September 25, 2013 / 7:21 AM / 4 years ago

Monte Paschi shares down after turnaround plan delayed

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

MILAN (Reuters) - Shares in Italian lender Banca Monte dei Paschi di Siena (BMPS.MI) 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 .SX7P which was down 0.3 percent.

Reporting by Silvia Aloisi

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below