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ECB approves rescue plan for Italy's Monte dei Paschi di Siena: sources
July 29, 2016 / 6:01 PM / a year ago

ECB approves rescue plan for Italy's Monte dei Paschi di Siena: sources

(Reuters) - The European Central Bank has approved a rescue plan drawn up by Italy’s third-biggest lender, Monte dei Paschi di Siena (BMPS.MI), two sources close to the matter said on Friday.

A logo of Monte dei Paschi di Siena bank is seen on the ground in downtown Siena, November 5, 2014. REUTERS/Giampiero Sposito

    An official statement was expected shortly, the sources added.

    Monte dei Paschi, weakened by years of losses, has been trying to put together a banking consortium for a planned 5 billion euro ($5.58 billion) share issue and is also looking to sell billions of euros of bad loans.

    Reporting by Reuters staff

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