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Fintech Advisory and BTG Pactual acquire Banca MPS stake

International law firm Cleary Gottlieb Steen & Hamilton is representing Fintech Advisory and BTG Pactual Europe in the acquisition of a 6.5 per cent stake in Banca Monte dei Paschi di Siena from Fondazione MPS, which maintains a 2.5 per cent stake. 

This is the first time non-EU funds have acquired a stake in an Italian bank in a deal subject to the approval of the Bank of Italy. 
The transaction takes place in the context of the EUR5bn capital increase to be approved by the shareholders of Banca MPS by the end of next week. 
The green light by the Bank of Italy was given on 13 May 2014 and the transaction closed on 16 May 2014.
Fintech Advisory is an investment management company based in New York. BTG Pactual Europe is an asset management firm belonging to Brazilian group BTG Pactual.
Banca MPS is Italy's third largest bank by assets and – founded in 1472 – is considered to be the oldest bank in the world.
The Cleary Gottlieb team was led by partner Roberto Bonsignore.

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