Monte dei Paschi says considering letters from by Passera, UBS

MILAN (Reuters) - Italy’s Monte dei Paschi di Siena said on Thursday it had received two letters from former Italian industry minister Corrado Passera and Swiss bank UBS, amid reports that the two parties had prepared a proposal to turn around the bank.

The bank’s board has started in-depth analysis of the letters and requested data and information to evaluate the terms and conditions, it said in a statement, adding it would give more information when possible.

Three sources said earlier in the day that Passera would submit a rescue plan to Monte dei Paschi’s board on Friday, adding UBS had a role in the proposal.

Reporting by Francesca Landini; Editing by Mark Bendeich