New Rescue Plan Sends Italian Bank's Shares Soaring
Umer Jamshaid Published July 29, 2016 | 03:07 PM
MILAN, (UrduPoint / Pakistan Point News - 29th july,2016) - Shares in Monte Paschi di Siena (BMPS) soared on the Milan stock exchange Friday, boosted by a possible new lifeline tabled by a veteran Italian banker and Swiss giant UBS. The stock of BMPS, the world's oldest bank which has become the eurozone banking sector's problem child, rose over 10 percent at the opening on news of the plan, which could turn out to be a welcome alternative to drastic restructuring measures demanded by the European Central Bank. It settled at 0.
31 euros, up 6.5 percent on the day, by mid-morning. The ECB told BMPS, Italy's third-biggest bank, this month that it must offload 9.6 billion Euros ($10.6 billion) of non-performing assets within two years. The bank, working with US bank JP Morgan and Italy's Mediobanca, has submitted a plan to shift the bad loans with the help of the Atlante fund, created specifically to take on doubtful banking assets. The plan also calls for a capital increase of five billion euros to boost capital reserves.
Recent Stories
Experts raise concerns over introduction of 10-stick packs
Iranian president arrives in Karachi
Law Minister expresses Govt's resolve to address issue of missing persons
Rizwan’s batting order may be changed: Sources
Nawaz Sharif to visit Guangzhou exhibition in China
FM Dar not traveling to China: Foreign Office
PM takes notice of deliberate delay in tax cases
Iranian President visits Allama Iqbal’s mausoleum
Iranian President arrives in Lahore today
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 23 April 2024
Today Gold Rate in Pakistan 23 April 2024
Islam enlightened world with its teachings about knowledge: Dr Jamileh
More Stories From Business
-
Finance minister meets Chairman Anjuman-e-Tajran; discuss issues of business community
7 minutes ago -
Govt ensuring digital access as fundamental right: Ahsan Iqbal
27 minutes ago -
WHO delegation calls on Chairman FBR
27 minutes ago -
Bill drafted to regulate veterinary sciences and animal welfare: Tanveer
57 minutes ago -
General Motors lifts 2024 profit forecast after strong Q1
1 hour ago -
Pakistan aims to reach $3 trillion economy by 2047: Ahsan Iqbal
2 hours ago
-
Digital technologies play significant role in economic growth: Shaza
2 hours ago -
Experts raise concerns over introduction of 10-stick packs
3 hours ago -
SACM directs making technical institutes as skill imparting centres
3 hours ago -
General Motors lifts 2024 profit forecast after strong Q1
4 hours ago -
110 urban buses to run in Faisalabad: minister
4 hours ago -
PSX loses 74 points
4 hours ago