Banca Monte dei Paschi di Siena S.p.A. (BIT:BMPS) said it would tap taxpayers and investors for EUR 2.5 billion ($2.6 billion) in cash to fund its latest turnaround efforts as the Italian state-owned bank seeks to triple its net profit in the next three years. Italy owns 64% of the world's oldest lender after a 2017 bailout that cost taxpayers EUR 5.4 billion. Rome will fund the latest capital raising based on the size of its stake, pumping in another EUR 1.6 billion.

Unveiling a new strategy to 2026 on June 23, 2022 under new Chief Executive Officer Luigi Lovaglio, MPS said it had secured a preliminary agreement with a group of banks to mop up unsold shares in the cash call.