The Mps, holding his Bag in the closing day of the conversion of the bond – The Republic

MILAN - the Mps try to keep it beating in a day of sales for the milanese listing. The action of the banca toscana is observed special Square Business: investors are waiting for today afternoon the closing of the repurchase of subordinated securities and convert them into actions. A passage which is symptomatic of the capital increase from 5 billion that the bank needs to accomplish for the relaunch, along with the sale of a maxi-package of suffering. Many pieces of a puzzle that analysts recognize as “difficult”, but that if they won’t go to their place could open up the need to control the intervention of the State for the implem entation of safety, with the involvement of investors through the mechanisms of bail-in, and then the sharing of losses.

The management of the sienese hoped rather that the operation is successful, taking advantage of the positive signals arriving in these days. The offer on bond subordinated covered securities to more than 4 billion, but the bank expects adhesions just above the billion. He said positive signals are arriving for example from the General, that have decided to stick with their package, subject to the operation.

with A new certificate of trust is arrived yesterday evening by the giant French insurance Axa, with the Monte dei Paschi has renewed for another ten years, until 2027, the strategic partnership in the bancassurance life and damage and in the supplementary pension fund, signed in march 2007. At the base of the renewal, said in a note to the institute siena widespread in the late evening of yesterday, “the excellent results of the alliance, which since 2007 has allowed the bank to consolidate and strengthen its presence in the insurance sector, life/damage and Axa to conquer a position of leadership in the Italian market, and then to further increase the diversification and the growth profile of the group.”

according to the joint venture agreement, the note concludes – the bank will continue “to distribute the products of the joint venture Axa-Mps, through the commercial network, composed of over 2000 branches, and to take advantage of the know-how of a leading international insurance, in terms of product innovation and quality of services offered”. Kpmg has acted as the financial advisor to del Monte dei Paschi di Siena in the scope of the negotiations on the renewal of the partnership.

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