Italy's MPS bank says recapitalization bid has failed

Italy’s MPS bank says recapitalization bid has failed

Thursday 1438/3/23 – 2016/12/22

Rome, Rabi’I 23, 1438, December 22, 2016, SPA — Italian bank Monte dei Paschi di Siena (MPS) says its
recapitalization bid has failed, meaning that it will have to be
rescued by the government, according to dpa.
The Tuscan bank says in a statement carried by the ANSA news agency that its four-day attempt to raise 5 billion euros (5.2 billion dollars) in fresh capital “did not end successfully.” MPS was founded in 1472 and is considered the world’s oldest lender.
It is saddled with a mountain of bad loans and needs money to cover losses on them.
–SPA
23:44 LOCAL TIME 20:44 GMT