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-Capital increase approved by Monte Paschi board.

Global Banking News-November 28, 2013--Capital increase approved by Monte Paschi board(C)2013 ENPublishing -

Global Banking News - 28 November 2013

Italian lender, Monte dei Paschi di Siena, approved a proposed EUR3bn capital increase in order to gain Brussels consent for a EUR4.1bn state bailout bonds.

EU commissioner, Joaquin Almunia, had earlier demanded that Monte Paschi raise at least EUR2.5bn of capital and reduce manager salaries and operating costs, in order to receive bailout bonds and avoid nationalisation.

The shareholder structure is likely to change significantly following the increase in the capital, said a report.

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Publication:Global Banking News (GBN)
Date:Nov 28, 2013
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