Sponsored by: Investment Center

Something new in your business?  Click here to submit your business press release

Chamber Corner | Main Street News | Job Hunt | Classifieds | Calendar | Illinois Lottery 

Monte Paschi shareholders approve 5 billion-euro capital increase

[May 21, 2014]  MILAN (Reuters) — Shareholders in Italian lender Banca Monte dei Paschi di Siena  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)

[© 2014 Thomson Reuters. All rights reserved.]

Copyright 2014 Reuters. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.