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.

Italy's third-largest Banco BPM on Wednesday said it would launch a buyout offer to gain full control of asset manager Anima Holding in an up to 1.6 billion euro ($1.7 billion) deal.