October 25, 2017 / 4:39 PM / a year ago

Italy Treasury backs Monte Paschi management, calls for return to profit - source

ROME, Oct 25 (Reuters) - The Italian Treasury is backing the management of Banca Monte dei Paschi di Siena which now needs to start generating profits again, a Treasury source said on Wednesday.

The Treasury became the main shareholder of the troubled Tuscan bank after it failed to find buyers for a 5 billion euro share issue needed to keep it afloat.

Shares in Monte dei Paschi resumed trading on Wednesday after a 10-month suspension, ending the session up 11 percent on its opening price.

“The Treasury is satisfied with the market return of Monte Paschi shares,” the source said.

Reporting by Stefano Bernabei, writing by Stephen Jewkes

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