Monte dei Paschi shareholders approve $5.3 billion capital boostStaff Writer | November 25, 2016
Shareholders in Monte dei Paschi di Siena approved a 5 billion euro ($5.3 billion) share issue to keep Italy's third-biggest lender afloat.
Italy Morelli showed a plan to more than 250 investors
CEO Marco Morelli told shareholders he had showcased the bank's rescue plan to more than 250 investors in the 70 days since taking office, but had failed to obtain any firm backing.
Morelli is aiming to raise the money this year to cover losses from the planned sale of 28 billion euros in gross bad loans.
If the plan falls through, Monte dei Paschi would need state support to survive. ■