(Bloomberg) -- Banca Monte dei Paschi di Siena SpA Chief Executive Officer Luigi Lovaglio is intensifying meetings to convince investors to subscribe to a key 2.5 billion euros ($2.5 billion) capital increase, the executive said in an interview with Milano Finanza.

Monte Paschi can offer “a sustainable profitability and an equity story based on the attractiveness that the bank is unlocking with the implementation of the business plan,” the CEO was cited as saying in the interview published by the Italian weekly on Saturday. “We have already started a program of meetings with both Italian and international investors and we are intensifying it in these days.”

The Siena-based lender is seeking to raise new equity and cut about 4,000 jobs as part of a plan to boost capital reserves and profitability. Lovaglio has reworked the bank’s strategy after the Italian government failed to comply with an EU requirement that it exit its stake by the end of last year. 

Among the options the CEO is reviewing to raise money is to find an anchor investor, he said in the interview, without elaborating.

Paschi dropped to a record low on Tuesday after a press report that banks arranging its vital capital increase are pushing for a delay until next year because of market conditions.

Read More: Paschi Falls After Report Banks Push for Capital Increase Delay

Monte Paschi said in July that it seeks to start the capital hike by mid-October to complete it by Nov. 12, though the timeline may change depending on market conditions. The bank can sell shares in tranches to facilitate the process. Italy has already committed to subscribe to its 64% holding.

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