Banca Monte dei Paschi di Siena

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  Banca Monte dei Paschi di Siena SpA
logo
Country ItalyItaly Italy
Seat Siena
legal form Società per azioni
ISIN IT0005218752
BIC PASCITMMXXX
founding 1472
Website www.gruppomps.it
Business data 2018
Total assets EUR 130.48 billion
Employee 23,129
Offices 1,529
management
Board Stefania Bariatti
Corporate management

Marco Morelli

The Banca Monte dei Paschi di Siena ( MPS ) is an Italian credit institute based in Siena . It is considered to be the oldest bank in the world still in existence .

The head office is located in Palazzo Salimbeni in the center of Siena in southern Tuscany . The Banca Monte dei Paschi is active with around 23,000 employees throughout Italy and in a few other countries.

The Italian state held four percent of the shares in December 2016, and around 68% in February 2018.

In the summer of 2016, a rescue or rehabilitation plan was agreed for MPS; MPS attempted a capital increase to offset losses from outsourcing bad loans. The Italian House of Commons ( Camera dei deputati ) decided on December 23, 2016 to set up a fund of 20 billion euros to support the banking and financial sector. The top management has officially submitted an application for state aid.

On December 26, 2016, the house announced that the European Central Bank had determined a capital requirement of 8.8 billion euros. To date, around 5 billion had been assumed. The Italian state saved the bank, which is now considered solvent again. Since October 25, 2017, the MPS share has been traded again on the Borsa Italiana .

The bank owns important art collections from the 14th to 19th centuries.

history

Seat of the Banca Monte dei Paschi di Siena in the Palazzo Salimbeni
States in which the MPS group opened branches

The bank was founded in Siena in 1472 as a Monte di Pietà under the name Monte Pio and was given its current name in 1624. It was initially used to grant small loans against interest rates that were lower than usual. In 1568 there was a first reform; In 1624 the statutes were changed again. Grand Duke Ferdinand II secured the bank with state income from the domain pastures in the Maremma , the so-called Paschi . At the same time, the house expanded its activities to areas outside of Siena in Tuscany.

Work of art from the collection of the Banca Monte dei Paschi di Siena: Madonna and Child , Giovanni di Paolo , around 1450

A few years after it was founded, the artistic decor of the main building intensified. In 1481 Benvenuto di Giovanni († 1518) was commissioned to make a Madonna painting for the Palazzo Salimbeni. On the occasion of special events, other works were added, such as The Dead Christ by Lorenzo Rustici , the Descent of Christ from the Cross by Arcangelo Salimbeni or Jacob's Sons by Francesco Vanni . In 1644 Raffaello Vanni was supposed to paint a Madonna and Child for the entrance to the office. With a canvas by Valerio Adami with an allegory of the creation of Monte dei Paschi, this tradition was taken up again as part of the newly designed Centro Direzionale. With this, the house wanted to underpin its commitment to the artistic and cultural heritage of Siena. Therefore works of the Sienese school from the 14th and 15th centuries were purposely purchased; the Salimbeni Palace is considered one of the most outstanding museums in the city.

With the establishment of the Kingdom of Italy , Banca MPS was considered one of the foundations for financing government spending and issued land loans for the first time (credito fondiario). Between 1907 and 1930 branches were established in Empoli , Florence , Perugia , Naples and Rome . At the same time, Monte supported the establishment of the Banca Toscana .

In 1936 the Banca MPS became an 'Istituto di credito di diritto pubblico' through a law ('legge bancaria'). In 1990 a law ('legge Amato') made it possible for these institutes to change their legal form, among other things.

After the Second World War, the company expanded into the major financial centers of New York , Singapore , Frankfurt and London . From 1990 to 1994 the bank was the first in Italy to establish itself in the banking insurance business. This is why MontePaschi Vita was created . She also acquired the Istituto Nazionale per il Credito Agrario (INCA) and Mediocredito Toscano in 1992 . These two areas for medium-sized and long-term loans have been combined as MPS Banca per l'Impresa . This acquires shares in foreign banks in Belgium , Switzerland and France .

On August 8, 1995, the Minister of Finance (Ministro del Tesoro) decreed the establishment of two institutions, namely the Fondazione Monte dei Paschi di Siena and the Banca Monte dei Paschi di Siena SpA. The Banca was responsible for insurance and banking, while the Foundation was responsible for charitable, but also for scientific and teaching projects as well as for health and art projects. The core area is the city of Siena with the province of the same name.

In 1999 the bank was listed on the Milan Stock Exchange . In the years 2000 to 2005 she acquired several credit institutions with strong local ties, such as Banca Agricola Mantovana with a focus on Mantua . In 2007, it bought 55% of Biverbanca - Cassa di risparmio di Biella e Vercelli , which specializes in small and medium-sized companies and had around 700 employees and 105 branches in Piedmont , Lombardy , Lazio and the Aosta Valley . In 2008 she acquired the Banca Antonveneta , with bribes being paid. The core house increasingly focused on corporate lending and corporate finance issues .

As part of the global financial crisis , the “Monte dei Paschi” also got into financial difficulties, triggered by risky and questionable transactions, such as the takeover of Bank Antonveneta for 17 billion euros. In order to avert bankruptcy, the Monte was supported with four billion euros in government aid. In this regard, there was also criticism of ECB boss Mario Draghi , who was head of the Italian central bank during the period in question and thus the country's highest bank controller.

The bank took out a state rescue loan of 4.1 billion euros, which, however, was linked to converting into a state participation if the bank did not manage to raise capital by 3 billion euros by 2014 . On the recommendation of the management, the shareholders approved this capital increase in January 2014 on the last weekend of 2013, but the foundation only accepted this solution for the period after May 12, 2014 because it wanted to use the meantime to sell or reduce its stake.

The number of employees declined. In 2011 the number of employees was 31,170 and in the following year 30,265, in 2013 it was 28,417, in 2014 the number fell to 25,961 and in 2015 to 25,731. In mid-2016 the house had bad loans amounting to 47 billion euros.

On December 16, 2016, the house had only 10.6 billion euros in cash. A planned capital increase to compensate for losses in the outsourcing of bad loans failed on December 22, 2016. Only 2 billion of the planned 5 billion euros could be made available. Thereupon the government, which had already approved a loan of up to 20 billion euros by parliament on December 20, in order to be able to rescue troubled banks in an emergency, supported the Monte dei Paschi for the third time.

With the Atlante fund , the Italian state rescued the credit institution with the approval of the EU Commission and the European Central Bank (ECB), as many private investors had invested in stocks or bonds. State participation is now 53.3 percent. As part of government support, new shares were issued in early August 2017. The supervisory authority of Borsa Italiana allowed the share to be traded again on October 25, 2017. The bank was declared solvent again by the ECB. In order to become profitable again by 2021, 600 of the 2000 branches are to be closed and every fifth position is to be cut.

Shareholders

(As of March 24, 2019)

Only shareholders of more than 3% are obliged to publish.

Publications

  • Enzo Carli: Sienese painting from the 13th to the 16th century , private print by Monte dei Paschi di Siena, Electa, Milan 1953.

See also

Web links

Commons : Banca Monte dei Paschi di Siena  - Collection of images, videos and audio files

Individual evidence

  1. ↑ Entry in the BIC directory at SWIFT
  2. ↑ Bilancio Consolidato 2018. Banca Monte dei Paschi di Siena SpA, accessed on March 26, 2019 (Italian).
  3. ↑ a b Monte dei Paschi - Board of directors
  4. ↑ Tobias Piller: No private investors for Monte dei Paschi. In: FAZ.net , December 22, 2016.
  5. ↑ Banche, il governo vara il fondo da 20 miliardi: salva Mps. In: repubblica.it
  6. ↑ Werner Mussler: Brussels loopholes for bank rescue. In: FAZ.net , December 24, 2016
  7. ↑ Italy is planning a billion dollar rescue program. In: FAZ.net , December 20, 2016
  8. ↑ Italy decides on a rescue package for Monte dei Paschi. In: FAZ.net , December 23, 2016
  9. ↑ Tobias Piller: In Siena it is very sick. In: FAZ.net , December 25, 2016
  10. ↑ Monte dei Paschi wants more money. In: FAZ.net
  11. ↑ www.borsaitaliana.it
  12. ↑ Rappresentanza. Site of the Monte dei Paschi
  13. ^ Monte dei Paschi di Siena Bank - History - The first Monte Pio. In: english.mps.it. March 17, 2009, accessed February 16, 2015 .
  14. ↑ LEGGE BANCARIA DEL 1936 di conversione in legge del “Regio decreto-legge 12 marzo 1936, n. 375” (PDF)
  15. ↑ legge 30 luglio 1990, n.218, full text (PDF)
  16. ↑ Storia (Italian)
  17. ↑ Frank Doll: Italy: Bunga-Bunga is back, Draghi will be gone soon. In: wiwo.de. February 7, 2013, accessed February 16, 2015 .
  18. ↑ Monte dei Paschi: Affair over the oldest bank in the world reaches Draghi. In: Spiegel Online . January 29, 2013, accessed February 16, 2015 .
  19. ↑ Katharina Kort: Italy's traditional bank sweeps out scandals. In: handelsblatt.com . January 29, 2013, accessed February 16, 2015 .
  20. ↑ There is no rapid capital increase: Monte dei Paschi is threatened with nationalization. In: n-tv.de. December 31, 2013, accessed February 16, 2015 .
  21. ↑ Banca Monte dei Paschi di Siena SPA Az. Post raggruppamento. In: Wallstreet online , November 29, 2016.
  22. ↑ Italy puzzles over the death of a banker from Monte dei Paschi. In: Deutsche Wirtschafts Nachrichten , July 5, 2016.
  23. ↑ Italy issues a rescue package for Monte dei Paschi. In: Spiegel Online , December 23, 2016.
  24. ↑ Crisis bank starts again on the stock exchange: Monte dei Paschi back in the game. In: tagesschau.de , October 24, 2017, accessed October 24, 2017.
  25. ↑ consob.it - ​​Azionisti rilevanti di Banca Monte dei Paschi di Siena SpA
  26. ↑ gruppomps.it - ​​Shareholding Structure

Coordinates: 43 ° 19 ′ 17.1 ″  N , 11 ° 19 ′ 50.8 ″  E