October 7, 2013 / 4:07 PM / 4 years ago

Monte Paschi unveils new turnaround plan

MILAN, Oct 7 (Reuters) - Banca Monte dei Paschi di Siena unveiled on Monday a tough turnaround plan aimed at regaining profitability and winning investors’ favour to fend off nationalisation.

In a statement, the bank said it aimed to fully repay state loans taken to plug a capital hole by 2017 and make by then a net profit of 900 million euros ($1.22 billion).

The European Commission had asked Monte Paschi’s top management to draft a new restructuring plan as a condition to grant its green light to a multi-billion euro state bailout. The Commission has also requested that Monte dei Paschi carries out a 2.5 billion euro capital hike, which the bank says it will execute in 2014. ($1 = 0.7368 euros) (Reporting By Lisa Jucca, Editing by Stephen Jewkes)

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