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Monte Paschi says to press ahead with own rescue plan
October 18, 2016 / 5:56 PM / a year ago

Monte Paschi says to press ahead with own rescue plan

MILAN, Oct 18 (Reuters) - Banca Monte dei Paschi di Siena said on Tuesday it would press ahead with a JP Morgan-led rescue plan it has already communicated to the market to recapitalise the bank and sell non-performing loans.

The Tuscan lender confirmed in a statement it would approve its new business plan - centered on a 5 billion euro capital-boosting scheme and the sale of 28 billion euros’ worth of bad loans - on October 24.

However, the bank did not close the door completely to an alternative bailout scheme presented last week by former Italian industry minister Corrado Passera.

“The board has decided to proceed, immediately after presentation of the business plan, with the in-depth study (of the Passera plan) already started via advisers,” it said.

The bank confirmed a shareholders meeting would be called before the end of October.

Reporting by Stephen Jewkes

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