Monte Paschi shares down after turnaround plan delayed

Wed Sep 25, 2013 5:40am EDT
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MILAN (Reuters) - Shares in Italian lender Banca Monte dei Paschi di Siena (BMPS.MI: Quote) opened lower on Wedensday after the bank's board delayed approval of a new restructuring plan aimed at winning a greenlight from the European Union for a state bailout.

In a statement late on Tuesday, the bank cited procedural reasons for the delay, but a source close to the situation told Reuters there was an "issue of substance" which was still being discussed with EU authorities.

By 0709 GMT, the stock was down 1 percent at 0.21 euros, underperforming the European banking index which was down 0.3 percent.

(Reporting by Silvia Aloisi)

The Monte dei Paschi bank headquarters is pictured in Siena August 16, 2013. REUTERS/Stefano Rellandini