July 29, 2016 / 6:14 PM / a year ago

Monte dei Paschi's board approves private backed bailout-board member

A logo of Monte dei Paschi di Siena bank is seen on the ground in downtown Siena, Italy, November 5, 2014. REUTERS/Giampiero Sposito/File Photo

SIENA, Italy (Reuters) - The board of Monte dei Paschi di Siena (BMPS.MI) approved on Friday a privately-backed bailout plan that includes a capital increase and the sale of a big chunk of its bad loans, board member Antonino Turicchi said.

Turicchi said the bank, alongside advisers JP Morgan and Mediobanca, had managed to put together a banking consortium to guarantee the cash call.

Reporting by Stefano Bernabei

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