MILAN Dec 20 Italy's Monte dei Paschi di Siena
has raised around 500 million euros as of Tuesday in a
voluntary debt-to-equity offer, a source told Reuters.
The troubled bank, recently judged the weakest of the
European Union's major banks, needs to dispose of a mountain of
bad loans and raise 5 billion euros ($5.2 billion) by the end of
this month or else face the risk of being wound down.
The debt swap was reopened on Friday, to include retail
investors owning 2.1 billion euros of the bank's junior debt and
holders of a hybrid financial instrument known as Fresh 2008.
The offer ends on Wednesday.
($1 = 0.9621 euros)
(Reporting by Gianluca Semeraro, editing by Silvia Aloisi)