The Italian government cut its shareholding in Banca Monte dei Paschi di Siena by 15% allowing peers Banco BPM and Anima Holding to buy a stake in the world’s oldest bank.

Shares in Monte dei Paschi di Siena jumped 9 per cent in early trading on Thursday after the Italian government sold a 15 per cent stake in the bailed-out lender for €1.1bn, bringing in rival Banco BPM as a shareholder.

Banco BPM, a major Italian bank, has acquired a 5% stake in MPS, aligning with its strategy while maintaining a standalone approach.