(ANSA) - MILAN, 23 JUN - The new Mps plan aims to make Siena a "clear and simple commercial bank", strengthening its capital with an increase of 2.5 billion euros and making it more profitable even an incisive action on costs , thanks to the departure of 4,000 employees which will generate savings of 270 million already starting from 2023.
The plan aims to achieve a pre-tax profit of 705 million in 2024 and 909 million in 2026 (1 billion thanks to the net profit ), by cutting the cost-to-revenue ratio from 71% in 2021 to 60% in 2024, thanks to the staff budget (which will cost 0.8 billion).
The capital increase will allow Mps to exhibit "significant capital buffers", with a Cet1 ratio expected to be 14.2% in 2024 and 15.4% in 2026.
The plan also marks the possible return to the dividend, with a pay-out of 30% on the 2025 balance sheet. "We will put the bank in the best conditions to express that value that has remained silent for too long due to the legacy of the past" and "of reflection, we can become more attractive to investors ", declared Lovaglio.
"Today a new chapter opens for our bank, which will return to a development trajectory and regain a solid level of capital", commented President Patrizia Grieco.
The Mef undertook to cover its share (64.2%) of the capitalization, on which a pre-underwiting agreement was signed with Mediobanca, Bofa, Credit Suisse and Citif aimed at setting up a guarantee consortium.
In September, the increase will pass to the assembly's examination to be completed by 2022.
MPS also announced that the EU's free path to the plan could not be delayed, which is expected "shortly according to what was reported by the Mef".
(HANDLE).