Banca Monte dei Paschi di Siena has found a buyer for its Belgian branch, the bank announced on Friday. The Warburg Pincus investment company acquired the branch for 42 million euros, Banca Monte said.
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 5.4 billion euros in exchange for a restructuring plan. The bank’s French branch also had to be sold.
Founded in 1472, Banca Monte dei Paschi di Siena is the world’s oldest bank. Its Belgian branch was created in 1947.