by Italy's central bank to divest a 4.5% stake in Banca Monte dei Paschi to US investment management firm Fintech Advisory Inc and a 2% interest in the lender to UK-based asset manager BTG Pactual Europe LLP, which is part of Grupo BTG Pactual.

The price per share is EUR23.75 (USD32.45) for both transactions, as agreed on 31 March.

The parties have also struck a shareholder pact, which includes governance and lock-up provisions.

Esteves noted that he was satisfied with the current management of the bank, who are very concentrated on the restructuring plan.

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Date:May 15, 2014
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