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    Tension Rises Ahead Of Monte Paschi Meeting On Cash Call

    Tensions at troubled Monte dei Paschi di Siena (BMPS.MI) grew on Friday with sources saying Chairman Alessandro Profumo may quit if the Italian bank’s top investor slaps him on the face by delaying a vital 3 billion euro ($4.11 billion) capital hike.

    The world’s oldest bank was forced to accept 4.1 billion euros of state aid earlier this year after being hammered by the euro zone debt crisis and loss-making derivatives trades.

    The Tuscan bank needs a cash call to repay the state aid and avert nationalization. Profumo and CEO Fabrizio Viola want to launch it in January and have asked shareholders to approve this time framework this week.

    They have already secured a pool of banks ready to guarantee the rights issue and would like to carry it out quickly to remove uncertainty and avoid a string of cash calls by other European lenders that might make fundraising harder.

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