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Banca Monte Paschi to start rights issue in early June
May 21, 2014 / 8:37 AM / in 3 years

Banca Monte Paschi to start rights issue in early June

SIENA, May 21 (Reuters) - Banca Monte dei Paschi di Siena’s CEO Fabrizio Viola said on Wednesday the Italian lender would launch a planned rights issue in early June with the aim to complete it in early July.

The board of the Tuscan lender last month approved increasing the size of a planned capital increase to 5 billion euros ($6.85 billion) from 3 billion euros to absorb any potential loss uncovered by a European health check of lenders.

Speaking at the shareholder meeting, Viola also said the bank has still to reimburse 22 billion euros in cheap loans it took from the European Central Bank. ($1 = 0.7302 Euros) (Reporting by Stefano Bernabei, writing by Francesca Landini, editing by Isla Binnie)

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