MILAN Troubled Italian lender Banca Monte dei Paschi di Siena (BMPS.MI) is looking to approve a draft restructuring plan at a board meeting on March 9, a source close to the matter said on Thursday.
The plan is an important step towards getting the green light from European authorities for state intervention to rescue the lender.
Monte dei Paschi asked for state support last year after failing to raise 5 billion euros ($5.3 billion) on the market to shore up its capital.
Once approved, the draft restructuring plan will be sent to the Italian Treasury and later forwarded to the European authorities to start formal talks, the source said.
(Reporting by Gianluca Semeraro, writing by Stephen Jewkes; editing by Luca Trogni)