ROME, March 4 (Reuters) – The board of directors of Banca MPS has proposed the meeting of April 14, to increase the capital up to 3 billion after reverse stock split , in the ratio of one new ordinary share for every twenty shares held. The bank said it will give the Treasury 449 million new shares at a price calculated as the average of the previous day 10 days, as the interest payment of 243 million euro bond due Mountains. The Treasury calculates the bank, will post an increase in market share of around 4% considering the current market capitalization, the new values and increase in line with the current ones. The MEF has made available to not sell the shares which will be from July 1 in the next 180 days. The capital increase by 3 billion is needed to Siena Bank to fill the shortfall highlighted with the stress test of the ECB and to respect the target capital in 2015 that the new European Supervisory Authority has indicated in a CET1 10.2% . Today Banca MPS has closed up 2.55% to close at 0.5640. In the ten days preceding the average reference price was about 0.59 euro. The bank said it plans to launch the recapitalization, slightly higher than the current stock market value of the Institute of Siena, between late May and June. Banca MPS said that with the proceeds of, also intends to prepay the remaining 1.071 billion of bonds that would expire Monti to 600 million this year, 150 in 2016 and 321 in 2017. The Sienese ban k is demanding a similar operation on the capital by 5 billion euro ended early last July, which also served to repay three of 4.07 billion of public support received with Monti bond. Even then, the institute had preceded the operation by a reverse stock split at a ratio of one new share for every hundred shares held. More …
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