MPS recap begins after underwriting negotiations conclude
![Piazza Salimbeni, Banca Monte dei Paschi di Siena, and the state of Sallustio Bandini. Tuscany, Italy.](https://assets.euromoneydigital.com/dims4/default/b6c9fbe/2147483647/strip/true/crop/575x375+0+0/resize/840x548!/quality/90/?url=http%3A%2F%2Feuromoney-brightspot.s3.amazonaws.com%2F86%2Fab%2Fa4dd4fa74a509d35732feea39c41%2Fmps-rights-issue-alamy-575-375.jpg)
The €2.5bn dilutive rights issue accompanies a four year strategic plan
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