Nagel 'positive' about MPS's prospects

(ANSA) - Milan, October 28 - Mediobanca is optimistic about the outcome of a rescue project for troubled Tuscan lender Monte Paschi di Siena (MPS) although its success also hinges on market conditions, Mediobanca CEO Alberto Nagel said Friday.
    Mediobanca, together with JPMorgan, is an advisor and joint global coordinator of the planned capital increase in Italy's third-largest bank.
    "The work carried out so far makes me positive" as it was "very professional" and carried out with "great determination", Nagel said.
    "A positive market is also necessary", added the CEO.
    MPS's board last week confirmed a rescue project approved in July providing for a five-billion-euro capital boost, handled by Mediobanca and JPMorgan, and the sale of 28 billion euros in bad loans.
    Nagel also said "any equity contribution within a rescue plan shared with the authority is certainly welcome", referring to a non-binding recapitalization proposal presented this month by veteran banker and ex-industry minister Corrado Passera.
    European regulators have ordered MPS, the world's oldest lender, to shed almost 30 billion euros in bad debts.