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.

Italian asset manager Anima said on Friday it appointed Goldman Sachs as financial adviser to assess an up to 1.6-billion-euro ($1.71 billion) buyout proposal from Banco BPM .

A bid by Italy's third-largest bank Banco BPM to acquire full control of Anima Holding drove shares in the fund manager nearly 9% higher on Thursday. Banco BPM said late on Wednesday that it would make the 1.