June 1, 2017 / 8:59 AM / 3 months ago

EU agrees initial deal with Italy on Monte dei Paschi recapitalisation

BRUSSELS, June 1 (Reuters) - The European Commission has reached an initial agreement with Italian authorities over a recapitalisation of troubled lender Banca Monte dei Paschi di Siena, the European Union's competition watchdog said on Thursday.

The Commission said it had agreed in principle on the "precautionary recapitalisation" of the bank in line with EU rules, provided that certain criteria are met such as making sure the bank becomes profitable.

"This requires the bank to undergo in-depth restructuring with the purpose of keeping its viability in the long term," the Commission said in a statement. (Reporting by Robert-Jan Bartunek; editing by Philip Blenkinsop)

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