October 7, 2013 / 7:01 AM / 4 years ago

Monte Paschi's board to approve restructuring plan on Monday

MILAN, Oct 7 (Reuters) - Banca Monte dei Paschi di Siena said it would hold a board meeting on Monday to approve a new restructuring plan aimed at gaining a green light from European authorities for a state bailout it was granted earlier this year.

Italy's third-largest lender received 4.1 billion euros ($5.57 billion) in state aid earlier this year.

EU authorites have asked the bank to raise 2.5 billion euros in fresh capital, roughly equivalent to its market capitalisation.

The board will start at 1230 GMT, the bank said in a note, adding a conference call with investors would be held at 1545. ($1 = 0.7355 euros) (Reporting By Isla Binnie, editing by Valenitna Za)

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