Monte dei Paschi shareholders approved the seventh cash call in 14 years

Monte dei Paschi shareholders approved the seventh cash call in 14 years

MILAN (Reuters) – Shareholders in state-owned Monte dei Paschi di Siena on Thursday approved a 2.5 billion euro ($2.5 billion) cash deal.

Below is a timeline of major events in the modern history of MPS, the origins of which can be traced back to the 15th century.

November 2007 – MBS buys Antonfinita from Santander (BME:) for €9 billion in cash, just months after the Spanish bank paid €6.6 billion for it.

January 2008 – MBS announces a €5 billion rights issue, a €950 million capital increase reserved to JPMorgan (NYSE:), a €2.16 billion Tier 2 bond, and a bridge loan of 1.56 billion euros to finance the Antonfinita deal.

March 2009 – MBS sells 1.9 billion euros in special bonds to the Italian Treasury to shore up its finances.

July 2011: MPS raised €2.15 billion in a rights case ahead of European stress test results.

September 2011 – The Bank of Italy provided €6 billion in emergency liquidity to MPS as the sovereign crisis in the eurozone escalated.

March 2012 – MBS incurred a loss of €4.7 billion in 2011 after writing off billions of goodwill in deals including Antonfinita.

June 2012 – MPS has asked the Italian Treasury to guarantee up to another €2 billion in private bonds.

October 2012 – Shareholders agree to a €1 billion share issue targeting new investors.

March 2013 – MPS loses 3.17 billion euros in 2012, affected by lower Italian government bond prices.

June 2014 – MBS raises €5 billion in a rights issue and repays the state €3.1 billion.

October 2014 – MPS emerges as the worst performer in stress tests across Europe.

READ ALSO :   Bitcoin – A β€œtumor” created by 15 years of β€œDisneyland” economics

June 2015 – MPS raised €3 billion in cash after a net loss of €5.3 billion for 2014 as a result of record bad loan write-downs. It is repaying the remainder in state-guaranteed private bonds worth 1.1 billion euros.

July 2016: MBS announces a new €5 billion rights issue and plans to offload €28 billion of bad loans after stress tests by European banks.

December 2016 – MPS turns to the state for help under a prudential recapitalization plan after the cash call fails.

July 2017 – After the European Central Bank announced the MPS’s ability to repay its debt, the EU Commission approved a €8.2 billion bailout that gives the country a 68% stake at a cost of 5.4 billion.

October 2019 – MPS completed the largest bad loan securitization transaction in Europe.

August 2020 – Italy has committed €1.5 billion to assist MPS as it seeks to meet the re-privatization deadline at the end of 2021.

February 2021 – MBS announces a loss of €1.69 billion for 2020 as it opens its books to potential buyers.

July 2021 – UniCredit is in exclusive talks to buy “select parts” of MPS, a day before the results of European banking stress tests show the latter’s capital will be wiped out in a recession.

October 2021 – Breakdown of talks with UniCredit.

June 2022 – MBS announced a capital increase of €2.5 billion at the end of October, and obtained a pre-subscription agreement with banks.

Newsletter Updates

Enter your email address below to subscribe to our newsletter