Monte Paschi Wins Backing From EU’s Almunia for Aid Plan
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Banca Monte dei Paschi di Siena SpA, engulfed by investigations into alleged misconduct of former managers, won the top European antitrust regulator’s support for a 4.1 billion-euro ($5.4 billion) bailout after agreeing to raise more than twice the capital previously planned.
European Union Competition Commissioner Joaquin Almunia told reporters yesterday the bailout plan should receive final approval within two months. The plan stipulates Monte Paschi raise 2.5 billion euros in capital next year, Italy’s Treasury said in an e-mailed statement today. The previous plan was for a 1 billion-euro capital increase.