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Monte Paschi proceeds with capital plan to avoid state rescue

CEO Marco Morelli is racing to find backers for the reorganisation that would clean up Banca Monte dei Paschi di Siena's balance sheet with the disposal of 28 billion euros of soured loans.


BANCA Monte dei Paschi di Siena SpA will step up efforts to win investors for a debt-for-equity swap over coming days, pressing ahead with a five billion euro (S$7.6 billion) capital call to avoid a state rescue that would impose losses on bondholders and shareholders.


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