MPS board postpones major decision
Turnaround plan from troubled MPS bank delayed24 September, 20:02
In a note, the bank said that it was still waiting for the resolution of some technical issues at the European Commission.
MPS has been expected to approve a dramatic turnaround plan in order to secure more than four billion euros in funding to avoid the Italian government essentially nationalizing the world's oldest operating bank.
The bank came dangerously close to financial collapse in the eurozone debt crisis and must now accept a major restructuring process.
Earlier this year, MPS became embroiled in scandal amid massive losses and political furore over the previous Italian government's 3.9-billion-euro bailout plan to cover its capital needs.
The bank also became the target of probes after it emerged that a previously undisclosed series of derivative and structured-finance deals produced losses of around 720 million euros for MPS.
Former senior MPS officials are facing penalties totalling as much as five million euros from the Bank of Italy for alleged fraud and corruption.