Italian lender Banca Monte dei Paschi di Siena has hired UBS and Citigroup as advisers to explore strategic options after a pan-European health check of lenders unveiled that it was the worst performer with the largest funding gap.
The bank, at present, needs to raise 2.1bn.
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The strategic options could reportedly include a merger, cash call or asset sales.
The bank’s board has already started assessing potential actions to be included in the plan that banks found short of capital must present within two weeks.
The bank had secured a government loan of 4.1bn in early 2013, and in 2014 paid back three quarters of it after selling fresh shares for 5bn.
Its restructuring plan submitted to the European Commission before securing the loan, will also be amended accordingly.
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