Published by Global Banking & Finance Review®
Posted on June 24, 2025
2 min readLast updated: January 23, 2026
Add as preferred source on GoogleBanca Akros denies claims of excluding major investors in the MPS stake sale, asserting transparency in the process amid ongoing investigations.
MILAN (Reuters) -Italy's Banca Akros, the investment bank of Banco BPM, said on Tuesday that no large investors were shut out of the placement it handled in November of a 15% stake in Monte dei Paschi (MPS) on behalf of the Rome government.
The Financial Times reported on Tuesday that the European Commission was examining the Italian government's sale of shares in MPS, following claims that large investors, including Italy's second-biggest bank UniCredit, Norway's oil fund and BlackRock, were kept out of the bidding process.
"No large investors were shut out of the bidding process as written in the article, including UniCredit, Norway's oil fund and BlackRock", Banca Akros said in a statement.
In November, Italy's Treasury sold MPS stakes to Italy's third-largest bank Banco BPM, fund manager Anima Holding, construction tycoon Francesco Gaetano Caltagirone and the holding company of the late billionaire Leonardo Del Vecchio, through an accelerated book-building (ABB) procedure handled by Akros.
UniCredit CEO Andrea Orcel told Italian daily la Repubblica last week that the bank tried to take part in the sale, "but we could not manage (it)". UniCredit had reported to market regulator Consob suspected anomalies in the sale, he added.
Akros said that UniCredit did not place any order to acquire a stake in MPS "in the context of the ABB procedure".
"The placement was conducted by Banca Akros properly and transparently, in compliance with the rules and practices governing such operations: all orders were collected, recorded, and processed in the same manner and no correctly submitted order to buy was ignored," the investment bank said in the statement.
Milan state prosecutors are looking into the government's sale of the stake in MPS and earlier in the month fetched documents relating to the transaction from the offices of Banca Akros.
(Reporting by Gianluca Semeraro. Editing by Gavin Jones and Mark Potter)
Banca Akros stated that no large investors were shut out of the bidding process, including UniCredit, Norway's oil fund, and BlackRock.
UniCredit CEO Andrea Orcel mentioned that the bank attempted to participate in the sale but was unable to manage it.
Milan state prosecutors are investigating the government's sale of the MPS stake and have obtained documents from Banca Akros related to the transaction.
Banca Akros claimed that the placement was conducted properly and transparently, adhering to the rules and practices governing such operations.
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