Tags: EU | Italy | Banks

Italian Bank Relaunch Disposes $32.5 Billion in Bad Loans

Italian Bank Relaunch Disposes $32.5 Billion in Bad Loans

Wednesday, 05 July 2017 05:02 AM

MILAN (AP) — Troubled Italian bank Monte dei Paschi di Siena's relaunch plan includes the disposal of 28.6 billion euros ($32.5 billion) in bad loans, key to the European Commission's approved plan for the Italian government to take temporary control of the bank.

CEO Marco Morelli said Wednesday that the nonperforming loan disposal was "the most relevant issue" paving the way to the European Commission's approval of a 5.4 billion euro capital injection by the Italian government, giving it a 70-percent stake.

The five-year plan calls for a net income above 1.2 billion euros by 2021 as the long-troubled bank refocuses on retail and small business customers.

Morelli called the plan a "key milestone in the process of returning to a growth path," but said the process would necessarily be slow.

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Troubled Italian bank Monte dei Paschi di Siena's relaunch plan includes the disposal of 28.6 billion euros ($32.5 billion) in bad loans, key to the European Commission's approved plan for the Italian government to take temporary control of the bank.CEO Marco Morelli said...
EU,Italy,Banks
130
2017-02-05
Wednesday, 05 July 2017 05:02 AM
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