Monte dei Paschi bank set out plans to get out of the “emergency room”
Italian bank Monte dei Paschi di Siena (BMPS.MI) set out plans to get out of the “emergency room” and return to profit on Wednesday, clearing the way for a state bailout that should remove the biggest threat to the country’s financial stability.
The world’s oldest bank said on Wednesday it expected a net profit of more than 1.2 billion euros ($1.4 billion) in 2021, from a loss of 3.2 billion euros last year, as part of a restructuring plan approved by European authorities.
“It’s a conservative plan. We’re not shooting at unrealistic targets,” Chief Executive Marco Morelli told analysts on a conference call to present the new plan.
Morelli said no mergers were planned at the moment. “There is no Plan B on the table,” he said.