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4-Traders Homepage  >  Equities  >  Italian Stock Exchange  >  Banca Monte dei Paschi di Siena SpA    BMPS   IT0001334587

BANCA MONTE DEI PASCHI DI SIENA SPA (BMPS)
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Banca Monte dei Paschi di Siena SpA : Monte Paschi CEO sees capital increase in 2014-report

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04/26/2013 | 09:33am CEST
The entrance of Monte Dei Paschi bank headquarters is pictured in Siena

MILAN (Reuters) - Italy's Banca Monte dei Paschi di Siena could hold its planned capital increase of 1 billion euros ($1.30 billion) in 2014, and does not rule out more asset sales, chief executive Fabrizio Viola said on Friday.

Viola told Il Sole-24 Ore he hoped the bailed-out bank's business plan, which calls for a capital increase, return to profitability and disposals, would help it avoid nationalization.

"We think that conditions will be right to hold the capital increase in 2014," Viola said in an interview, adding the offering would be aimed primarily at institutional investors.

Italy's No. 3 bank was forced to seek state aid for the second time since 2009 after becoming one of just four European lenders that failed to meet tougher capital requirements set by regulators.

Under a loan scheme the bank will issue around 4 billion euros of bonds to the Italian Treasury.

If the bank is unable to pay the coupon on the bonds it will have to issue shares. Some analysts have said the bank will not be able to pay the loans any time soon, raising the prospect the state will not just be a minority shareholder.

Viola said he was working as hard as he could to avoid the state becoming a majority shareholder.

"One thing is having the state as minority shareholder another is imagining the majority becomes public: this latter is certainly a possible scenario but the bank is committed to avoid it," he said.

The world's oldest bank was rocked this year by a series of risky derivatives trades which were partly behind huge losses forcing it to take a state bailout.

He said the bank's new business plan would be ready to submit to Brussels for a review "not later than June." The new plan will take Italy's worsening economy into account, he said.

The bank is making progress on its cost-cutting plan, and should reach two-thirds of its 2015 target by the end of this year, he said.

(Reporting By Stephen Jewkes; Editing by Helen Massy-Beresford)

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Financials (€)
Sales 2018 3 578 M
EBIT 2018 1 148 M
Net income 2018 60,5 M
Debt 2018 -
Yield 2018 -
P/E ratio 2018 25,84
P/E ratio 2019 7,79
Capi. / Sales 2018 0,84x
Capi. / Sales 2019 0,82x
Capitalization 2 993 M
Technical analysis trends BANCA MONTE DEI PASCHI DI
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Mean consensus HOLD
Number of Analysts 9
Average target price 3,60 €
Spread / Average Target 37%
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Managers
NameTitle
Marco Morelli Chief Executive Officer, Director & GM
Stefania Bariatti Chairman
Vittorio Calvanico Chief Operating Officer
Andrea Rovellini Chief Financial Officer
Maria Elena Costanza Cappello Independent Non-Executive Director
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