(MENAFN) Banca Monte dei Paschi di Siena's confirmed to swap more than USD1.1bn of subordinated notes for share, making it easier to complete 5bn euro capital increase.
Meanwhile, bondholders confirmed to convert almost a quarter of the 4.3bn euro of debt offered to the swap, while last month investors expected to exchange 1.04bn euro.
The funds will also be used to cover losses from the sales of soured loans, a move requested by the European Central Bank.
However, Italian banks have been under ahead of the Dec. 4 referendum because it may topple the government of Prime Minister Matteo Renzi.
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