Lunedì, 22 Ottobre 2018

MPS says repayment of govt bailout not certain


Milan, April 29 - Monte dei Paschi di Siena (MPS)
President Alessandro Profumo said Monday that it was not certain
that the troubled Italian bank would be able to repay a
four-billion-euro government bailout. "I believe we can do it,
but nothing can be taken for granted," Profumo said.
Repaying the government bailout is "the main challenge"
facing Italy's oldest bank and it is "the only way to maintain
(its) independence and headquarters in Siena," said the
executive, who previously served as chief executive of Italy's
However, Profumo said the lender was on the right track.
"The bank has totally turned a corner with respect to the past
in terms of transparency and capital solidity."
MPS was in a good position, Profumo said, for its recent
restructuring program put it on a good footing to compete with
other lenders.
"We know that all other banks will have to go down the
cost-containment road and on this aspect we will have a
competitive advantage," the executive said.
That said, Profumo signaled that "there is much more to be
done in terms of profitability, even though we're starting to
see signals of an inversion."
Italy's third-largest lender, which recently revealed
losses of more than three billion euros last year, is at the
centre of a huge fraud probe after a scandal over shady
derivatives operations exploded in January.
It has since emerged that a previously undisclosed series
of derivative and structured-finance deals produced losses of
around 720 million euros.
Senior officials from MPS are facing penalties totalling as
much as five million euros from the Bank of Italy for alleged
fraud and corruption.

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