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Monte Paschi confirms sent restructuring plan to EU on Monday
June 18, 2013 / 6:19 AM / 4 years ago

Monte Paschi confirms sent restructuring plan to EU on Monday

MILAN (Reuters) - Italy’s No. 3 lender Banca Monte dei Paschi di Siena (BMPS.MI) said on Tuesday it had sent a restructuring plan to the European Commission on Monday.

The entrance of Monte Dei Paschi bank headquarters is pictured in Siena January 24, 2013. REUTERS/Stefano Rellandini

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 (3.48 billion pounds) in state loans under the previous government of Mario Monti to stay afloat.

    Reporting by Stephen Jewkes

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