MPS directors approve capital hike
AFP - [email protected]
Published: 6 Nov, 2014 CET.
Updated: Thu 6 Nov 2014 08:19 CET
The management of Banca Monte dei Paschi di Siena approved on Wednesday plans to raise up to €2.5 billion in capital, in order to shore up its finances after failing a financial health check by the European Central Bank.
Directors of the world's oldest bank had called a meeting as they were required to submit a plan by November 10th to improve the company's capital base after the ECB found a shortfall of €2.11 billion.
If shareholders approve the plan, the capital hike would be carried out in 2015, Italy's third biggest bank by the number of branches said, adding that it is also planning to sell assets worth €220 million.
The ECB's financial health check, the most comprehensive and most stringent of eurozone banks, is aimed at preventing a repeat of the crisis that nearly led to the euro's collapse.
Comments
See Also
Directors of the world's oldest bank had called a meeting as they were required to submit a plan by November 10th to improve the company's capital base after the ECB found a shortfall of €2.11 billion.
If shareholders approve the plan, the capital hike would be carried out in 2015, Italy's third biggest bank by the number of branches said, adding that it is also planning to sell assets worth €220 million.
The ECB's financial health check, the most comprehensive and most stringent of eurozone banks, is aimed at preventing a repeat of the crisis that nearly led to the euro's collapse.
Join the conversation in our comments section below. Share your own views and experience and if you have a question or suggestion for our journalists then email us at [email protected].
Please keep comments civil, constructive and on topic – and make sure to read our terms of use before getting involved.
Please log in here to leave a comment.