October 15, 2016 / 5:06 PM / a year ago

Monte dei Paschi CEO to analyse alternative offer on capital boosting plan

MILAN, Oct 15 (Reuters) - Italy’s Banca Monte dei Paschi di Siena said on Saturday it had received a non-binding proposal on Oct. 13 from former industry minister Corrado Passera regarding the bank’s plan to boost its capital.

On Friday, the bank’s board instructed Chief Executive Marco Morelli to deal with the offer, Monte dei Paschi said in a statement, adding that Morelli had started an in-depth analysis of the proposal.

The bank is currently working to execute an ambitious turnaround plan based on a 5 billion euro capital boosting plan and the sale of 28 billion euros’ worth of bad loans.

A source close to the matter said on Saturday that Passera’s proposal did not contain details about possible investors interested in injecting capital into the Tuscan bank. (Reporting by Francesca Landini; Editing by Kevin Liffey)

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