Monte Paschi hopes for EU approval



The Italian Banca Monte dei Paschi di Siena is in hope to approve a draft restructuring plan at a board meeting on March 9, a source close to the matter said to Reuters on Thursday.

The rescue operation  is a significant step towards obtaining the approval from European authorities for state intervention to rescue the lender.

Monte dei Paschi asked for state support last year after failing to raise 5 billion euros ($5.3 billion) on the market to shore up its capital.

Once approved, the draft restructuring plan will be sent to the Italian Treasury and later forwarded to the European authorities to start formal talks, the source said.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s