MPS board to OK restructuring plan end June

8.3 bn recapitalisation

MPS board to OK restructuring plan end June

Milan, June 19 - The board of Monte dei Paschi di Siena (MPS) will meet on June 29 or 30 to examine a draft restructuring plan for the troubled Tuscan lender that will then be sent to the European Commission for a green light, sources said Monday. The sale of NPls to the Atlante fund will be defined by June 28. The recapitalisation will be 8.3 billion euros, with a State intervention of around six billion, and lay-offs will be 6-7,000, the sources said. MPS, Italy's third-biggest and the world's oldest bank, is set for a painful restructuring after it came last in ECB stress tests due to its high level of NPls.

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