Italy's rescue plan for troubled bank gets EU approval

The plan to restructure struggling bank Monte dei Paschi di Siena will provide "a credible future" for the institution while ensuring stability to the Italian banking sector, the country's finance minister has said.

Pier Carlo Padoan was speaking after the European Commission approved Italy's plans to inject €5.4 bn into the world's oldest bank as part of a five-year restructuring plan that the bank's management will outline to investors on Wednesday.