MILAN Oct 18 Banca Monte dei Paschi di Siena
said on Tuesday it would press ahead with a JP
Morgan-led rescue plan it has already communicated to the market
to recapitalise the bank and sell non-performing loans.
The Tuscan lender confirmed in a statement it would approve
its new business plan - centered on a 5 billion euro
capital-boosting scheme and the sale of 28 billion euros' worth
of bad loans - on October 24.
However, the bank did not close the door completely to an
alternative bailout scheme presented last week by former Italian
industry minister Corrado Passera.
"The board has decided to proceed, immediately after
presentation of the business plan, with the in-depth study (of
the Passera plan) already started via advisers," it said.
The bank confirmed a shareholders meeting would be called
before the end of October.
(Reporting by Stephen Jewkes)