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Monte dei Paschi first-half loss exceeds 3 billion euros - Boersen-Zeitung

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Monte dei Paschi first-half loss exceeds 3 billion euros - Boersen-Zeitung

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FRANKFURT (Reuters) – Italy’s Monte dei Paschi di Siena <BMPS.MI> will report a first-half loss of more than 3 billion euros (2.68 billion pounds) as it sets aside more money for non-performing loans, German business daily Boersen-Zeitung reported on Monday, citing banking sources. The Tuscan bank, the world’s oldest still in business, has for years been at the forefront of Italy’s slow-brewing banking crisis, burdened by bad loans and a mismanagement scandal. Last month, Italy published a decree authorising a state recapitalisation of Monte dei Paschi di Siena, formally bringing the 8 billion euros rescue of Italy’s fourth-biggest bank into effect. Monte dei Paschi, which is due to publish results on Aug. 11, was not immediately available for comment.

(Reporting by Maria Sheahan; Additional reporting by Francesca Landini; Editing by David Holmes)
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