AFP international
Image of the logo of the Italian bank Monte dei Paschi di Siena (BMPS) taken at a branch of Rome on December 9, 2016 (afp_tickers)
The Italian bank Monte dei Paschi di Siena (BMPS) announced on Thursday the start of an operation of capital increase with the objective of capturing 5,000 million euros before December 31.
The BMPS is the weak link in the Italian banking system, whose fragility is concerned the whole of Europe. An eventual failure of this recapitalisation could pave the way for a public rescue.
To straighten out your situation, the BMPS, whose shares have lost 80% of its value since the beginning of 2016, put into operation a rescue plan integrated with the sale of 27.6 million euro of problem loans and a capital increase.
The first part of that plan, an operation for the voluntary conversion of the bonds, has already raised more than a billion euros.
The BMPS, founded in 1472 and is considered the oldest bank in the world, has also been affected by the political instability generated by the resignation of the head of dobierno Italian Matteo Renzi after the victory of the “no” in the constitutional referendum of December 4.
afp_tickers
AFP international
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