Daily News: March 23, 2015

Monte Paschi Chairman to Resign after Capital Increase

Bloomberg repored Banca Monte dei Paschi di Siena SpA Chairman Alessandro Profumo, who sought to repair the lender’s finances after deals backfired and loans soured, will resign after the bank raises funds from investors.

Bloomberg said further Monte Paschi needs to raise funds from investors to plug a capital gap the European Central Bank uncovered in its balance-sheet review last year.

To read the entire Bloomberg article, click here.