Monte dei Paschi di Siena
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| Type | Public (BIT: BMPS) |
|---|---|
| Founded | 1472 |
| Headquarters | Siena, Italy |
| Key people | Antonio Vigni (CEO), Giuseppe Mussari (Chairman of the board) |
| Industry | Financial services |
| Products | Retail and investment banking, insurance, investment management |
| Revenue | €5.953 billion (2008)[1] |
| Operating income | ▲ €960.9 million (2008)[1] |
| Profit | ▲ €953.0 million (2008)[1] |
| Total assets | €213.8 billion (2008)[1] |
| Employees | 32,870 (2008)[1] |
| Subsidiaries | MPS Finance, Banca Toscana, Antonveneta |
| Website | www.mps.it |
Banca Monte dei Paschi di Siena S.p.A. (MPS) is the oldest surviving bank in the world. Founded in 1472 by the Magistrate of the city state of Siena, Italy, it has been operating ever since. Today it consists of approximately 3 thousand[2] branches, 33 thousand[2] employees and 4.5 million customers in Italy, as well as branches and businesses abroad. A subsidiary, MPS Finance, handles consumer finance.
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[edit] Expansion
In 2007-2008 the bank acquired Banca Antonveneta from Grupo Santander for 9 billion Euro,[2] becoming Italy's thirds largest bank after Unicredit and Intesa Sanpaolo.[2] Some 400 of Antonveneta branches in north-eastern Italy will retain the old nameplate, others are, as of June 2009, being rebranded to MPS standards.[2] In 2007 MPS was also considering taking over Capitalia, which was eventually taken over by rival Unicredit.[3]
MPS made net profit of 953 million Euro in 2008, 30% less than in 2007.[2] In March 2009 it announced seeking 1.9 billion Euro capital infusion from the government of Italy, structured as non-voting convertible bonds.[2]
MPS headquarters in the Palazzo Salimbeni in Siena are host to a magnificent art collection and a large number of priceless historical documents spanning the centuries of its existence. However, this collection is not usually open to the public. Most recent publicly known acquisition of art, a gold-plated panel by Segna di Bonaventura, cost the bank nearly one million Euro.[4] It is also internationally known as the primary sponsor of Italian basketball club Mens Sana Basket of Siena, currently in Serie A and a frequent participant in the Euroleague.
[edit] Major shareholders of the Monte dei Paschi di Siena
- 49% Fondazione Monte dei Paschi di Siena
- 4.72% Francesco Gaetano Caltagirone
- 3% Hopa S.p.A.
- 2.99% Unicoop Firenze Società Cooperativa
See Italian newspaper La Repubblica 2 October 2007
[edit] Controversies
The bank is controversially funding the construction of an international airport at Ampugnano, in the heart of the Tuscan countryside[5]. This has led to protests within Siena and across Europe [6]. Many environmental groups have called for the Bank to withdraw funding.
[edit] External links
[edit] References
- ^ a b c d e "Annual Report 2008". Monte dei Paschi di Siena. http://english.mps.it/NR/rdonlyres/D670E087-9A6C-45D2-92E7-E9252C197E16/28633/REPORT31DECEMBER2008.pdf. Retrieved on 2009-06-21.
- ^ a b c d e f g Vincent Boland (June 13/14, 2009). "Modern dilemmas for world's oldest bank". Financial Times. p. 9.
- ^ Neil Dennis (2007, May 12). "Speculation aids Capitalia and Zurich Financial". Financial Times. http://www.ft.com/cms/s/0/9b623024-0025-11dc-8c98-000b5df10621.html. Retrieved on 2009-06-14.
- ^ Susan Moore (2009, March 7). "Old Masters remain unscathed by the downturn". Financial Times. http://www.ft.com/cms/s/2/7c2230d0-091d-11de-b8b0-0000779fd2ac.html. Retrieved on 2009-06-14.
- ^ Saving Siena | The Spectator
- ^ Plans for a new airport bringing cheap flights to Tuscany provoke furious opposition - Europe, World - The Independent
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