Banca Monte dei Paschi di Siena

"Monte dei Paschi di Siena" redirects here. For the banking foundation, see Fondazione Monte dei Paschi di Siena.
"BMPS" redirects here. For the singular of BMPs, see BMP (disambiguation).

Banca Monte dei Paschi di Siena S.p.A.
Company typePublic (Società per azioni)
BIT: BMPS[1]
ISINIT0005218752
IndustryFinancial services
Founded4 March 1472; 552 years ago (1472-03-04)[2] (as a mount of piety)
Headquarters
Siena
,
Italy
Number of locations
Decrease 1,368 domestic branches; 11 branches abroad (2021)
Key people
Nicola Maione (chairman)
Luigi Lovaglio (CEO)
Services
RevenueIncrease €2.980 billion (2021)
Increase €629.2 million (2021)
Increase €310 million (2021)
Total assetsDecrease €137.868 billion (2021)
Total equityIncrease €6.172 billion (2021)
OwnerMinistry of Economy and Finance (11.7%)
Number of employees
Decrease 21,244 (2021)
Subsidiaries
Capital ratioIncrease 12.5% (CET1, 2021)
Websitewww.gruppomps.it
Footnotes / references
in consolidated financial statement[3]

Banca Monte dei Paschi di Siena S.p.A. (Italian pronunciation: [ˈbaŋka ˈmonte dei ˈpaski di ˈsjɛːna]), known as BMPS or just MPS, is an Italian bank. Tracing its history to a mount of piety founded in 1472 (552 years ago) and established in its present form in 1624 (401 years ago), it is the world's oldest or second oldest bank, depending on the definition, and the fifth largest Italian commercial and retail bank.[4]

In 1995, the bank (then known as Monte dei Paschi di Siena) was transformed from a statutory corporation to a limited company called Banca Monte dei Paschi di Siena (Banca MPS). The Fondazione Monte dei Paschi di Siena was created to continue the charitable functions of the bank and to be, until the bailout in 2013, its largest single shareholder.

According to research by Mediobanca and a press release issued by Banco BPM, Banco BPM overtook BMPS as the third largest commercial banking group in Italy (in terms of total assets) on 31 December 2016, after Banco BPM's formal formation on 1 January 2017.[5][6] In 2016–17, BMPS was struggling to avoid a collapse,[7][8] and it was bailed out again by the Italian government in July 2017.

In 2020, BMPS had approximately 1,400 branches, 21,000 employees and 3.9 million customers[3] in Italy, as well as branches and businesses abroad. A subsidiary, MPS Capital Services, handles corporate and investment banking.[9] It has been designated as a Significant Institution since the entry into force of European Banking Supervision in late 2014, and as a consequence is directly supervised by the European Central Bank.[10][11]

History

Banca Monte dei Paschi di Siena traces its history to a mount of piety (monte di pietà) founded by order of the Magistrature of the Republic of Siena on 4 March 1472, when its statute was approved. It is therefore often regarded as being the oldest bank in the world in continuous operation. The basis of its foundation is the Statuto dei Paschi, written in 1419, a law that regulated all activities related to agriculture and pastoralism in Maremma.[12]

Its current form dates from 1624, when Siena was incorporated into the Grand Duchy of Tuscany and Grand Duke Ferdinando II granted to depositors of Monte, in their warranty, the income of the state-owned pastures of Maremma (the so-called "Paschi" which gave the bank its name). The bank consolidated and increased its banking activity during the 17th and 18th centuries.[citation needed]

With the unification of Italy, the bank expanded its business throughout the Italian peninsula, initiating new activities, including mortgage loans, the first experience in Italy. It was still state-owned by the late 19th century.[13]: 89  MPS was also involved in the bail-out of Cassa di Risparmio di Prato, becoming the major shareholder.[citation needed]

In 1995, a decree of the Ministry of the Treasury of the Italian Republic dated 8 August 1995, gave rise to two institutions: Banca Monte dei Paschi di Siena S.p.A. and Fondazione Monte dei Paschi di Siena,[14] a non-profit organization with the statutory purpose of providing assistance, charity and social utility in the fields of education, science, health and art, especially with reference to the city and the province of Siena.[citation needed]

On 25 June 1999, Banca Monte dei Paschi di Siena was listed successfully on the Italian Stock Exchange.[citation needed]

Expansion (2000–2006)

Banca Monte dei Paschi di Siena in city of Pisa

After its debut on the Italian Stock Exchange, the bank began an intense phase of commercial and operational expansion. The bank acquired some regional banks: Banca Agricola Mantovana and Banca del Salento, while subsidiary Banca Toscana was absorbed. In 2003, the controlling interests (79%) of Cassa di Risparmio di Prato was sold to Banca Popolare di Vicenza in March 2003 for €411.2 million.[15] The bank had also started a process to reinforce the structures of production in strategic market segments through the development of product companies:

  • Consum.it in the sector of consumer credit
  • MPS Leasing and Factoring in the parabanking sector
  • MPS Finance in investment banking
  • MP Asset Management SGR in managed savings
  • MPS Personale in financial promotion
  • MPS Banca per l'Impresa in credit for businesses and corporate finance services

At the same time, the bank upgraded its commercial productivity, with the aim of improving the level of assistance and consultancy to investors and businesses, and updated its activities in private banking and in private pension plans. At the conclusion of this plan of expansion, the bank implemented a vast program of opening new branches of the Group, with more than 2,000 branches. In order to finance this expansion model, the bank entered into some derivatives that were hidden: operations Santorini in 2002 and Alexandria in 2006.[16]

Antonveneta acquisition (2006–2008)

On 8 November 2007, Monte dei Paschi di Siena announced that it had reached an agreement with Banco Santander to buy Banca Antonveneta for €9 billion[17][18] excluding the subsidiary Interbanca that is owned by the Spanish bank. Antonveneta is the bank that after the Bancopoli scandal was acquired by ABN AMRO and was supposed to go to Banco Santander after the purchase of the Dutch bank by the consortium of RBS, Santander, Fortis.

From February 2007 to June 2008 Banca MPS sold all the shares (27.839%) in Finsoe, an intermediate holding company of Unipol Group, for €584.8 million.[19][20] In 2008, Quadrifoglio Vita, a joint venture insurance company of Unipol and Banca Agricola Mantovana, was acquired by AXA from Unipol via Banca MPS,[20] Banca Agricola Mantovana was also absorbed into Banca MPS.

Banca MPS also acquired regional bank Cassa di Risparmio di Biella e Vercelli from Intesa Sanpaolo in December 2007 for about €399 million.[21]

Global financial crisis (2008–2012)

Monte dei Paschi di Siena Group global locations in 2008

In the wake of rising yields and declining valuations on Italian government debt in the European sovereign-debt crisis, MPS lost over $2 billion in the first half of 2012, had to recapitalize, and faced restructuring or worse. The majority owner until the recapitalization, the Fondazione Monte dei Paschi di Siena, long resisted issuing new capital which would dilute its holding. In September 2012, even after the dilution, the bank "appear[ed] poised" also to give the national government a greater ownership stake in return for more capital.[22]

In December 2012, Cassa di Risparmio di Biella e Vercelli was sold to Cassa di Risparmio di Asti for about €205.5 million.[23][24]

Hidden losses and Bank of Italy bailout (2013)

In 2009, the Santorini and Alessandria operations began creating huge losses. In order to hide them in the bank's financial statements, the top management, including Giuseppe Mussari, the bank president, chose to enter into derivative contracts with Deutsche Bank and Nomura. This arrangement eventually led to prison sentences for 13 bank executives.[25]

Estimates of the losses accumulated by the Santorini and Alessandria operations in the period leading up to the derivative contracts range from €500 to €750 million.[26] The documentation concerning these operations was never communicated to the bank's own auditors or the Banca d'Italia. The derivative contracts and related documentation were discovered and made public by the new board of the bank at the end of November 2012. The documentation was then forwarded to the Banca d'Italia between December 2012 and mid-January 2013. The shareholders and the analysts have ascertained that the bank had not declared losses from derivatives. On 22 January 2013, the bank's shares lost 5.6% on the stock exchange and Mussari resigned as president of Associazione Bancaria Italiana.[18]

On 23 January 2013, the scandal of the hidden derivatives was revealed. The bank's shares dropped 8.43% on the stock exchange that day,[27] and another 8% the next day.[28]

On 25 January 2013, an extraordinary general meeting of the shareholders of the bank was convened. They resolved to grant the Board of Directors the power to increase the share capital by a maximum amount of €4.5 billion to service the exercise of conversion rights of the bank of the Monti bonds. MPS called for an intervention of €3.9 billion, including €1.9 billion for the replacement of the previous Tremonti bonds.

The delegation of the extraordinary powers to the Board of Directors has also included the possibility of increasing the share capital of €2 billion at the exclusive service of the payment of interest payable in shares. The shareholders approved with a 98% vote in favour.[29]

After the vote, the bank recovered 11.36% on the stock exchange after having lost more than 20% of its value in three sessions in three days.[30]

On 26 January 2013 the Banca d'Italia (Bank of Italy) approved a bailout request from the bank for €3.9 billion ($5.3 billion).[31]

The firm sparked fresh controversy in 2013 when it was accused of misleading Italy's market regulator in October 2012, shortly before it received a 4.1-billion euro ($5.47 billion) state bailout.[32]

On 29 December 2013, Fondazione Monte dei Paschi di Siena rejected plans for issuing €3 billion worth of new shares, delaying the raising of capital until at least May 2014 and increasing the risk of nationalization.[33]

In November 2019, after a three-year trial, 13 former bank executives received prison sentences. The Monte dei Paschi ex-chairman and CEO received seven years each; two senior executives five and four years. Three bankers from Deutsche Bank received five years and two from Nomura received five and three years. The court decided that they had conspired to hide Monte dei Pasche's losses of €2bn between 2008 and 2012 by using complicated derivative contracts. Deutsche Bank and Nomura were fined €160m; Monte dei Paschi had paid €10.6m after a plea bargain in 2016.[34]

Following an appeal, in May 2022, a Milan appeals court ruling overturned the 2019 conviction of the former executives and the two banks over derivative deals and cancelled the seizures imposed on Deutsche Bank and Nomura Holdings Inc.[35][36] In October 2023, Italy's Supreme Court of Cassation confirmed the acquittals in Monte dei Paschi derivatives case.[37]

A very slow recovery (2014–2022)

In March 2014, BlackRock declared a 5.748 percent stake in the bank (as the bank was still a constituent of stock market indices at that time, such as the FTSE MIB, fund managers held stakes in their index tracking funds, and were required to disclose stakes of 5% or higher).[38] In July, the capital increase was completed, of which the banking foundation had just owned 2.500% shares. In October, the bank failed the ECB's stress test of major European banks, (first Comprehensive Assessment of European Banking Supervision) and was given two weeks to prepare a plan to raise €2.11 billion in capital. Despite issuing €5 billion in shares just four months earlier, the ECB declared the bank unable to withstand a financial catastrophe. Shares proceeded to drop 22%.[39] In November, 2014, the bank reported a loss of €1.1497 billion in the 3rd quarter of the year.[40][41] Eventually in 2014 financial year, the bank had a net loss of €5.3429 billion, resulting in the capital increase to be vaporized. The Tier 1 capital ratio of the bank was 8.7% as at 31 December 2014.[42]

On 6 July 2015, following the Greek bailout referendum, trading in Monte dei Paschi shares was suspended after they fell 5.7%.[43] Eventually Banca MPS achieved a net profit of €388 million in 2015. but mainly due to the effect of the restatement as a CDS derivative of the Alexandria transaction. The CET1 capital ratio of the bank was 12%, mainly due to another capital increase during the year, which the European Central Bank required Banca MPS to have a minimum of 10.75% from 31 December 2016 onward, or 10.2% in the transitional period.[44] Moreover, both the gross (34%) and net non-performing loan to total loan ratio (22%) were still higher than the Italian average (18.1% in gross and 10.8% in net at December 2015)[45] and the Italian average itself was higher than the European Union average.

On 21 January 2016 MPS securitized €1.6 billion performing lease receivables portfolio for a value of €1.4173 billion. The bank repurchased €656 million of the securities (tranches B to D) and sold €761.3 million of the securities to the market (tranche A).[46]

In April 2016 German Bundesbank board member Andreas Dombret commented that many Greek and Italian banks were zombie banks that were kept for political reasons. He urged that European Central Bank should deal with banks with high level of non-performing loans. However, he did not state specifically if BMPS was one of the zombie banks or not.[47]

On 23 June a gross value of €290 million bad loan portfolio was disposed of without recourse to Kruk Group.[48] On 4 July the bank confirmed that a request of reducing non-performing loans from European Central Bank was received. In 2015 the bank had €46.9 billion NPLs in gross and €24.2 billion in net. The bank targeted to reduce the gross NPLs to total loans ratio to 20% in 2018. However, this was still higher than the Italian average at 31 December 2015.[49]

On 29 July 2016, 2016 European Union bank stress test was announced. Among the 51 banks in the test, BMPS was the only bank that CET1 ratio (in full Basel III basis) was forecast as negative in the adverse scenario in 2018.[50] If setting CET1 Ratio and Total Capital Ratio (fully loaded basis) targets at 8% and 11.5% respectively even in the adverse scenario in 2018, it would mean the bank would have a capital shortfall of €8.8 billion (core tier 1, additional tier 1 and tier 2 capitals combined), according to European Central Bank publication on 29 December 2016.[51][52]

On the same day, the plan to recapitalize the bank for €5 billion was announced; the bank also planned to securitize the entire bad loan portfolio for a target of €9.2 billion, which had a net book value of €10.2 billion as at 31 March 2016. The junior tranche would be allocated to the shareholders of the bank (for a proposed €1.6 billion); the mezzanine tranche would be sold to Atlante for €1.6 billion (revised to purchase junior mezzanine tranche for €1.526 billion in December 2016);[53] the senior tranches would be sold to the market with some of them being eligible to state guarantee (Garanzia sulla Cartolarizzazione delle Sofferenze) for €6 billion. It was expected to reduce the gross NPLs ratio to 17.8%, on par with Italian average but still higher than many European peers.[54] In December 2016, the disposal plan was modified: a senior mezzanine tranche (for €1.171 billion) was added—to be underwritten by the bank itself.[53]

In September 2016, CEO Fabrizio Viola[55] and chairman Massimo Tononi resigned.[56] They were replaced by Marco Morelli[57] and Alessandro Falciai, respectively.

On 28 November 2016, every 100 BMPS shares were converted into one new BMPS share[58] and, on 2 December 2016, AXA and BMPS announced a renewal of their partnership bancassurance—an agreement intended to prevail until 2027.[59]

In December 2016, BMPS successfully made debt-to-equity swap for part of their subordinated debt and Tier 1 capital instrument, for a maximum price of €24.9 per new share (on top of €5 billion new shares issue).[60][61] In mid-December, BMPS reopened the offer for the swap, which reached approx. €2.451 billion. However, due to the failure to issue €5 billion new shares, the swap offer and disposal of NPLs were voided.[62] Although J.P. Morgan, Mediobanca, Banco Santander, Bank of America Merrill Lynch, Citigroup, Credit Suisse, Deutsche Bank and Goldman Sachs had signed a pre-underwriting agreement with BMPS in July.[54] No banks and no anchor investor entered into contracts with BMPS.

At 01:20am, on 23 December 2016, the midnight after the failed recapitalisation, BMPS requested a precautionary recapitalisation by the Italian Government in order to bail out the bank by excising Article 32(4) of EU Bank Recovery and Resolution Directive (The EU-wide banking resolution law, which restricted state aid to a mean of last resort).[63] On 20 December the Italian Government had already raised €20 billion to set up a save-savings (Italian: salva-risparmio) fund[64] in order to subscribe a possible recapitalisation of UniCredit, BMPS, Banca Popolare di Vicenza, Veneto Banca and Banca Carige, as well as banks that need recapitalisation in the near future.

It was reported that the subordinate bond would be mandatorily converted to shares by the resolution authority of Italy (which is Bank of Italy) as a "bail-in". However, the bank had requested a Tier 2 subordinate capital instrument "Fresh 2008" excluded from such bail-in,[63] as many investors were retail investors.

On 25 January 2017 BMPS issued bonds with €7 billion face value. The bonds would mature from 1 to 3 years, with the state guarantee from the aforementioned government fund. The bank said the bond would be sold to the market or used as a collateral in borrowing process.[65]

On 3 February 2017 BMPS sold its card business to Istituto Centrale delle Banche Popolari Italiane (ICBPI) for €520 million.[66] Other leading banks of Italy, such as Intesa Sanpaolo and UniCredit had already sold their division in 2016.

On 9 February 2017 BMPS announced their 2016 financial results subject to the approval of general shareholders' meeting. The bank 2016 revenue, net interest income and pre-provision profit were decreased, compared to 2015. Combined with the write-down and provisions for NPLs, the net loss of the year was €3.380 billion. The CET1 ratio was reaching the legal minimal threshold of 8.0% (below ECB requirement in individual basis on the bank for 10.75%)[67]

On 1 June 2017 European Commissioner Margrethe Vestager agreed in-principle for the state aid of the bank.[68] On 5 July, the industrial plan of the bank was approved, which the bank would be re-capitalized for €8.1 billion, but only €3.9 billion would be underwritten by the Ministry of Economy and Finance (excluding additional shares that would be buyback from retail bondholders by the government), with the rest were the "bail-in" of bondholders, mandatorily converted the bond of the bank to shares.[69]

On 29 July, the bank announced that the issue price of the new shares to the government was €6.49, with €8.65 for debt-to-equity shares.[70]

Stefania Bariatti replaced her predecessor as chairperson of MPS during December 2017.[71][72]

On 5 October 2018, BMPS announced the sale of its Belgian subsidiary, Banca Monte Paschi Belgio (BMPB), to a company participated in by funds managed by Warburg Pincus. The sale price was set at €42 million, subject to an adjustment mechanism. Between 2018 and 2020 the bank made 49.8% of its pre-tax profits in tax havens.[73]

Returned to profitability & Privatisation (since 2023)

On 20 November 2023, the Italian government sold a 25% stake in MPS, thus partially privatising the bank and reducing the government's stake from 64% to 39%.[74]

After a €178mn loss in 2022, MPS returned to full-year profit with record earnings of just over €2bn for 2023. In February 2024, MPS paid its first dividend since 2010, returning €315mn to shareholders. [75]

On 27 March 2024, the Italian government sold a further 12.5% stake in MPS, for about €650 million. This sell further cuts Italy's stake in MPS, reducing it to 26.7% from 39.2%, and advances the government's plan to privatise MPS. [76]

On 14 November 2024, the Italian government sold a 15% stake in MPS for €1.1bn, thus reducing its stake in MPS to 11.7% from 26.7%, and Banco BPM seized the opportunity of the sale to buy a 5% position in MPS while Anima Holding bought a 3% stake in MPS.[77] With this sale, the Italian government respects the privatisation commitments it made to the EU (during the 2017 bailout of MPS) to reduce its stake below 20% by the end of 2024.

Cultural and economic-development

MPS headquarters in the Palazzo Salimbeni in Siena hosts an art collection and a large number of priceless historical documents spanning the centuries of its existence. However, this collection is not usually open to the public. The most recent publicly known acquisition of art, a gold-plated panel by Segna di Bonaventura, cost the bank nearly one million Euro.[78] It is also internationally known as the primary sponsor of Italian basketball club Mens Sana Basket of Siena, currently in Lega A and a regular participant in the Euroleague.

In 2010, the bank was funding the expansion of a small airport in the heart of the Tuscan countryside, Siena–Ampugnano Airport, to become an international airport. Both international and local groups had raised objections to this expansion on the grounds it would damage the natural beauty of the area, the environment and the attraction of the countryside to tourism.[79][80] Eventually, Aeroporto di Siena S.p.A., the company incorporated for the project, was liquidated .

Until the euro-crisis, profits from the bank financed the Palio di Siena, Siena's historic-building renovations and "biotech programs" intended to turn the Tuscan plain into a research hub. Nearly all that money – $150 million a year, on average, from 1996 to 2010 – has "evaporated" since 2010.[22]

According to the annual report of the banking foundation, which acted as both the largest shareholders of the bank and the charity organization for Tuscan area, the foundation suffered a sharp decrease in revenue from the bank in 2009, which dropped from €340 million to just €62.5 million, thus affecting the endowment to other organizations.[81] Along with other loss related and not related to the bank since 2010, the foundation had to suspend all the endowment to other organizations.[82][83][84]

Fondazione Monte dei Paschi di Siena

The share owned by Fondazione Monte dei Paschi di Siena dropped from over 55% on 31 December 2009[85] to below CONSOB requirement to disclose (<2%) in 2015.[86]

Since the 1936 statute 16 members of the Fondazione Monte dei Paschi di Siena were appointed by local authorities: 8 members by the Municipality of Siena, 5 by the Province of Siena, 1 by the University of Siena, 1 by the Tuscany Region and the last by the Archdiocese of Siena-Colle di Val d’Elsa-Montalcino.[87] The Foundation appoints the MPS governing body whose governance and operations have been highly influenced by Italian politics since the 20th century. Further research is needed to clarify the degree of this relationship, which involved some exponents of the governing body who were closely connected to Italian Freemasonry.[88]

Shareholders

As of 13 December 2017[89]

Main shareholders of Banca Monte dei Paschi di Siena

Shareholder Stake (% of ordinary shares)
Ministry of Economy and Finance 68.247%[90]
Generali Group 4.319%
Own shares 3.181%

Concerning the share percentage of Banca MPS hold by the Italian government, it decreased from 64.23% to 39.23% in November 2023, after the Italian government sold a 25% stake in Banca MPS: this stake sale means Italy's ownership in the bank falls below 50%.[91] In March 2024, the Italian government further reduced its stake in MPS, from 39.2% to 26.7%. [92]

As of December 2, 2024[93]
Shareholder % of Capital
Ministry of Economy and Finance 11.731%
Gruppo Francesco Gaetano Caltagirone 5.026%
Banco BPM S.p.A. 5.003%
Anima Holding 3.992%
Delfin S.à.r.l. 3.509%
Other Shareholders 70.739%

See also

References

  1. ^ "Azioni BANCA MONTE PASCHI SIENA: Quotazioni in tempo reale | IT0005508921 - Borsa Italiana".
  2. ^ @banca_mps (4 March 2014). "4 marzo 1472 – 4 marzo 2014 Buon compleanno, Banca Monte dei Paschi di Siena" (Tweet) – via Twitter.
  3. ^ a b "Monte dei Paschi di Siena Consolidated Financial Report" (PDF). BMPS. Retrieved 27 June 2021.
  4. ^ "Italy's fourth-biggest bank returns to the stockmarket". The Economist. 26 October 2017.
  5. ^ "Results as at 31 December 2016" (PDF). Banco BPM. 10 February 2017. Archived from the original (PDF) on 14 February 2017. Retrieved 13 February 2017.
  6. ^ "LE PRINCIPALI BANCHE ITALIANE [2017]" (PDF) (in Italian). Mediobanca. 24 October 2017. Archived from the original (PDF) on 28 October 2017. Retrieved 13 February 2017.
  7. ^ "World's oldest bank scrambles to raise 5 bn euros to avert collapse". Reuters. 12 December 2016 – via Business Standard.
  8. ^ Stevenson, Abigail (22 December 2016). "Cramer: Why Wall Street doesn't care that the world's oldest bank is on the brink of collapse". CNBC.
  9. ^ "English version of the corporate website". MPS Capital Services. Archived from the original on 27 February 2013. Retrieved 8 July 2013.
  10. ^ "The list of significant supervised entities and the list of less significant institutions" (PDF). European Central Bank. 4 September 2014.
  11. ^ "List of supervised entities" (PDF). European Central Bank. 1 January 2023.
  12. ^ Mengozzi, Narciso (1922). Il Monte dei Paschi di Siena. Firenze: R. Bemporad.
  13. ^ Leonardo Giani (2008), "Ownership and control of Italian banks: A short inquiry into the roots of the current context" (PDF), Corporate Ownership & Control (6(1)): 87–98
  14. ^ Ministry of the Treasury (28 August 1995). "Approvazione del progetto di ristrutturazione del Monte dei Paschi di Siena". Italian Republic Official Gazette (in Italian). Retrieved 9 April 2016.
  15. ^ "2003 annual report" (PDF). Banca Popolare di Vicenza. 30 June 2004. Retrieved 8 March 2016.
  16. ^ "doppio-flop-derivati" (in Italian), Ilsole24ore 24 January 2013.
  17. ^ "PRESS RELEASE" (PDF). Banca Monte dei Paschi di Siena. 8 November 2007. Retrieved 20 April 2016.
  18. ^ a b "mussari-lascia-presidenza" (in Italian) Ilsole24ore, 22 January 2013.
  19. ^ "Bilancio al 31 dicembre 2006" (PDF) (in Italian). Banca MPS. 22 March 2007. Retrieved 23 February 2016.
  20. ^ a b "2008 Bilancio Consolidato" (PDF) (in Italian). Banca MPS. 10 April 2009. Retrieved 23 February 2016.
  21. ^ "JOINT PRESS RELEASE SALE OF 55% OF BIVERBANCA FINALISED". Intesa Sanpaolo & Banca Monte dei Paschi di Siena. 20 December 2007. Retrieved 16 February 2016.
  22. ^ a b Birnbaum, Michael, "In Italy, world's oldest bank faces uncertain future", Washington Post, 1 September 2012. Retrieved 2 September 2012.
  23. ^ "Bilancio d'esercizio e Consolidato 2012" (PDF) (in Italian). Cassa di Risparmio di Asti. Archived from the original (PDF) on 16 September 2013. Retrieved 16 February 2016.
  24. ^ "Bilancio d'esercizio e Consolidato 2012" (PDF) (in Italian). Banca Monte dei Paschi di Siena. 29 April 2013. Retrieved 16 February 2016.
  25. ^ "Italian Court Convicts Deutsche Bank, Nomura in Monte Paschi Derivative Trial". Reuters. Reuters. 8 November 2019. Retrieved 7 January 2025.
  26. ^ "ombre-derivati-monte-titolo" (in Italian), Ilsole24ore, 24 January 2013.
  27. ^ "borsa-tokyo-chiude" (in Italian), Ilsole24ore, 23 January 2013.
  28. ^ "eurozona-atteso-calo-lindice" (in Italian), Ilsole24ore, 24 January 2013.
  29. ^ "assemblea-mps" (in Italian), ilsole24ore.com, 25 January 2013.
  30. ^ "borsa-tokyo-chiude-forte" (in Italian), Ilsole24ore, 25 January 2013.
  31. ^ Mozee, Carla, "Bank of Italy OKs bailout for scandal-hit bank", MarketWatch, 26 January 2013. Retrieved 26 January 2013.
  32. ^ Silvia Aloisi and Stefano Bernabei (23 August 2013). "Monte Paschi accused of misleading Italy regulator in 2012". Reuters.
  33. ^ Za, Valentina; Fonte, Giuseppe (30 December 2013). "Monte Paschi faces nationalization threat after cash call delay". Yahoo Finance. Reuters. Retrieved 27 October 2017.
  34. ^ "The men from Monte", Private Eye, no. 1509, p 41, 15 November 2019
  35. ^ Borrelli, Silvia Sciorilli (12 May 2022). "Monte dei Paschi battle rumbles on after verdicts quashed". Financial Times. Retrieved 12 October 2023.
  36. ^ "Ex-Deutsche Bank, Nomura Bankers Cleared in Paschi Appeals Case". Bloomberg.com. 6 May 2022. Retrieved 12 October 2023.
  37. ^ "MSN". www.msn.com. Retrieved 12 October 2023.
  38. ^ "BlackRock buys 5.75 percent of Monte dei Paschi". Reuters. 24 March 2014. Retrieved 24 March 2014.
  39. ^ "clock-ticks-for-banca-monte-dei-paschi", online.wsj.com
  40. ^ "Nearly $1 billion loss for 3rd quarter", New York Times, 12 November 2014.
  41. ^ "CONSOLIDATED INTERIM REPORT ON OPERATIONS AS AT 30 SEPTEMBER 2014" (PDF). Banca Monte dei Paschi di Siena. 21 November 2015. Archived from the original (PDF) on 26 April 2016. Retrieved 14 March 2016.
  42. ^ "2014 Annual Report" (PDF). Banca Monte dei Paschi di Siena. 19 June 2015. Archived from the original (PDF) on 26 April 2016.
  43. ^ "Greek debt crisis: Markets resilient after 'no' vote". BBC News.
  44. ^ "BMPS: BOARD APPROVES RESULTS AS AT 31 DECEMBER 2015" (PDF). Banca MPS. 5 February 2016. Archived from the original (PDF) on 28 April 2016.
  45. ^ "Rapporto sulla stabilità finanziaria N°1 – 2016" [Financial Stability Report N°1 – 2016] (PDF) (in Italian). Bank of Italy. 29 April 2016. Retrieved 1 May 2016.
  46. ^ "BANCA MPS: NEW LEASE SECURITISATION FOR EUR 1.6 BLN PORTFOLIO" (PDF). Banca Monte dei Paschi di Siena. 21 January 2016. Archived from the original (PDF) on 28 April 2016. Retrieved 9 April 2016.
  47. ^ "ECB should tackle zombie banks, Germany's Bundesbank says". Reuters. 18 April 2016. Retrieved 21 April 2016.
  48. ^ "Banca MPS: disposal of a non-performing loan portfolio for about Euro 290 mln". BMPS. 23 June 2016. Archived from the original on 9 July 2016. Retrieved 11 July 2016.
  49. ^ "Press release". BMPS. 4 July 2016. Archived from the original on 7 July 2016. Retrieved 11 July 2016.
  50. ^ "2016 EU‐WIDE STRESS TEST Results" (PDF). European Banking Authority. 29 July 2016. Retrieved 30 July 2016.
  51. ^ "Comunicato stampa" (in Italian). BMPS. 26 December 2016. Archived from the original on 27 December 2016. Retrieved 27 December 2016.
  52. ^ "The "precautionary recapitalization" of Banca Monte dei Paschi di Siena". Bank of Italy. 29 December 2016. Retrieved 5 January 2016.
  53. ^ a b "Press release" (PDF). BMPS. 19 December 2016. Archived from the original (PDF) on 23 December 2016. Retrieved 22 December 2016.
  54. ^ a b "Structural and definitive solution to the bad loan legacy portfolio" (PDF). BMPS. 29 July 2016. Archived from the original (PDF) on 4 August 2016. Retrieved 1 August 2016.
  55. ^ "Press release". BMPS. 8 September 2016. Archived from the original on 28 December 2016. Retrieved 27 December 2016.
  56. ^ "Banca MPS: chairman Massimo Tononi resigns". BMPS. 14 September 2016. Archived from the original on 28 December 2016. Retrieved 27 December 2016.
  57. ^ "Marco Morelli appointed as new CEO and General Manager of Banca MPS". BMPS. 14 September 2016. Archived from the original on 8 November 2016. Retrieved 27 December 2016.
  58. ^ "BANCA MPS: CHANGE IN SHARE CAPITAL AND REVERSE SPLIT OF ORDINARY SHARES" (PDF). BMPS. 25 November 2016. Archived from the original (PDF) on 20 December 2016. Retrieved 10 December 2016.
  59. ^ "AXA and Banca Monte dei Paschi di Siena renew their bancassurance partnership until 2027". BMPS. 2 December 2016. Archived from the original on 20 December 2016. Retrieved 10 December 2016.
  60. ^ "LME results (Erratum)" (PDF). BMPS. 7 December 2016. Archived from the original (PDF) on 20 December 2016. Retrieved 10 December 2016.
  61. ^ "CAPITAL INCREASE TO SERVICE LIABILITY MANAGEMENT (LME) MAXIMUM PRICE OF EURO 24.9 (TAKING ACCOUNT OF REVERSE STOCK SPLIT)" (PDF). BMPS. 25 November 2016. Archived from the original (PDF) on 20 December 2016. Retrieved 10 December 2016.
  62. ^ "Comunicato Stampa" [Press Release] (PDF) (in Italian). BMPS. 22 December 2016. Archived from the original (PDF) on 23 December 2016. Retrieved 22 December 2016.
  63. ^ a b "Comunicato stampa" [Press Release] (PDF) (in Italian). BMPS. 23 December 2016. Archived from the original (PDF) on 28 December 2016. Retrieved 27 December 2016.
  64. ^ "Il Governo avvia l'operazione salva-risparmio" (in Italian). Ministry of Economy and Finance. 20 December 2016. Retrieved 27 December 2016.
  65. ^ "Press Release" (Press release). Banca Monte dei Paschi di Siena. 25 January 2017. Retrieved 23 October 2017.
  66. ^ "BMPS sells its merchant acquiring business to ICBPI for a consideration of Euro 520 million". Banca Monte dei Paschi di Siena. 3 February 2017. Retrieved 23 October 2017.
  67. ^ "BMPS: BOARD APPROVES PRELIMINARY RESULTS AS AT 31 DECEMBER 2016". Banca Monte dei Paschi di Siena. 9 February 2017. Retrieved 23 October 2017.
  68. ^ "Statement on Agreement in principle between Commissioner Vestager and Italian authorities on Monte dei Paschi di Siena (MPS)" (Press release). European Commission. 1 June 2017. Retrieved 5 July 2017.
  69. ^ "BMPS: European Commission approves the 2017–2021 restructuring plan" (Press release). Banca Monte dei Paschi di Siena. 5 July 2017. Retrieved 23 October 2017.
  70. ^ "BMPS: the Ministry of Economy and Finance issues burden sharing and capital increase measures for the precautionary recapitalization" (Press release). Banca Monte dei Paschi di Siena. 29 July 2017. Retrieved 23 October 2017.
  71. ^ la prima volta di una donna in banca monte dei paschi di siena stefania bariatti eletta presidente (18 December 2017) Siena news Italia Accessed 13 January 2018
  72. ^ Research Bloomberg Accessed 13 January 2018
  73. ^ Have European banks left tax havens? Evidence from country-by-country data The EU Tax Observatory, 2021
  74. ^ [1] The EU Tax Observatory, 2021
  75. ^ "Monte dei Paschi to pay its first dividend in 13 years". 7 February 2024.
  76. ^ "Italy Sells 12.5% of Monte Paschi for About €650 Millions". Bloomberg. 27 March 2024.
  77. ^ "Monte dei Paschi shares jump 9% after rival BPM takes stake". Financial Times. 14 November 2024.
  78. ^ Susan Moore (7 March 2009). "Old Masters remain unscathed by the downturn". Financial Times. Archived from the original on 11 December 2022. Retrieved 14 June 2009.
  79. ^ Lambton, Fred. "Saving Siena". The Spectator.
  80. ^ Peter Popham (19 January 2008). "Plans for a new airport bringing cheap flights to Tuscany provoke furious opposition". The Independent. London. Retrieved 13 May 2010.
  81. ^ "2009 Bilancio" (PDF) (in Italian). Fondazione Monte dei Paschi di Siena. 5 May 2010. Retrieved 14 March 2016 – via ACRI archive.
  82. ^ "2010 Bilancio" (PDF) (in Italian). Fondazione Monte dei Paschi di Siena. 28 April 2011. Retrieved 14 March 2016 – via ACRI archive.
  83. ^ "2011 Bilancio" (PDF) (in Italian). Fondazione Monte dei Paschi di Siena. 16 July 2012. Retrieved 14 March 2016 – via ACRI archive.
  84. ^ "2012 Bilancio" (PDF) (in Italian). Fondazione Monte dei Paschi di Siena. 10 May 2013. Retrieved 14 March 2016 – via ACRI archive.
  85. ^ "Azionisti rilevanti di BANCA MONTE DEI PASCHI DI SIENA SPA". CONSOB. 31 December 2009. Retrieved 16 December 2017.
  86. ^ "2015 Bilancio Consuntivo" (PDF) (in Italian). Fondazione Monte dei Paschi di Siena. 31 May 2016. Archived from the original (PDF) on 25 December 2016. Retrieved 27 December 2016.
  87. ^ Menasci, Emanuele; Rocha, Gonçalo (23 May 2018). A bank's crisis: the case of Monte dei Paschi di Siena (PDF). NOVA – School of Business and Economics. p. 5. Archived (PDF) from the original on 9 July 2020. Retrieved 29 May 2021.
  88. ^ Mussolino, Domenico (3 January 2017). "Freemasonry and bank, the harmonious tangle of MPS".
  89. ^ "Azionisti rilevanti di BANCA MONTE DEI PASCHI DI SIENA SPA". CONSOB. 13 December 2017. Retrieved 16 December 2017.
  90. ^ "Elenco delle partecipazioni dirette del Ministero dell'Economia e delle Finanze" (in Italian). Retrieved 21 September 2021.
  91. ^ [2] The EU Tax Observatory, 2021
  92. ^ "Italy Sells 12.5% of Monte Paschi for About €650 Millions". Bloomberg. 27 March 2024.
  93. ^ "Shareholding Structure". Banca MPS. Banca Monte dei Paschi di Siena. Retrieved 7 January 2025.
Wikimedia Commons has media related to Banca Monte dei Paschi di Siena.

43°19′17″N 11°19′51″E / 43.32139°N 11.33083°E / 43.32139; 11.33083

Read other articles:

Hispanic and Latino Americans in the United States Congress

Delegate Joseph Marion Hernández of the Florida Territory, elected in 1822, the first Hispanic or Latino American to serve in the United States Congress in any capacity. Hispanic and Latino Americans have served in the United States Congress since the early 19th century. The first group elected to serve in the Congress were incorporated as part of the United States territorial expansion into previous Spanish territories of the North American mainland as part of American campaigns of Manifes...

 

Mufassar

Artikel ini sebatang kara, artinya tidak ada artikel lain yang memiliki pranala balik ke halaman ini.Bantulah menambah pranala ke artikel ini dari artikel yang berhubungan atau coba peralatan pencari pranala.Tag ini diberikan pada Oktober 2022. Mufassar (dalam bahasa Arab berarti dijelaskan) menurut istilah ushul fikih mengarah kepada suatu lafal atau kalimat yang menunjukkan suatu hukum dengan dalalah, yakni petunjuk yang jelas, tanpa menerima kemungkinan penakwilan dan pertakhsisan (pengkhu...

 

A.S. Red & Blue

Dari kiri ke kanan: Lizzy (Blue), Nana (Red), Raina (Blue), Kahi (Red), Jooyeon (Blue), Jungah (Red) dan E-Young (Blue); tak ada di gambar: Uee (Red). A.S. Red & Blue adalah dua sub-unit dari grup vokal perempuan Korea After School. A.S. Blue terdiri dari Juyeon, Raina, Lizzy dan E-Young, sementara A.S. Red terdiri dari Kahi, Jung-A, U-ie, dan Nana. Pada Juli 2011, After School dibagi menjadi dua sub-grup, A.S. BLUE dan A.S. RED. Kedua grup tersebut merilis sebuah singel an mempromosikan ...

Hotel Borobudur Jakarta

Hotel Borobudur JakartaHotel BorobudurLua error in Modul:Mapframe at line 384: attempt to perform arithmetic on local 'lat_d' (a nil value).Jaringan hotelDiscovery Hotels and ResortsInformasi umumLokasi Jakarta, IndonesiaAlamatJl. Lapangan Banteng Selatan No.1, Ps. Baru, Sawah Besar, Kota Jakarta Pusat, Daerah Khusus Ibukota Jakarta 10710Koordinat-6.172089576721191, 106.835166931152340Pembukaan1974PemilikDiscovery Hotels and ResortsData teknisJumlah lantai18 termasuk 3 lantai eksekutifInforma...

 

Russians

East Slavic ethnic group This article is about the East Slavic ethnic group. For all citizens of Russia, see Demographics of Russia and Russian citizenship law. For other meanings, see Russian. This article needs additional citations for verification. Please help improve this article by adding citations to reliable sources. Unsourced material may be challenged and removed.Find sources: Russians – news · newspapers · books · scholar · JSTOR (August 2022...

 

Yuan Shao

Yuan Shao袁紹Ilustrasi dari Dinasti Qing untuk Yuan Shao Jenderal Tertinggi (大將軍)Masa jabatan196 (196) – 28 June 202 (28 June 202)Penguasa monarkiKaisar Xian dari HanJenderal Kanan (右將軍)Masa jabatan195 (195) – 196 (196)Penguasa monarkiKaisar Xian dari HanGubernur Provinsi Ji (冀州牧)Masa jabatan191 (191) – 28 June 202 (28 June 202)Penguasa monarkiKaisar Xian dari Han PendahuluHan FuPenggantiYuan ShangColonel-Direc...

Nicolae Ceaușescu

Disambiguazione – Ceauşescu rimanda qui. Se stai cercando altri significati, vedi Ceauşescu (disambigua). Nicolae CeaușescuRitratto ufficiale, 1965 Segretario generale del Partito Comunista RumenoDurata mandato22 marzo 1965 –22 dicembre 1989 PredecessoreGheorghe Gheorghiu-Dej Successorecarica abolita Presidente della Repubblica Socialista di RomaniaDurata mandato28 marzo 1974 –22 dicembre 1989 Capo del governoManea MănescuIlie VerdețConstantin D...

 

Raymond Thamin

Cet article est une ébauche concernant un philosophe français. Vous pouvez partager vos connaissances en l’améliorant (comment ?) selon les recommandations des projets correspondants. Raymond ThaminFonctionRecteur d'académieBiographieNaissance 3 juin 1857BayeuxDécès 5 avril 1933 (à 75 ans)ParisSépulture Cimetière du Père-LachaiseNationalité françaiseFormation École normale supérieureFaculté des lettres de Paris (doctorat)Activités Philosophe, historien de la philo...

 

Kepulauan Aegea Italia

Kepulauan Aegea ItaliaIsole italiane dell'EgeoἸταλικαὶ Νῆσοι Αἰγαίου Πελάγους1912–1943 Bendera Lambang Semboyan: Foedere et Religione TenemurKami disatukan oleh Perjanjian dan AgamaLagu kebangsaan: Marcia Reale d'OrdinanzaStatusPossedimentoIbu kotaRhodosBahasa yang umum digunakanBahasa Yunani, Bahasa Italia, Bahasa TurkiAgama Ortodoks YunaniKatolik RomaIslamKomandan militer (hingga 1922), Gubernur (1922–43) • 1912–13 Giovanni Ba...

Fararat

Village in Tehran province, Iran Village in Tehran, IranFararat Persian: فرارتVillageFararatCoordinates: 35°34′23″N 51°01′34″E / 35.57306°N 51.02611°E / 35.57306; 51.02611[1]CountryIranProvinceTehranCountyShahriarDistrictCentralRural DistrictJuqinPopulation (2016)[2] • Total4,856Time zoneUTC+3:30 (IRST) Fararat (Persian: فرارت), also Romanized as Farārat,[3] is a village in Juqin Rural District of the Cent...

 

Hébuterne

For the artists, see Jeanne Hébuterne and André Hébuterne. Commune in Hauts-de-France, FranceHébuterneCommuneThe church of Hébuterne Coat of armsLocation of Hébuterne HébuterneShow map of FranceHébuterneShow map of Hauts-de-FranceCoordinates: 50°07′34″N 2°38′11″E / 50.1261°N 2.6364°E / 50.1261; 2.6364CountryFranceRegionHauts-de-FranceDepartmentPas-de-CalaisArrondissementArrasCantonAvesnes-le-ComteIntercommunalityCC Sud-ArtoisGovernment •...

 

大字 (数字)

この項目には、一部のコンピュータや閲覧ソフトで表示できない文字が含まれています（詳細）。 数字の大字（だいじ）は、漢数字の一種。通常用いる単純な字形の漢数字（小字）の代わりに同じ音の別の漢字を用いるものである。 概要 壱万円日本銀行券（「壱」が大字） 弐千円日本銀行券（「弐」が大字） 漢数字には「一」「二」「三」と続く小字と、「壱」「�...

CMT (saluran TV)

CMTDiluncurkan1983 Maret 5 (5-03-1983)JaringanParamount Media NetworksPemilikParamount GlobalNegaraAmerika SerikatKantor pusatNew York CitySaluran seinduk CMT Music CBS The CW Showtime CBS Sports Network Smithsonian Channel Pop TV The Movie Channel Flix MTV VH1 Logo Paramount Network Nickelodeon BET TV Land Comedy Central Situs webwww.cmt.com CMT adalah saluran Jaringan televisi Amerika yang dimiliki oleh Paramount Media Networks, sebuah divisi dari Paramount Global. Diluncurkan pada tan...

 

Bukit Timah Nature Reserve

Protected area in Singapore Bukit Timah Nature ReserveHutan Simpanan Bukit Timah (Malay)武吉知馬自然保護區 (Chinese)புக்கிட் திமா நேச்சர் ரிசர்வ் (Tamil)Steps leading to the summit of Bukit Timah.TypeNature ReserveLocationBukit Timah Hill, SingaporeNearest townBukit PanjangCoordinates1°21′10″N 103°46′42″E / 1.35278°N 103.77833°E / 1.35278; 103.77833Established1883; 141&...

 

Tibiao, Antique

Peta yang menunjukkan letak Tibiao Tibiao adalah munisipalitas di provinsi Antique, Filipina. Pada tahun 2000, munisipalitas ini memiliki populasi sebesar 21.772 jiwa atau 4.408 rumah tangga. Pembagian wilayah Secara politis Tibiao terbagi atas 21 barangay, yaitu: Alegre Amar Bandoja (Lupa-an) Castillo Esparagoza Importante La Paz Malabor Martinez Natividad Pitac Poblacion Salazar San Francisco Norte San Francisco Sur San Isidro Santa Ana Santa Justa Santo Rosario Tigbaboy Tuno Pranala luar P...

Fursuit

Artikel ini tidak memiliki referensi atau sumber tepercaya sehingga isinya tidak bisa dipastikan. Tolong bantu perbaiki artikel ini dengan menambahkan referensi yang layak. Tulisan tanpa sumber dapat dipertanyakan dan dihapus sewaktu-waktu.Cari sumber: Fursuit – berita · surat kabar · buku · cendekiawan · JSTOR Fursuit adalah kostum hewan Antropomorfisme dan biasanya digunakan oleh Furry fandom. Fursuit bisa dari kepala dan tangan sampai yang memiliki ...

 

K. Shanmugam

Templat:Political POVIni adalah nama India; nama Kasiviswanathan merupakan patronimik, bukan nama keluarga, dan tokoh ini dipanggil menggunakan nama depannya, Shanmugam. The HonourableK. ShanmugamSCகாசிவிஸ்வநாதன் சண்முகம்Shanmugam pada 2013 Menteri Dalam NegeriPetahanaMulai menjabat 1 Oktober 2015Perdana MenteriLee Hsien LoongLawrence WongMenteri KeduaDesmond LeeJosephine TeoPendahuluTeo Chee HeanPenggantiPetahanaMasa jabatan1 November 2010 ...

 

مستشفى هوو شين شان

مستشفى هوو شين شان فيديو لمستشفى هووشينشان تحت الإنشاء من خدمة الأخبار الصينية إحداثيات 30°31′49″N 114°04′57″E / 30.53028°N 114.082532°E / 30.53028; 114.082532   معلومات عامة الدولة الصين  المساحة 60000 متر مربع[1]  سنة التأسيس 3 فبراير 2020[1]  أبعاد المبنى طوابق فوق الأرض...

Port Said

Egyptian city on the northern end of the Suez Canal City in EgyptPort Said بورسعيدCityClockwise from top: Docks of Port Said, View from the Suez Canal, Obelisk of Museum of Modern Art, Mediterranean Sea, Port Said Hotel Gardens FlagSealNickname: The valiant cityPort SaidLocation in EgyptCoordinates: 31°15′45″N 32°18′22″E / 31.26250°N 32.30611°E / 31.26250; 32.30611CountryEgyptGovernoratePort SaidFounded1859Government • TypeCity-state...

 

Maksim Demenko

Russian footballer and manager This biography of a living person needs additional citations for verification. Please help by adding reliable sources. Contentious material about living persons that is unsourced or poorly sourced must be removed immediately from the article and its talk page, especially if potentially libelous.Find sources: Maksim Demenko – news · newspapers · books · scholar · JSTOR (June 2021) (Learn how and when to remove this message...