Jul
31
Paschi Approves Capital-Raising Plan, Forms Bank Consortium
ByBanca Monte dei Paschi di Siena SpA approved a plan to tap investors for the third time in two years by selling stock to replenish capital, a board member said after Friday’s meeting ended.
The lender has formed a consortium of banks to manage the sale, Antonino Turicchi said in Siena.
Monte Paschi’s plan follows a share selloff that wiped 74 percent off the bank’s market value this year as concerns mounted about its capital strength. While Monte Paschi is seeking to raise funds through private means, Italy had held talks with the European Commission to back the bank’s recapitalization with state funds…
Paschi Approves Capital-Raising Plan, Forms Bank Consortium
