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MarketScreener Homepage  >  Equities  >  Italian Stock Exchange  >  Banca Monte dei Paschi di Siena S.p.A.    BMPS   IT0005218752

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

(BMPS)
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Monte Paschi approves plan to offload over 8 billion euros of bad loans

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06/29/2020 | 05:47pm EDT
FILE PHOTO: Monte Dei Paschi bank headquarters is pictured in Siena

Italy's Banca Monte dei Paschi di Siena approved a plan on Monday to offload more than 8 billion euros ($9 billion)in gross bad loans in a move that could pave the way for a possible re-privatisation of the lender.

The Tuscan bank said in a statement the deal with state-owned bad loan manager AMCO included spinning off a package of gross bad loans worth 4.8 billion euros and unlikely-to-pay loans worth 3.3 billion euros.

It also included more than 1 billion euros in equity and 3.2 billion euros in debt from bridge loans granted by JPMorgan and UBS.

Italy's Treasury, which owns 68% of Monte Paschi, has been looking for ways to help the bank cut its bad loan pile without imposing heavy losses to make it a more attractive merger partner.

Rome signed up to an 8-billion euro-bailout package for the lender in 2017 to save it from sinking under problem debts and a derivatives scandal. It must present a strategy soon, perhaps next year, of how it intends to exit the bank.

Under the complex deal with AMCO, the Treasury's stake in Monte Paschi could fall to as low as 63.879% when completed, the bank said.

The operation is expected to be wrapped up and operational as of Dec. 1, Monte Paschi said, but added a precondition was the green light from the European Central Bank.

In May the European Union's competition chief Margrethe Vestager said Monte Paschi's plan to create a bad bank to manage its soured loans was not state aid.

(Reporting by Stephen Jewkes and Claudia Cristoferi; Editing by Sonya Hepinstall)

Stocks mentioned in the article
ChangeLast1st jan.
BANCA MONTE DEI PASCHI DI SIENA S.P.A. 2.49% 1.569 Delayed Quote.9.37%
JPMORGAN CHASE & CO. -0.25% 99.4755 Delayed Quote.-28.46%
UBS GROUP AG -0.13% 11.37 Delayed Quote.-6.83%
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Financials
Sales 2020 2 862 M 3 265 M 3 265 M
Net income 2020 -451 M -515 M -515 M
Net Debt 2020 - - -
P/E ratio 2020 -3,91x
Yield 2020 -
Capitalization 1 688 M 1 927 M 1 926 M
EV / Sales 2019
Capi. / Sales 2020 0,59x
Nbr of Employees 22 077
Free-Float 24,3%
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Mean consensus HOLD
Number of Analysts 7
Average target price 1,32 €
Last Close Price 1,53 €
Spread / Highest target 4,64%
Spread / Average Target -13,9%
Spread / Lowest Target -34,6%
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Guido Bastianini Chief Executive Officer & Director
Maria Patrizia Grieco Chairman
Vittorio Calvanico Chief Operating Officer
Andrea Rovellini Chief Financial Officer & Deputy General Manager
Marco Giorgino Lead Independent Director
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