The board of Monte dei Paschi di
Siena (MPS) will meet on June 29 or 30 to examine a draft
restructuring plan for the troubled Tuscan lender that will then
be sent to the European Commission for a green light, sources
said Monday. The sale of NPls to the Atlante fund will be
defined by June 28. The recapitalisation will be 8.3 billion
euros, with a State intervention of around six billion, and
lay-offs will be 6-7,000, the sources said. MPS, Italy's
third-biggest and the world's oldest bank, is set for a painful
restructuring after it came last in ECB stress tests due to its
high level of NPls.
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