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.
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