ECB Approves Rescue Plan for Italy’s Monte dei Paschi di Siena, Sources Say

The European Central Bank has given its approval to a rescue plan proposed by Monte dei Paschi di Siena, Italy’s third-largest lender, according to two sources familiar with the situation. An official announcement is anticipated soon.

Monte dei Paschi, which has faced challenges due to years of financial losses, is working to assemble a banking consortium to facilitate a planned share issue worth 5 billion euros. Additionally, the bank is looking to offload billions in bad loans.