There’s an old saying in the medieval Tuscan city of Siena that explains the importance of lender Monte dei Paschi for the local economy: “Every Sienese is either a current, retired or aspiring MPS employee.”
The bank, which traces its history back to 1472, was the main backer of the city’s numerous cultural, musical and sports events, including the annual Palio di Siena horse race, which still attracts tourists from all over the world each year. Up until a decade ago, its sponsorships of the city were worth some €33mn a year.
