Former Italy minister readying plan for Monte dei Paschi - sources

Former Italy minister readying plan for Monte dei Paschi - sources
 

A former Italian industry minister is preparing an alternative rescue plan for bank Monte dei Paschi di Siena (BMPS.MI) amid signs that an existing 5-billion euro ($5.6 billion)recapitalisation arranged by JP Morgan is failing to draw investor support, three sources familiar to the matter said.
Corrado Passera, who also previously served as chief executive of Intesa Sanpaolo (ISP.MI), is working with a series of private equity firms including U.S. buyout fund Warburg Pincus WP.UL on a plan that includes a reserved capital increase of between 2 billion to 2.5 billion euros, the sources... read more

 
7 October 2016 in Business, Views: 106
Source: Reuters
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