BANCA MONTE DEI PASCHI DI SIENA S.P.A.

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Italy's Monte dei Paschi plans to raise 2.5 bln euros in capital

12/17/2021 | 03:09pm EDT
FILE PHOTO: FILE PHOTO: Italy's problem bank casts a long shadow over Draghi's summer break

MILAN, Dec 17 (Reuters) - State-owned Italian bank Monte dei Paschi di Siena (MPS) said on Friday it needed 2.5 billion euros ($2.8 billion) in capital, as Rome seeks more time to reprivatise it following a failed sale attempt.

Italy has worked in vain to meet an end-2021 deadline to return MPS to private hands after a 2017 bailout handed the state a 64% stake.

After laboring for years to rid MPS of its mountain of problem loans, Italy sought to clinch a sale to UniCredit but negotiations collapsed https://www.reuters.com/business/finance/exclusive-italy-unicredit-set-call-off-talks-over-monte-dei-paschi-sources-2021-10-23 in October when Rome decided terms set by the country's second-biggest bank were too costly.

Italy is now in talks with European Union authorities to push back beyond 2023 https://www.reuters.com/markets/deals/italy-talks-with-eu-delay-mps-privatization-beyond-2023-sources-say-2021-12-01 the re-privatization deadline.

MPS, which in July emerged as the most vulnerable euro zone lender in a sector health check, approved a new 2022-2026 strategic plan on Friday which it will submit to EU banking supervisors and market competition authorities.

The Tuscan bank targets a pre-tax profit of around 700 million euros in 2024, after cutting staff costs for up to 275 million euros a year through voluntary redundancies.

MPS estimated restructuring costs under the plan at 1 billion euros.

Italian banks only lay off staff through a costly early retirement scheme. CEO Guido Bastianini told parliament last month that MPS was looking to cut 4,000 staff. He said on Monday he hoped to start talks with unions soon.

To fund the restructuring, MPS said it planned to raise 2.5 billion euros in 2022 by selling new shares, a figure which needs the approval of European authorities.

Italy's Treasury has said it will support the capital raising but MPS needs to find investors for the 36% portion that cannot be covered by the state.

Sources have told Reuters the bank could seek to strengthen ties with its commercial partners, which include French insurer AXA and asset manager Anima.

Bastianini said on Monday relations with them were paramount but that it was too early to say whether they could become investors in the bank.

($1 = 0.8887 euros) (Reporting by Valentina Za, editing by Timothy Heritage)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ANIMA HOLDING S.P.A. 0.85% 4.52 Delayed Quote.0.67%
AXA 0.33% 23.12 Real-time Quote.-11.71%
BANCA MONTE DEI PASCHI DI SIENA S.P.A. -1.54% 0.7055 Delayed Quote.-20.91%
UNICREDIT S.P.A. -1.58% 9.94 Delayed Quote.-26.61%
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Financials
Sales 2022 2 940 M 3 101 M 3 101 M
Net income 2022 176 M 185 M 185 M
Net Debt 2022 - - -
P/E ratio 2022 3,92x
Yield 2022 -
Capitalization 707 M 746 M 746 M
Capi. / Sales 2022 0,24x
Capi. / Sales 2023 0,24x
Nbr of Employees 21 183
Free-Float 31,5%
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Luigi Lovaglio Chief Executive Officer & General Manager
Giuseppe Sica Chief Financial Officer
Maria Patrizia Grieco Chairman
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