It is "very likely" that the
State's entry into Monte dei Paschi di Siena as key shareholder
will take place in July, MPS President Alessandro Falciai said
Wednesday.
The MPS board 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. The
sale of non-performing loans (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.
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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