ROME: The appointment of Marco Morelli at the helm of Monte dei Paschi di Siena will make it easier for the troubled bank to implement its business plan and get rid of its bad loans, Italy's Economy Minister Pier Carlo Padoan said on Wednesday.
Monte dei Paschi agreed with the European Central Bank a new restructuring plan based on a 5 billion-euro ($5.57 billion) capital boost and the sale of 28 billion euros worth of bad loans through a securitisation.
Morelli's appointment "is a break from the past that will make it easier for the bank to implement its new business plan, finalise the largest securitisation of bad loans ever done in Italy and to grow as a healthy and sustainable lender", Padoan said speaking in parliament.
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