September 9, 2013 / 6:47 AM / 4 years ago

REFILE-Monte Paschi sees new restructuring plan approved Sept 24

(Repeats to fix typo in headline)

MILAN, Sept 9 (Reuters) - Italy’s Banca Monte dei Paschi di Siena said on Monday it expected to approve a new, tougher restructuring plan on Sept. 24 to win a green light from the European Commission for a 4.1 billion euro state bailout.

The plan will include a 2.5 billion euro capital increase to be carried out in 2014, the Italian economy ministry said late on Sunday. That is more than twice the amount original planned by Monte dei Paschi and is equivalent to the bank’s current market capitalization.

The bank said in a statement its board would meet on Sept. 11 to discuss the new plan’s guidelines, in order to approve it on Sept. 24. (Reporting by Silvia Aloisi, editing by Valentina Za)

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