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.
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