MILAN/BRUSSELS (Reuters) - Banca Monte dei Paschi di Siena
The plan, approved by the bank's board on June 13 and sent to the Commission on Monday, is a necessary step to win the European Union's approval for loans from the Italian state.
A spokesman for the European Commission said it would examine whether the plan complies with EU rules, but declined to give any details including on timing. The Commission's review is expected to take at least two months to complete.
The bank, at the center of a probe into risky derivative trades, was forced to take 4.1 billion euros ($5.47 billion) in state loans under Italy's previous government of Mario Monti in order to stay afloat.
(Reporting by Stephen Jewkes and Francesco Guarascio; Editing by Greg Mahlich)