Monte Paschi CEO says still working on business plan
CERNOBBIO, Italy Sept 7
CERNOBBIO, Italy Sept 7 (Reuters) - Loss-making Italian bank Monte dei Paschi di Siena is still working on the business plan it needs to win EU approval for a state bailout, Chief Executive Fabrizio Viola said on Saturday.
Monte Paschi received a 4.1 billion euro ($5.4 billion) state bailout earlier this year to plug a capital shortfall. But the European Commission is demanding it toughens up its restructuring plan before it approves the state aid.
European Competition Commissioner Joaquin Almunia will discuss the bailout at a meeting with Italy's economy minister on Saturday, a source close to the matter said on Friday.
Viola declined to comment on recent reports that Monte Paschi would raise the value of a planned capital hike to 2 billion euros ($2.62 billion) from a previously announced 1 billion euros. (Reporting by Gianluca Semeraro, writing by Jennifer Clark)