April 12, 2017 / 8:24 AM / in 3 months

Monte Paschi shareholder meeting on capital reduction to cover losses fails to reach quorum

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SIENA, Italy, April 12 (Reuters) - The chairman of Banca Monte dei Paschi di Siena said on Wednesday a quorum had not been reached to proceed with an extraordinary shareholders meeting (EGM) called to reduce capital to cover losses.

Alessandro Falciai said shareholders representing just 16.3 percent of the bank's capital were present, short of the fifth of capital needed to hold the EGM.

In a reply to a shareholder question, the bank said it had received damage claims after December 31 for 522.8 million euros, bringing total claims to 640 million euros.

It said it had already made provisions for the claims. (Reporting by Stefano Bernabei, writing by Stephen Jewkes; Editing by Crispian Balmer)

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