The Italian government cut its shareholding in Banca Monte dei Paschi di Siena by 15% allowing peers Banco BPM and Anima Holding to buy stakes 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 is Anima's biggest shareholder with a 22.3% stake. Anima is 9.8% owned by Italian private equity fund FSI, which is already a partner of Banco BPM in payments. Poste Italiane owns another 12% of Anima, which manages Poste's insurance reserves.