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Italy: Bank cleared for $5.4B bailout

By  |  September 9, 2013

Italian bank Banda Monte dei Paschi de Siena won a $5.4 billion bailout by the European Commission last weekend after the bank agreed to raise more than twice the capital it had originally promised.

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    In a statement given Saturday, European Commissioner Joaquin Almunia. According to the Italian Treasury, the bank will raise $4.6 billion in capital next year.

    With the Commission’s clearance, the bank’s CEO Farizio Viola now plans to divest assets and branches to reverse Monte Paschi’s losing spree since Italy’s longest recession in 20 years began.

    Monte Paschi is the world’s oldest bank, say reports.

    Full Content: Bloomberg

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