MILAN, June 18 (Reuters) - Italy’s No. 3 lender Banca Monte dei Paschi di Siena said on Tuesday it had sent a restructuring plan to the European Commission on Monday.
In a statement, the bank said it would release details of the plan after the EU Commission had approved it.
The plan, approved by the bank’s board on June 13, is a necessary step to win the European Union’s approval for the bank’s state loans.
The bank, at the centre of a probe into risky derivative trades, was forced to take 4.1 billion euros ($5.47 billion) in state loans under the previous government of Mario Monti to stay afloat.
$1 = 0.7492 euros Reporting by Stephen Jewkes