Thomson Reuters Tax & Accounting News

Featuring content from Checkpoint

Back to Thomson Reuters Tax & Accounting News

Subscribe below to the Checkpoint Daily Newsstand Email Newsletter

Monte Paschi shareholders approve 5 billion-euro capital increase

May 21, 2014

By Silvia Aloisi and Danilo Masoni

MILAN (Reuters) – Shareholders in Italian lender Banca Monte dei Paschi di Siena <BMPS.MI> approved on Wednesday a proposal to boost the size of a planned share sale to 5 billion euros ($6.9 billion) to help it absorb a hit on its finances it expects from a Europe-wide bank health check.

At an extraordinary meeting in the bank’s hometown of Siena, shareholders agreed to boost the capital increase, initially planned at 3 billion euros, by two billion euros as requested by the bank’s management.

The new amount is twice the bank’s current market value.

(Reporting by Silvia Aloisi, editing by Danilo Masoni)

Tagged with →