How Infamous? Italian bank “Banca Monte dei Paschi di Siena”

November 17, 2016

Find 11 Interesting Facts about Monte Dei Paschi - Famous or Infamous?

How Infamous? Italian bank “Banca Monte dei Paschi di Siena”

This article is originally referred from iForex Blog

Banca Monte dei Paschi di Siena is not just another Italian bank.

Its share volatility over the past years has made it one of the better-known names among traders and has made it quite famous, or rather – infamous.

Below you will find a few fin, interesting facts about Monte dei Paschi.

Take a look and remember: You can invest in its share CFDs at iFOREX.

  1. Monte dei Paschi is the oldest surviving bank on the face of the planet. It was founded in 1472, when the world was young and modern banking was still a relatively new term.
  2. It’s the third largest commercial and retail bank in Italy by total assets, according to 2014 stats.
  3. Not surprisingly, while banks existed since about 2000 BC, the origin of modern banking can be traced to early Renaissance Italy and to rich Italian cities including Siena, the home of Monte dei Paschi.
  4. Monte dei Paschi has traditionally been crucial to Siena, credited for bringing the city jobs and funds.
  5. In fact, the bank was historically the largest employer in the city of Siena.
  6. The bank is known as the primary sponsor of Italian basketball club Mens Sana Basket of Siena.
  7. The financial crisis of 2008-2012 hit the bank hard. In the first half of 2012, Monte dei Paschi lost more than $2 billion. That’s no small change – even to a bank.
  8. In 2013, the bank was bailed out by the Italian government.
  9. During 2015, the bank shares dropped by 35%, but that’s not the end though. 
  10. During the first eight months of 2016, the bank’s shares crushed by a whopping 74%.
  11. Later than year, on a single day – October 25th – the shares crashed by 35%.

Will the bank’s rescue plan be enough to stabilize shares?

At iFOREX you can invest in Monte dei Paschi share CFDs and can choose to long or short your position, potentially benefiting from change price in any direction.

Visit the iFOREX Education Center to learn more about short trading and share CFDs and take advantage of market opportunities.

Original Source: iForex Blog

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