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Monte dei Paschi says board discussed new restructuring plan
September 11, 2013 / 5:59 PM / 4 years ago

Monte dei Paschi says board discussed new restructuring plan

MILAN, Sept 11 (Reuters) - Italy’s Monte dei Paschi di Siena said on Wednesday its board had discussed the guidelines for a new restructuring plan as it seeks to win a green light from the European Commission for a 4.1 billion euro ($5.45 billion) state bailout.

The new plan will be submitted to the board for approval on Sept. 24, the lender said in a statement, without giving any details.

The new, tougher plan will include a 2.5 billion euro capital increase to be carried out in 2014, the Italian economy ministry said on Sunday. That is more than twice the amount original planned by Monte dei Paschi and is equivalent to the bank’s current market capitalization. ($1 = 0.7518 euros) (Reporting by Agnieszka Flak; Editing by Lisa Jucca)

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