August 7, 2013 / 5:00 PM / 4 years ago

Monte Paschi ready to improve plan sent to EU to clear state aid

MILAN (Reuters) - Banca Monte dei Paschi di Siena (BMPS.MI) is ready to improve a restructuring plan it submitted to the EU Commission to get clearance for state aid, the bank’s CEO said on Wednesday.

“We are ready to take on board the indications aimed at improving our plan,” Fabrizio Viola said in a conference call on second quarter results.

    The bank received a state bailout of 4.1 billion euros ($5.5 billion) earlier this year.

    The European Commission is demanding that Monte dei Paschi toughen up its restructuring plan before it approves state aid.

    Reporting by Silvia Aloisi, editing by Stephen Jewkes

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