La ECB approved thecapital increase from 2,5 billion euros Ps. Thus the last authorization obstacle on the road of the Sienese bank falls, which after Brussels received the green light from Frankfurt "for the technical methods of capital strengthening" which will be examined by the shareholders' meeting on 15 September. The authorization - says a note from Rocca Salimbeni - is added to the completion of the authorization process by the 'DG Competition' of the European Commission. Siena will have to carry out a market operation with the contribution of private investors who should invest 900 million in the bank which will subsequently be re-privatised”.
But what does it mean? At the end of June, Monte had approved the new plan to 2026, foreseeing a capital increase of 2,5 billion to which the Treasury, currently the majority shareholder with 64,2% of the capital, would have had to contribute approximately 1,6 billion, leaving the remaining 900 million at the mercy of the market .
The sword of Damocles of the Stock Exchange capitalization, currently equal to 306 million, hangs over the operation, which has kept the market apprehensive for some time, but also the crux of the elections and the difficult market conditions, even if CEO Luigi Lovaglio had assured "we are proceeding to arrive at the operation in the best possible conditions". Rain of sales in Piazza Affari: after the news the Sienese Bank it dropped 3,77% to 0,31 euro when the Ftse Mib is down by 2,29%.
Mps, capital increase calendar
If the roadmap seems to have followed so far, the next few weeks will be the most delicate for the MPS. Recently, Rocca Salimbeni had announced an expansion of the pre-guarantee consortium which today, in addition to Mediobanca, bofa, Credit Suisse and Citi, also includes Santander, Barclays, Company Generate e stifel. It will be these banks which, together with the Monte summit and the Treasury, will evaluate the feasibility of the increase in the second half of the month.
According to the board's intentions, the operation should be completed by mid-November.
