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Monte Paschi shares down after turnaround plan delayed

The Monte dei Paschi bank headquarters is pictured in Siena August 16, 2013. REUTERS/Stefano Rellandini

MILAN (Reuters) - Shares in Italian lender Banca Monte dei Paschi di Siena opened lower on Wedensday after the bank's board delayed approval of a new restructuring plan aimed at winning a greenlight from the European Union for a state bailout.

In a statement late on Tuesday, the bank cited procedural reasons for the delay, but a source close to the situation told Reuters there was an "issue of substance" which was still being discussed with EU authorities.

By 0709 GMT, the stock was down 1 percent at 0.21 euros, underperforming the European banking index <.SX7P> which was down 0.3 percent.

(Reporting by Silvia Aloisi)