Axa CEO says will subscribe to Monte Paschi capital hike

Reuters

ROME (Reuters) - French insurer Axa SA (PAR:CS) will subscribe to the planned capital increase at Banca Monte dei Paschi di Siena (MIL:BMPS) in proportion to the 3.73 percent stake it holds in the troubled Italian lender, Henri de Castries, chief executive of the French insurance group said on Thursday.

"We will subscribe to the capital increase for our quota," he told reporters at the margins of a conference in Rome.

Monte Paschi is preparing to launch a 2.5 billion euro capital increase next year as part of measures to meet European Commission conditions for a state bailout.

(Reporting by Stefano Bernabei)

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