Banca Monte dei Paschi di Siena SpA, Italy’s third-biggest bank, may raise about €525m ($783m) by selling branches to comply with a regulatory ruling.

Monte Paschi may sell the outlets for about €3.9m each, according to the median estimate of seven analysts surveyed by Bloomberg. That’s less than the average €4.9m an outlet the Siena, Italy-based bank made by selling 15 branches to Banca Popolare di Puglia e Basilicata in July.