Shares in Monte dei Paschi di Siena fell six per cent in early trade yesterday, triggering an automatic trading suspension, after the withdrawal of an alternative rescue plan for Italy’s third-largest lender.
Veteran Italian banker and former industry minister Corrado Passera withdrew his plan for Monte dei Paschi on Tuesday, accusing the bank of obstruction and ignoring the interests of its own shareholders.
The board of Monte dei Paschi was expected to meet yesterday while CEO Marco Morelli holds meetings with investors in the United States in an effort to win backing for the bank’s €5 billion rescue scheme.