Banca Monte dei Paschi di Siena

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 (547 years ago) and founded in its present form in 1624 (395 years ago), it is the world's oldest or second oldest bank, depending on the definition, and the fourth largest Italian commercial and retail bank.[3]

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. Today Banca MPS has approximately 2,000 branches, 26,000 employees and 5.1 million customers[2] in Italy, as well as branches and businesses abroad. A subsidiary, MPS Capital Services, handles corporate and investment banking.[4]

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

On 5 October, Monte dei Paschi di Siena announced the sale of its Belgian subsidiary, Banca Monte Paschi Belgio (BMPB) to a company participated by funds managed by Warburg Pincus. The sale price was set at €42 million, subject to an adjustment mechanism.

Banca Monte dei Paschi di Siena S.p.A.
listed Società per azioni
Traded asBITBMPS
ISINIT0005218752
IndustryFinancial services
PredecessorMonte dei Paschi di Siena
Founded
  • 4 March 1472[1] (as mount of piety)
  • 1995 (as S.p.A.)
Headquarters,
Italy
Number of locations
Decrease 2,032 domestic branches, 41 branches abroad (2016)
Key people
Stefania Bariatti(chairwoman)
Marco Morelli(CEO)
Services
RevenueDecrease €4.282 billion (2016)
Decrease (€2.840 billion) (2016)
Decrease (€3.241 billion) (2016)
Total assetsDecrease €153.179 billion (2016)
Total equityDecrease €6.425 billion (2016)
OwnerMinistry of Economy and Finance (52.184%)
Number of employees
Decrease 25,566 (2016)
ParentMinistry of Economy and Finance
Subsidiaries
Capital ratioDecrease 8.17% (CET1, 2016)
Websitewww.gruppomps.it
Footnotes / references
in consolidated financial statement[2]

History

Siena, Piazza Salimbeni (Bank Monte dei Paschi di Siena) (38588876202)
Monte dei Paschi di Siena Headquarter's Main Entrance, Palazzo Salimbeni, Siena

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 the oldest bank in the world still operating. 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.

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.

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. MPS was also involved in the bail-out of Cassa di Risparmio di Prato, becoming the major shareholder.

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,[9] 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.

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

Expansion (2000–2006)

Banca Monte dei Paschi di Siena in Pisa
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.[10] 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 Bsersonale 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.[11]

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[12][13] 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.[14][15] In 2008, Quadrifoglio Vita, a joint venture insurance company of Unipol and Banca Agricola Mantovana, was acquired by AXA from Unipol via Banca MPS,[15] 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.[16]

Global financial crisis (2008–2012)

Monte dei Paschi di Siena Group global locations
Monte dei Paschi di Siena Group global locations

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.[17]

In December 2012, Cassa di Risparmio di Biella e Vercelli was sold to Cassa di Risparmio di Asti for about €205.5 million.[18][19]

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.

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.[20] 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.[13]

On 23 January 2013, the scandal of the hidden derivatives was revealed. The bank's shares dropped 8.43% on the stock exchange.[21]

On 24 January 2013, the bank's shares dropped another 8% on the stock exchange.[22]

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.[23]

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.[24]

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).[25]

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.[26]

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.[27]

2014–present

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).[28] 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 the Single Supervisory Mechanism) 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%.[29] In November, 2014, the bank reported a loss of €1.1497 billion in the 3rd quarter of the year.[30][31] 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.[32]

On 6 July 2015, following the Greek bailout referendum, trading in Monte dei Paschi shares was suspended after they fell 5.7%.[33] 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.[34] 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)[35] 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).[36]

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.[37]

On 23 June a gross value of €290 million bad loan portfolio was disposed of without recourse to Kruk Group.[38] 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.[39]

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.[40] 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.[41][42]

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);[43] 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.[44] 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.[43]

In September 2016, CEO Fabrizio Viola[45] and chairman Massimo Tononi resigned.[46] They were replaced by Marco Morelli[47] and Alessandro Falciai, respectively.

On 28 November 2016, every 100 BMPS shares were converted into one (1) new BMPS share[48] and, on 2 December 2016, AXA and BMPS announced a renewal of their partnership bancassurance—an agreement intended to prevail until 2027.[49]

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).[50][51] 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.[52] 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.[44] 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).[53] On 20 December the Italian Government had already raised €20 billion to set up a save-savings (Italian: salva-risparmio) fund[54] 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,[53] 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.[55]

On 3 February 2017 BMPS sold its card business to Istituto Centrale delle Banche Popolari Italiane (ICBPI) for €520 million.[56] 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%)[57]

On 1 June 2017 European Commissioner Margrethe Vestager agreed in-principle for the state aid of the bank.[58] 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.[59]

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.[60]

Stefania Bariatti replaced her predecessor as chairperson of MPS during December 2017.[61][62]

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.[63] 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.[64][65] 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.[17]

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.[66] Along with other loss related and not related to the bank since 2010, the foundation had to suspend all the endowment to other organizations.[67][68][69]

Major shareholders

As of 13 December 2017[70]

Main shareholders of Banca Monte dei Paschi di Siena

The share owned by Fondazione Monte dei Paschi di Siena dropped from over 55% on 31 December 2009[71] to below CONSOB requirement to disclose (<2%) in 2015.[72]

See also

References

  1. ^ @banca_mps (4 March 2014). "4 marzo 1472 – 4 marzo 2014 Buon compleanno, Banca Monte dei Paschi di Siena" (Tweet) – via Twitter.
  2. ^ a b "Progetto di Bilancio Consolidato 2016" [2016 Draft Consolidated Financial Report] (PDF) (in Italian). BMPS. 20 March 2017. Retrieved 1 April 2017.
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  4. ^ "English version of the corporate website". MPS Capital Services. Archived from the original on 27 February 2013. Retrieved 8 July 2013.
  5. ^ "Results as at 31 December 2016" (PDF). Banco BPM. 10 February 2017. Retrieved 13 February 2017.
  6. ^ "LE PRINCIPALI BANCHE ITALIANE [2017]" (PDF) (in Italian). Mediobanca. 24 October 2017. Retrieved 13 February 2017.
  7. ^ Reuters (12 December 2016). "World's oldest bank scrambles to raise 5 bn euros to avert collapse" – 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".
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  61. ^ 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
  62. ^ Research Bloomberg Accessed 13 January 2018
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  64. ^ Lambton, Fred. "Saving Siena". The Spectator.
  65. ^ 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.
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  67. ^ "2010 Bilancio" (PDF) (in Italian). Fondazione Monte dei Paschi di Siena. 28 April 2011. Retrieved 14 March 2016 – via ACRI archive.
  68. ^ "2011 Bilancio" (PDF) (in Italian). Fondazione Monte dei Paschi di Siena. 16 July 2012. Retrieved 14 March 2016 – via ACRI archive.
  69. ^ "2012 Bilancio" (PDF) (in Italian). Fondazione Monte dei Paschi di Siena. 10 May 2013. Retrieved 14 March 2016 – via ACRI archive.
  70. ^ "Azionisti rilevanti di BANCA MONTE DEI PASCHI DI SIENA SPA". CONSOB. 13 December 2017. Retrieved 16 December 2017.
  71. ^ "Azionisti rilevanti di BANCA MONTE DEI PASCHI DI SIENA SPA". CONSOB. 31 December 2009. Retrieved 16 December 2017.
  72. ^ "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.

External links

Coordinates: 43°19′16.24″N 11°19′50.43″E / 43.3211778°N 11.3306750°E

Banca Agricola Mantovana

Banca Agricola Mantovana S.p.A. (BAM) was an Italian bank based in Mantua, Lombardy. The bank was a subsidiary of Banca Monte dei Paschi di Siena. On 31 March 2008 the bank had a total assets of €13,502,864,975.

Banca Antonveneta

Banca Antonveneta S.p.A. was an Italian bank based in Padua, Italy. The bank was absorbed into Banca Monte dei Paschi di Siena in 2013.

In 2008, it was the 9th largest banking group in Italy in terms of customer loans and the 8th largest in terms of total assets, with 1,000 branches, 10,800 employees and €50bn in assets.The bank only operates in the fragmented Italian market, where it has a market share of roughly 3%, as the 6th largest bank at that time. More precisely, the bank had 8% market share in Veneto, 7% in Friuli, 6% in Sicily and 3% in both Lazio and Emilia Romagna. It has a focus on the wealthy Northeast of the country with 6% market share and 600 branches.Eighty-six percent of its clients are retail clients, accounting for 58% of assets, most of which are owned by affluent and private clients, 12% corporate, accounting for 42% of assets, and 2% institutional.

Banca Popolare di Spoleto

Banca Popolare di Spoleto S.p.A. is an Italian bank based in Spoleto, Umbria region. It was a subsidiary of Banco di Desio e della Brianza.

Banca del Salento – Credito Popolare Salentino

Banca del Salento – Credito Popolare Salentino S.p.A. was an Italian bank from Lecce, Apulia. The bank was named after historic Salento region. The bank was acquired by Banca Monte dei Paschi di Siena in 2000.

Banking in Italy

Banking in Italy has, as of 11 October 2008, an average leverage ratio (liabilities/assets) of 12 to 1, while the banks's short-term liabilities are equal to 86% of the Italian GDP or 43% of the Italian national debt.The origins of modern banking can be traced to medieval and early Italian Renaissance, to the rich cities in the north like Florence, Lucca, Siena, Venice and Genoa. The Bardi and Peruzzi families dominated banking in 14th-century Florence, establishing branches in many other parts of Europe. One of the most famous Italian banks was the Medici Bank, set up by Giovanni di Bicci de' Medici in 1397. The earliest known state deposit bank, Banco di San Giorgio (Bank of St. George), was founded in 1407 at Genoa, Italy, while Banca Monte dei Paschi di Siena, founded in 1472, is the oldest surviving bank in the world.

Unicredit is one of the largest bank in Europe by capitalization and Assicurazioni Generali is the seventh in the world by total assets

Cassa di Risparmio di Biella e Vercelli

Cassa di Risparmio di Biella e Vercelli S.p.A. known as BiverBanca, is an Italian saving bank based in Biella, Piedmont. It was acquired by fellow Piedmontese bank Cassa di Risparmio di Asti from Banca Monte dei Paschi di Siena in 2012. BiverBanca had almost all the branches in Piedmont and Aosta Valley, especially in the area around Biella and Vercelli : 46 branches in the Province of Biella (11 alone in Biella) and 46 branches in the Province of Vercelli (8 alone in Vercelli), 10 in Turin and 6 in the Province Novara; 3 in the Province of Alessandria; 5 branches in Aosta Valley; 1 branch in the Province of Verbano-Cusio-Ossola, and lastly 1 branch in Milan, the financial hub of Italy.The bank did not serve the Province of Asti, which was served by the parent company instead, as well as the Province of Cuneo, Piedmont.

Fabrizio Viola

Fabrizio Viola was the chief executive officer and general manager of Banca Monte dei Paschi di Siena, the oldest bank in the world. He was later employed by Banca Popolare di Vicenza as CEO and sister bank Veneto Banca as director.

After the banks were in liquidation, Viola was assigned as one of the liquidator.

Fondazione Banca Agricola Mantovana

Fondazione Banca Agricola Mantovana is an Italian charity organization based in Mantua, Lombardy. It was found by Banca Agricola Mantovana (BAM) and its parent company Banca Monte dei Paschi di Siena (Banca MPS) in 2000. BAM was transformed from a cooperative bank to a limited company (società per azioni) circa 1999–2000.

According to its by-law, BAM had to pay the foundation 2 billion lire (€1.033 million) annually. Since the bank was absorbed into Banca MPS in 2008, Banca MPS inherited the responsibility instead. However, Banca MPS refused to honor the contract. In 2015 the foundation seek arbitration for the non-payment for three years.In the past BAM had rights to name 5 directors, while other 4 directors were named by the comune of Mantua, the Province of Mantua and Accademia Nazionale Virgiliana.

Fondazione Monte dei Paschi di Siena

Fondazione Monte dei Paschi di Siena (FMPS) is a charity organization based in Siena, Tuscany, Italy. The foundation was in fact the original statutory corporation of Monte dei Paschi di Siena. Due to Legge Amato, in 1995 a subsidiary Banca Monte dei Paschi di Siena was formed, as well as the statutory corporation became Fondazione MPS, a foundation and private legal person.

Istituto per il Credito Sportivo

Istituto per il Credito Sportivo is an Italian public bank which was under special administration by Banca d'Italia since 2011.

According to new articles of association passed in 2014 (that superseded 2005 version), the bank was majority owned by Italian Ministry of Economy and Finances (80.438%), Cassa Depositi e Prestiti (2.214%) and Coni Servizi (a company owned by Ministry of Economy and Finances but associated with CONI) (6.702%) as well as other private banks: UniCredit, Banca Monte dei Paschi di Siena, Intesa Sanpaolo, Banca Nazionale del Lavoro, Assicurazioni Generali, Banco di Sardegna and Crediop. the new articles of association recalculated the ownership ratio, making private sectors had owned just 11% capital of the bank. The articles of association was also modified in 1993.

Italian International Bank

Italian International Bank was a consortium bank formed in London by four Italian banks in about 1972. The first chief executive was the former journalist Russell Taylor and the chairman was Rupert Raw. The bank later got into trouble, forcing Taylor's resignation. The bank subsequently became wholly owned by Banca Monte dei Paschi di Siena.

List of oldest banks in continuous operation

This list of the oldest banks includes financial institutions in continuous operation, operating with the same legal identity without interruption since their establishment until the present time.

Depending on the definition, the world's oldest bank is either Banca Monte dei Paschi di Siena or Berenberg Bank. Banca Monte dei Paschi di Siena was founded in its present form in 1624, but traces its history to a mount of piety founded in 1472. The Berenberg company was founded in 1590 and has operated continuously ever since with the same family as owners or major co-owners. Banca Monte dei Paschi di Siena is today a large Italian retail bank, while Berenberg Bank is primarily involved in investment banking and private banking for wealthy customers; in any event Berenberg Bank is the world's oldest merchant bank or investment bank. The world's oldest central bank is the Sveriges Riksbank, which was founded in 1668.

MPS Capital Services

MPS Capital Services Banca per le Imprese S.p.A. known as MPSCS in short, is an Italian corporate and investment bank based in Florence, Tuscany. The bank is a subsidiary of Banca Monte dei Paschi di Siena (Banca MPS). The subsidiary was known as MPS Banca per l'Impresa until 2007.

On 28 March 2012 the bank was one of the banks that were selected to manage Fondo di Garanzia per le Piccole e Medie Imprese (a guarantee fund for SMEs) of the Ministry of Economic Development in a 9-year contract. (other banks were Mediocredito Italiano, Artigiancassa, Istituto Centrale delle Banche Popolari Italiane and Banca del Mezzogiorno – MedioCredito Centrale)

MPS Finance

MPS Finance (MPSF) was founded in 2001 and is the finance sub-division of the Banca Monte dei Paschi di Siena.

MPS Finance was set up to be one of the "center of excellence" of Monte dei Paschi di Siena Group. Operating on two macro-platforms, MPS Finance performs the typical Investment Banking activity (Capital Market, Derivatives, Corporate and Government Bonds) and, at the same time, is a product factory which creates and places a whole range of financial products and services for both corporate and retail customers; there are more than 4.500.000 customers who can buy the products created by MPS Finance in the retail banks, which are more than 2000 in Italy.

In 2007 MPS Finance and MPS Banca per l'Impresa SpA were integrated in a new company for project- and corporate-financing and special lending, MPS Capital Services Banca per l'Impresa SpA (MPS CS), the Corporate and Investment Bank of Montepaschi Group, the third Italian Banking Group.

Mario Fantini

Mario Fantini was an Italian painter born in Firenze, Italy, lived and worked in Florence, Italy.Fantini spent his early life in Florence. After a graduate working for Banca Monte dei Paschi di Siena and during the Second World War in Africa in the genius. Surrendered to the British and Italian peninsula dates back to the liberation working together with American and British forces. After the war he moved to Milan several work experiences of success. Returning to Florence has collaborations with leading fashion stores like Gucci and creating some of the house stores Ricordi as refined craftsman and inventor. Mario Fantini was a great craftsman and extraordinary painter; in 1969 in the journal American Holyday NY Magazine: an article by Arnold Newman is inserted between the architects of the New Italian Renaissance, along with Emilio Pucci, Gianni Fantoni, Aldo Londi, brothers and Gucci to Ferragamo and appears among the six masters of fashion art and fine craftsmanship. In 1975 he opened a workshop that operates in parallel creations in the lighting industry and develops innovative techniques in the field of art, creating paintings, sculptures, drawings and engravings that have their roots in the informal expression. Inexhaustible his artistic work lasts until the end of his life took place in 2013.

Palazzo Salimbeni

Palazzo Salimbeni is a Gothic style urban palace located on the Piazza Salimbeni, just off Via Banchi di Sopra in the Terzo di Camollia of the city of Siena, region of Tuscany, Italy. The building, associated with an ancient mercantile family of Siena, currently houses the main offices of the Banca Monte dei Paschi di Siena, one of the oldest banks in the world.

Piazza Salimbeni, Siena

The Piazza Salimbeni is a prominent square in central Siena, Region of Tuscany, Italy. It is notable for still housing the offices of one of the first banking houses in Europe, the Banca Monte dei Paschi di Siena. It is surrounded clockwise starting from north by the following palaces and church:

Palazzo Tantucci

Rocca or Palazzo Salimbeni

Palazzo Spannocchi

Church of San CristoforoThe palace facades were harmonized to a neo-gothic-style during the nineteenth century by the architect Giuseppe Partini. In the center of the square is the statue of Sallustio Bandini, a Sienese priest and one of the first Italian economists, sculpted by Tito Sarrocchi (1882).

Stadio Artemio Franchi – Montepaschi Arena

Stadio Artemio Franchi is a multi-purpose stadium in Siena, Italy. It is currently used mostly for football matches and the home of A.C. Siena. The stadium was built in 1923 and holds 15,373.It is named after former Italian Football Federation president Artemio Franchi.

In summer 2007, A.C. Siena agreed to rename the stadium into Stadio Artemio Franchi – Montepaschi Arena, to include the name of their main sponsor, Banca Monte dei Paschi di Siena.The stadium hosted its first and so far only international match on 17 October 2010, a 2-0 friendly win for Italy over South Africa.During March 2011, A.C. Siena announced plans to build a new stadium on the southern outskirts of the city at Isola d'Arbia. The new stadium, with a capacity of 20,000, features a revolutionary below ground design which was honored with an MIPIM AR Future Projects Award.

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