May 21, 2014 / 11:40 AM / in 4 years

Monte Paschi shareholders approve 5 billion-euro capital increase

MILAN (Reuters) - Shareholders in Italian lender Banca Monte dei Paschi di Siena (BMPS.MI) approved on Wednesday a proposal to boost the size of a planned share sale to 5 billion euros ($6.9 billion) to help it absorb a hit on its finances it expects from a Europe-wide bank health check.

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

At an extraordinary meeting in the bank’s hometown of Siena, shareholders agreed to boost the capital increase, initially planned at 3 billion euros, by two billion euros as requested by the bank’s management.

The new amount is twice the bank’s current market value.

Reporting by Silvia Aloisi, editing by Danilo Masoni

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