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Last updated: February 20. 2013 3:34AM - 80 Views

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(AP) Shareholders in embattled Italian bank Monte dei Paschi di Siena were lining up to question managers about a scandal involving potential trading losses that had reportedly been concealed.


The world's oldest running bank convened shareholders Friday in Siena to approve capital increases as a condition to receive up to 3.9 billion ($5.22 billion) in state aid.


The scandal over the trades caused shares to plunge this week and became a flashpoint in the campaign for national elections.


Chairman Alessandro Profumo told the gathering it was too early to provide details of three complex financial transactions one reportedly resulting in a loss of 200 million. The bank says an internal inquiry should be presented in mid-February.


After three days of declines, shares in the bank recovered 8.6 percent to 0.25.


Associated Press
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