Banca Monte dei Paschi di Siena SpA said late Wednesday that the European Central Bank's final decision has approved its plan to shed bad loans worth billions of euros.
The plan was approved under the condition that the state-owned bank strengthens its capital buffers to meet its requirements. The Italian Ministry of Economy and Finance will have to subscribe for up to 70% of the capital instruments issued by the bank, while private investors should subscribe at least 30% of such instruments.
The Italian bank approved in June a plan to get rid of roughly 8.1 billion euros ($9.60 billion).
"bad" - Google News
September 03, 2020 at 01:31PM
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Monte Dei Paschi gets ECB nod for bad loan plan - MarketWatch
"bad" - Google News
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