Monte Paschi investigated under law on company responsibility: source

Published January 30, 2013

| Reuters

Italian bank Monte dei Paschi di Siena has been put under investigation by Italian magistrates in Siena under a law on company responsibility for crimes committed by its staff, a judicial source said on Wednesday.

Prosecutors in Siena, where the 540-year-old lender is based, are looking into allegations of corruption in the 2007 acquisition by Monte Paschi of smaller lender Antonveneta as well as fraud in connection to derivatives trades.

Siena prosecutor Tito Salerno said in a statement on Wednesday that the probe concerns only the lender's previous management.

(Reporting By Silvia Ognibene, editing by Emilio Parodi)

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