Monte dei Paschi's board approves private backed bailout-board member

SIENA, Italy (Reuters) - The board of Monte dei Paschi di Siena (BMPS.MI) approved on Friday a privately-backed bailout plan that includes a capital increase and the sale of a big chunk of its bad loans, board member Antonino Turicchi said.

Turicchi said the bank, alongside advisers JP Morgan and Mediobanca, had managed to put together a banking consortium to guarantee the cash call.

(Reporting by Stefano Bernabei)