The board of Montepaschi rejected the alternative plan proposed by Corrado Passera and Ubs. The board was called today to define the plan for the maxi transfer of non-performing loans and for the recapitalization up to 7 billion. The proposal presented in extremis by the banker and former minister envisaged a capital increase of 2,5 billion and the partial voluntary conversion of the subordinated bonds held by the institutions.
For the Sienese institute, in any case, this is the day of truth, because the ECB's ok is awaited for the institute's safety plan, based on the disposal of 9 billion euros of non-performing loans, through a maxi-securitization which will also be supported by the Fund Atlas. It will be built in a second timecapital increase of 5 billion built with private capital raised by JP Morgan and Mediobanca.
In this regard, according to various sources, the agreement for the banking consortium, which should be made up of eight credit institutions, as a guarantee of the capital increase. In addition to the coordinators JP Morgan and Mediobanca, the consortium should also include Goldman Sachs, Santander, Citi, Credit Suisse, Deutsche Bank and Bofa Merrill Lynch.
After the rejection of the plan presented by Passera, the Mps title it had continued to grow until it exceeded the threshold of 7%, and then retraced to the +6,2% area.
