Bidding war underway for world's oldest bank, Italy's Banca Monte dei Paschi di Siena
Italia
Rome — A bidding war is underway for the world's oldest bank, Italy's Banca Monte dei Paschi di Siena (MPS). Founded in 1472 by the Republic of Siena to provide credit to poorer citizens, the Tuscan lender has evolved over more than five centuries into one of Italy's largest banking institutions and a cornerstone of the country's financial system. Two rival suitors emerged within about 24 hours. On Monday, Italy's largest bank, Intesa Sanpaolo, launched an unsolicited 31 billion euro (about $36
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