Italy’s BMPS posts $3.7b loss
Aug 13, 2017-Italy’s troubled bank Monte dei Paschi di Siena (BMPS) said on Friday it lost more than 3.2 billion euros ($3.7 billion) in the first half of 2017, after the EU approved a bailout for the stricken lender. The bank’s chief Marco Morelli had warned in July that he anticipated losses due to write downs on bad loans. Founded in Siena in 1472, BMPS has been in deep trouble since the eurozone debt crisis and will now be owned by the Italian state, which has ended up with a 70 percent stake. The EU last month gave the go ahead for a 5.4-billion-euro ($6.1 billion) bailout as the world’s oldest bank axed a fifth of its workforce. In exchange for the lifeline, Italy must accept a drastic EU-approved restructuring plan for BMPS. Italy’s fourth-biggest bank, it is disposing of a total 28.6 billion euros’ worth of loans in or near default.
Published: 13-08-2017 09:06