July 29, 2016 / 8:06 PM / a year ago

Italy's economy minister welcomes MPS rescue plan, says bank can now develop

ROME (Reuters) - The economy minister on Friday welcomed a privately funded rescue of Italy's third-largest lender, Monte dei Paschi di Siena (BMPS.MI), saying the bank could now develop an industrial plan to help the real economy.

"The government acknowledges with great satisfaction the operation launched today by Monte dei Paschi di Siena," Economy Minister Pier Carlo Padoan said in a statement.

"It is a market deal that will allow the bank to strengthen its capital and totally offload its bad loans," he added.

For more details about the bank plan click on:

Reporting by Crispian Balmer

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