Economic news

Monte dei Paschi shareholders approve seventh cash call in 14 years

2022.09.15 15:33



© Reuters. View of the logo of Monte dei Paschi di Siena (MPS), the oldest bank in the world, which faces massive layoffs as part of a planned corporate merger, in Siena, Italy, August 11, 2021. REUTERS / Jennifer Lorenzini

MILAN (Reuters) – Shareholders in state-owned Monte dei Paschi di Siena (MPS) on Thursday approved a 2.5 billion euro ($2.5 billion) cash call.

Here is a timeline of key events in the recent history of MPS, whose origins can be traced back to the 15th century.

NOVEMBER 2007 – MPS buys Antonveneta from Santander (BME:) for 9 billion euros in cash, just months after the Spanish bank paid 6.6 billion euros for it.

JANUARY 2008 – MPS announces a 5 billion euros rights issue, a 950 million euro capital increase reserved to JPMorgan (NYSE:), a 2.16 billion euro Tier2 bond and a 1.56 billion euro bridge loan to fund the Antonveneta deal.

MARCH 2009 – MPS sells 1.9 billion euros in special bonds to Italy’s Treasury to shore up its finances.

JULY 2011 – MPS raises 2.15 billion euros in a rights issue ahead of European stress test results.

SEPTEMBER 2011 – The Bank of Italy provides 6 billion euros in emergency liquidity to MPS as the euro zone sovereign crisis escalates.

MARCH 2012 – MPS posts a 4.7 billion euro 2011 loss after billions of goodwill writedowns on deals including Antonveneta.

JUNE 2012 – MPS asks Italy’s Treasury to underwrite up to another 2 billion euros in special bonds.

OCTOBER 2012 – Shareholders approve a 1 billion euro share issue targeting new investors.

MARCH 2013 – MPS loses 3.17 billion euros in 2012, hit by plunging Italian government bond prices.

JUNE 2014 – MPS raises 5 billion euros in a rights issue and repays the state 3.1 billion euros.

OCTOBER 2014 – MPS emerges as the worst performer in Europe-wide stress tests.

JUNE 2015 – MPS raises 3 billion euros in cash after a 5.3 billion euro net loss for 2014 on record bad loan writedowns. It repays the remaining 1.1 billion euro state underwritten special bond.

JULY 2016 – MPS announces a new 5 billion euro rights issue and plans to offload 28 billion euros in bad loans after European bank stress tests.

DECEMBER 2016 – MPS turns to the state for help under a precautionary recapitalisation scheme after its cash call fails.

JULY 2017 – After the ECB declares MPS solvent, the EU Commission clears an 8.2 billion euro bailout which hands the state a 68% stake at a cost of 5.4 billion.

OCTOBER 2019 – MPS completes Europe’s biggest bad loan securitisation deal.

AUGUST 2020 – Italy sets aside 1.5 billion euros to help MPS as it works to meet an end-2021 re-privatisation deadline.

FEBRUARY 2021 – MPS posts 1.69 billion euro loss for 2020 as it opens its books to potential buyers.

JULY 2021 – UniCredit enters exclusive talks to buy “selected parts” of MPS, a day before European banking stress test results show the latter’s capital would be wiped out in a slump.

OCTOBER 2021 – Talks with UniCredit collapse.

JUNE 2022 – MPS announces a 2.5 billion euro capital increase for end-October and secures a pre-underwriting accord with banks.



Source link

Related Articles

Leave a Reply

Back to top button
bitcoin
Bitcoin (BTC) $ 98,165.30 0.64%
ethereum
Ethereum (ETH) $ 3,424.16 2.14%
tether
Tether (USDT) $ 1.00 0.14%
solana
Solana (SOL) $ 258.09 0.85%
bnb
BNB (BNB) $ 659.08 1.92%
xrp
XRP (XRP) $ 1.47 2.65%
dogecoin
Dogecoin (DOGE) $ 0.438474 6.55%
usd-coin
USDC (USDC) $ 0.998956 0.19%
cardano
Cardano (ADA) $ 1.08 2.10%
staked-ether
Lido Staked Ether (STETH) $ 3,421.97 2.19%
tron
TRON (TRX) $ 0.215531 4.08%
stellar
Stellar (XLM) $ 0.607459 45.80%
avalanche-2
Avalanche (AVAX) $ 42.32 4.12%
the-open-network
Toncoin (TON) $ 6.44 16.00%
shiba-inu
Shiba Inu (SHIB) $ 0.000027 2.84%
wrapped-steth
Wrapped stETH (WSTETH) $ 4,054.29 2.15%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 97,780.20 0.82%
polkadot
Polkadot (DOT) $ 9.33 28.71%
chainlink
Chainlink (LINK) $ 17.92 7.86%
bitcoin-cash
Bitcoin Cash (BCH) $ 518.72 2.26%
sui
Sui (SUI) $ 3.51 1.27%
weth
WETH (WETH) $ 3,424.00 2.03%
pepe
Pepe (PEPE) $ 0.000021 2.92%
leo-token
LEO Token (LEO) $ 8.61 0.95%
near
NEAR Protocol (NEAR) $ 6.44 5.86%
litecoin
Litecoin (LTC) $ 101.73 0.81%
aptos
Aptos (APT) $ 13.23 5.15%
uniswap
Uniswap (UNI) $ 10.99 8.94%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,607.00 2.21%
hedera-hashgraph
Hedera (HBAR) $ 0.153014 4.39%
internet-computer
Internet Computer (ICP) $ 12.02 10.64%
crypto-com-chain
Cronos (CRO) $ 0.19831 5.62%
usds
USDS (USDS) $ 0.999081 0.10%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.587442 13.93%
ethereum-classic
Ethereum Classic (ETC) $ 30.21 5.03%
render-token
Render (RENDER) $ 7.96 3.38%
bittensor
Bittensor (TAO) $ 542.67 3.16%
kaspa
Kaspa (KAS) $ 0.154425 1.12%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.48 11.40%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.09%
arbitrum
Arbitrum (ARB) $ 0.893289 10.57%
cosmos
Cosmos Hub (ATOM) $ 9.31 21.86%
bonk
Bonk (BONK) $ 0.000049 5.05%
filecoin
Filecoin (FIL) $ 6.03 23.24%
whitebit
WhiteBIT Coin (WBT) $ 24.72 0.27%
vechain
VeChain (VET) $ 0.043485 13.30%
dai
Dai (DAI) $ 0.999643 0.10%
mantra-dao
MANTRA (OM) $ 3.74 4.03%
dogwifcoin
dogwifhat (WIF) $ 3.36 0.45%
celestia
Celestia (TIA) $ 7.61 31.10%