The board of Monte dei Paschi di Siena is expected to meet on Monday to approve a plan to reduce its burden of bad loans, a source familiar with the matter said, without giving further details.
FILE PHOTO: Monte Dei Paschi bank headquarters is pictured in Siena January 25, 2013. REUTERS/Stefano Rellandini/File Photo
ROME - The board of Monte dei Paschi di Siena is expected to meet on Monday to approve a plan to reduce its burden of bad loans, a source familiar with the matter said, without giving further details. Daily Il Messaggero reported that under the plan the Tuscan lender would offload 8.9-9.0 billion euros in gross impaired loans at net value of 4.2-4.3 billion euros.
The paper said the bank would de-merge the impaired loans together with 1-1.1 billion euros in equity and 3.2 billion in debt from a five-year loan granted by JPMorgan and UBS. Italy’s Treasury, which owns 68% of Monte Paschi, has been seeking to help it reduce impaired loans to around 5% of total lending to make it a more an attractive merger partner, without imposing excessive losses on the fragile bank.
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