Monte Paschi says to press ahead with own rescue plan
Banca Monte dei Paschi di Siena (BMPS.MI) said on Tuesday it would press ahead with a JP Morgan-led rescue plan it has already communicated to the market to recapitalise the bank and sell non-performing loans.
The Tuscan lender confirmed in a statement it would approve its new business plan - centred on a 5 billion euro capital-boosting scheme and the sale of 28 billion euros' worth of bad loans - on October 24.
However, the bank did not close the door completely to an alternative bailout scheme presented last week by former Italian industry minister Corrado Passera.
"The board has... read more
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