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Banca Monte dei Paschi di Siena SpA Approves 2013-2017 Restructuring Plan; Issues FY 2017 Revenue Growth Target; Commits to Carry Out Capital Increase for EUR 2.5 Billion by End FY 2014


Monday, 7 Oct 2013 12:48pm EDT 

Banca Monte dei Paschi di Siena SpA announced that the Restructuring Plan, prepared under guidelines agreed upon with the Ministry of Economy and Finance (MEF) and the European Commission (DG Comp1), was approved by the Board of Directors and submitted to the relevant Authorities. The Approval of European Commission is expected by Quarterly Report approval date scheduled for November 14, 2013. The Restructuring Plan has more ambitious targets than those specified in the 2012-2015 Business Plan and provides for a Revenue Growth of +0.8%, Net Profit of around EUR 900 million and a ROTE in the region of 9% by fiscal year 2017. Aims at a regulatory capital fully compliant with requirements; liquidity profile strengthened, and reducing total assets. The Company aims at a capital strengthening through a EUR 2.5 billion capital increase by the end of fiscal year 2014, subject to approval of the Shareholders’ Meeting; commits to repaying EUR 3 billion of New Financial Instruments by fiscal year 2014, as well as outstanding amount of New Financial Instruments, plus significant savings forecast. The Plan also envisions a management team completely renewed, significant simplification of Group structure, in-depth review of financial assets and asset quality, structural review of cost-base and related cost management, and Renewed governance structure with removal of 4% share ownership cap, as approved by the Shareholders’ Meeting in July 2013.