Monte dei Paschi di Siena
Encyclopedia
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
, as a mount of piety, it has been operating ever since. Today it consists of approximately 3,000 branches, 33,000 employees and 4.5 million customers in Italy, as well as branches and businesses abroad. A subsidiary
, MPS Finance
, handles investment banking.
for 9 billion Euro
, becoming Italy's third largest bank after UniCredit
and Intesa Sanpaolo
. 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. In 2007 MPS was also considering taking over Capitalia
, which was eventually taken over by rival Unicredit.
MPS made net profit of 953 million Euro in 2008, 30% less than in 2007. In March 2009 it announced seeking 1.9 billion Euro capital infusion from the government of Italy, structured as non-voting convertible bond
s.
MPS headquarters in the Palazzo Salimbeni
in Siena are host to an art collection and a large number of priceless historical documents spanning the centuries of its existence.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. It is also internationally known as the primary sponsor of Italian basketball
club Mens Sana Basket
of Siena, currently in Lega A and a regular participant in the Euroleague.
, in the heart of the Tuscan
countryside
Both international and local groups have raised objections to this expansion on the grounds it will damage the natural beauty of the area, the environment and the attraction of the countryside to tourism.
Bank
A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...
in the world. Founded in 1472 by the Magistrate of the city state of Siena
Siena
Siena is a city in Tuscany, Italy. It is the capital of the province of Siena.The historic centre of Siena has been declared by UNESCO a World Heritage Site. It is one of the nation's most visited tourist attractions, with over 163,000 international arrivals in 2008...
, Italy
Italy
Italy , officially the Italian Republic languages]] under the European Charter for Regional or Minority Languages. In each of these, Italy's official name is as follows:;;;;;;;;), is a unitary parliamentary republic in South-Central Europe. To the north it borders France, Switzerland, Austria and...
, as a mount of piety, it has been operating ever since. Today it consists of approximately 3,000 branches, 33,000 employees and 4.5 million customers in Italy, as well as branches and businesses abroad. A subsidiary
Subsidiary
A subsidiary company, subsidiary, or daughter company is a company that is completely or partly owned and wholly controlled by another company that owns more than half of the subsidiary's stock. The subsidiary can be a company, corporation, or limited liability company. In some cases it is a...
, MPS Finance
MPS Finance
MPS Finance was founded in 2001 and is the finance sub-division of the Monte dei Paschi di Siena.MPS Finance was set up to be one of the "center of excellence" of Monte dei Paschi di Siena Group...
, handles investment banking.
Expansion
In 2007-2008 the bank acquired Banca Antonveneta from Grupo SantanderGrupo Santander
The Santander Group is a banking group centered on Banco Santander, S.A., the largest bank in the Eurozone and one of the largest banks in the world in terms of market capitalisation. According to Forbes Magazine Global 2000, it is the 13th largest public company in the world...
for 9 billion Euro
Euro
The euro is the official currency of the eurozone: 17 of the 27 member states of the European Union. It is also the currency used by the Institutions of the European Union. The eurozone consists of Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg,...
, becoming Italy's third largest bank after UniCredit
UniCredit
UniCredit SpA is an Italy-based, pan-European banking organization, with aprox 40 million customers and operations in 22 countries.- Geography :...
and Intesa Sanpaolo
Intesa Sanpaolo
Intesa Sanpaolo is a banking group resulting from the merger between Banca Intesa and Sanpaolo IMI based in Turin, Italy. It has clear leadership in the Italian market and a minor but growing international presence focused on Central-Eastern Europe, the Middle East and North Africa Intesa Sanpaolo...
. 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. In 2007 MPS was also considering taking over Capitalia
Capitalia
Capitalia was an Italian banking group headquartered in Rome. Capitalia was formed in July 2002 in a merger of Banca di Roma, Bipop-Carire, and Banco di Sicilia...
, which was eventually taken over by rival Unicredit.
MPS made net profit of 953 million Euro in 2008, 30% less than in 2007. In March 2009 it announced seeking 1.9 billion Euro capital infusion from the government of Italy, structured as non-voting convertible bond
Convertible bond
In finance, a convertible note is a type of bond that the holder can convert into shares of common stock in the issuing company or cash of equal value, at an agreed-upon price. It is a hybrid security with debt- and equity-like features...
s.
MPS headquarters in the Palazzo Salimbeni
Palazzo Salimbeni
Palazzo Salimbeni is a historical building in Siena, central Italy, which currently houses the seat of the Monte dei Paschi di Siena bank.It was built in the 14th century, likely above pre-existing 12th-13th century structures...
in Siena are host to an 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
Segna di Bonaventura
Segna di Bonaventura, also known as Segna de Bonaventura, and as Segna di Buonaventura, was an Italian painter of the Sienese School. He was active from about 1298 to 1331. In 1306 he painted a panel for the office of the Biccherna in the Palazzo Pubblico in Siena. In 1317 he painted an altar panel...
, cost the bank nearly one million Euro. It is also internationally known as the primary sponsor of Italian basketball
Basketball
Basketball is a team sport in which two teams of five players try to score points by throwing or "shooting" a ball through the top of a basketball hoop while following a set of rules...
club Mens Sana Basket
Mens Sana Basket
Mens Sana Basket, more frequently referred to as Montepaschi Siena, is an Italian League professional basketball club from Siena. More precisely, it is the now-autonomous basketball section of the comprehensive sports club Polisportiva Mens Sana...
of Siena, currently in Lega A and a regular participant in the Euroleague.
Major shareholders
Main shareholders of Monte dei Paschi di Siena, situation at 10/12/2009:- 55.489% Fondazione Monte dei Paschi di Siena
- 4.655% JPMorgan Chase
- 3.923% Francesco Gaetano CaltagironeFrancesco Gaetano CaltagironeFrancesco Gaetano Caltagirone is an Italian businessman. He controls the holding company Caltagirone S.p.A. with interests in cement manufacturing, real estate, construction and publishing .Caltagirone was born in Rome...
- 2.427% Unicoop Firenze Società Cooperativa
- 2.052% AXAAXAAXA S.A. is a French global insurance group headquartered in the 8th arrondissement of Paris. AXA is a conglomerate of independently run businesses, operated according to the laws and regulations of many different countries. The AXA group of companies engage in life, health and other forms of...
Airport expansion
The bank is funding the expansion of a small airport to become an international airport at AmpugnanoSiena-Ampugnano Airport
Siena-Ampugnano Airport is a small military airfield near Siena, in Tuscany, Italy.The site has recently been proposed for a new international airport capable of handling 4 million passengers a year by 2020. Since 2003 the project has met wide local opposition.-History:During World War II, the...
, in the heart of the Tuscan
Tuscany
Tuscany is a region in Italy. It has an area of about 23,000 square kilometres and a population of about 3.75 million inhabitants. The regional capital is Florence ....
countryside
Both international and local groups have raised objections to this expansion on the grounds it will damage the natural beauty of the area, the environment and the attraction of the countryside to tourism.