Shares in Monte dei Paschi suspended from trading after 6% drop

Shares in Monte dei Paschi di Siena fell 6 per cent in early trading on Wednesday, 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 is expected to meet on Wednesday while chief executive Marco Morelli holds meetings with investors in the United States in an effort to win backing for the bank's €5 billion rescue scheme.

Reuters