MILAN- Monte dei Paschi di Siena must submit an updated capital plan to the European Central Bank by the end of March, the state-owned Italian lender said in its 2021 financial report.

Monte dei Paschi, which has plans to raise 2.5 billion euros ($2.8 billion) in cash to bolster its finances, also said the ECB had requested by March 31 a three-year plan detailing its strategy on impaired loans.

Monte dei Paschi, which is 64% owned by the Treasury following a 2017 bailout, in February named turnaround expert and veteran UniCredit executive Luigi Lovaglio as its new chief executive.

($1 = 0.9074 euros)

(Reporting by Valentina Za, editing by Cristina Carlevaro)