Monte dei Paschi still making a comeback on the eve of the meeting of the board of directors which could examine the new reorganization plan put forward by the former banker and former minister of economic development Corrado Passera.
The stock rose by 0,6% to 0,1722 euro. At the last meeting of the board, held on Friday, a new letter from the manager was received - as confirmed by the bank in a note - with a non-binding proposal for the potential capital strengthening of the bank which, as known, is working on an intervention up to 5 billion euros also by resorting to the conversion of subordinated bonds.
Already in recent months, when Fabrizio Viola was at the helm of Mps, Passera had presented a proposal that had not been taken into consideration: on Friday, however, the board of directors gave a mandate to the new CEO Marco Morelli to investigate the matter further. Plan 2 of the former CEO of Intesa Sanpaolo should contemplate the use of new capital for around 5 billion with the intervention of new investors, according to the Financial Times with the involvement of Atlas Merchant Capital vehicle of the former CEO of Barclays Bob Diamong, which would commit a total of approximately 2-2,5 billion euros and with a capital increase on the market limited to 1-2 billion euros. To this would be added the conversion of subordinated bonds into capital for approximately 1,5 billion euros.
Equita remains perplexed about the massive intervention of foreign institutional investors according to which "however, there are no context conditions capable of ensuring this eventuality".
