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Banca Monte dei Paschi di Siena SpA updates on restructuring of the Chianti Classico Deal

Thursday, 26 Dec 2013 02:21pm EST 

Banca Monte dei Paschi di Siena SpA:Says it has completed activities for the buyback in full of the PGPI 2010 equity financial instruments and related Class Z Notes issued under the Casaforte Securitisation for a value of about 70 mln euros.Says the transactions are part of the activities planned for restructuring of the Chianti Classico deal in the Bank's Restructuring Plan, approved by the Board on Oct. 7 and by the European Commission on Nov. 27.Says it had contributed about 405 mln euros to the consolidated net profit as at Dec. 31, 2010.Says restructuring entails the consolidation of vehicle companies Perimetro Gestione Proprieta Immobiliari ScpA and Casaforte Srl and consolidation of a real estate portfolio consisting of 683 properties used in the bank's banking activities and Asset-Backed securities (ABS) issued by Casaforte.Says the restructuring delivers consolidated economic and operating benefits in both the short- and long-term.