(Alliance News) - Italy's Ministry of Economy and Finance launched an accelerated procedure to sell 12.5 percent of Banca Monte dei Paschi di Siena Spa on Tuesday.

The Mef put 157.5 million shares of the world's oldest bank on the market, kicking off its plan to exit the Siena-based credit institution.

BofA Securities, Citigroup Global Markets Europe AG, Jefferies and Mediobanca are acting as joint global coordinators and jonit bookrunners.

MPS stock closed Tuesday up 1.1 percent at EUR4.26 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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