II Montepaschi of Siena closes the first six months of the year 86.5% decrease compared to 2021 with a profit of 27 million and, with the meeting convened for September 15, is preparing the capital increase of 2.5 billion euros by expanding the syndicate consortium. The manager Luigi Lovaglio, via conference call with analysts, he assures us that we are “moving at full speed on the execution of the piano. We are convinced,” he adds, “that we cannot stop our determination, we will achieve all goals”. However, optimism for the market is not enough to topple the stock place of business, suspended from trading, before falling 6.74% to $0.415. The half-year profit is to be weighed down – with sales of 1.5 billion minus 2.5 percent – the Sienese institute explains, “some post offices are registered in the first half of 2021, including the larger contribution from the sale of securities and the improvement of bad loan coverage, which took place in the first two quarters of 2022 ».
NEW GRAINS – But to sink the title on the stock exchange, that was more than the ballasted income Extrajudicial applications for 1.8 billion, “Obtained from an advisory firm on behalf of institutional investors in relation to the known events relating to financial information”. Lovaglio notes that this is a “serial” increase and “we have asked our lawyers for an opinion and in their opinion requests are extremely dubious as they warrant almost no commissions across the board”. A first claim for damages of one billion was received in the second half of the year. There was also a second, delivered to Rocca Salimbeni in early August, with a demand for 800 million euros. “According to the bank’s legal advisors,” says a statement from the Sienese institute, “the prerequisites for any damage assessment are not met, but the bank has taken precautions.”
ALMOST 30 BILLION – Which is the result of another controversy that surfaced just yesterday is likely to rise to almost 30 billion euros the bill paid by the shareholders and also the contributions for the management of Montepaschi from 2008 to the present. A series of capital increases, bond issues, credit lines, up to the extraordinary precautionary recapitalization of €5.7 billion, with which the Ministry of Economy invested in the bank’s capital and now holds 64.23%. And it’s worth noting that of the €2.5 billion recapitalization planned for September, €900 million is already committed to seek the 3,500 voluntary early retirements – up to seven years into which a deal was reached with unions on Thursday. The focus is now on a capital increase in which the issuing consortium appears as the protagonist, which has grown to 8 institutes since yesterday: “Banco Santander, Barclays Bank Ireland, Société Générale and Stifel Europe Bank have joined forces with BofA Securities Europe, Citigroup, Credit Suisse and Mediobanca »And before the start of the operation, the consortium could be extended to other financial institutions. Just to avoid this, the state is forced to increase its share of the capital if the non-option right is significant. The stock exchange did not celebrate purely on this news.