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Banca Monte dei Paschi di Siena, Italy

Category: Attraction

Address details

Via Banchi di Sopra
6
53100 Siena SI
Italy

Siena, Italy Print route » N43° 19' 16.32" E11° 19' 50.52"   (43.3212, 11.3307) Start navigation »

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Banca Monte dei Paschi di Siena S.p.A. (Italian pronunciation: [ˈbanka ˈmonte dei ˈpaski di ˈsjɛːna]), known as BMPS or just MPS, is an Italian bank. Tracing its history to a mount of piety founded in 1472 (546 years ago) and founded in its present form in 1624 (393 years ago), it is the world's oldest or second oldest bank, depending on the definition, and the fourth largest Italian commercial and retail bank.In 1995 the bank, then known as Monte dei Paschi di Siena, was transformed from a statutory corporation to a limited company called Banca Monte dei Paschi di Siena (Banca MPS). The Fondazione Monte dei Paschi di Siena was created to continue the charitable functions of the bank and to be, until the bailout in 2013, its largest single shareholder. Today Banca MPS has approximately 2,000 branches, 26,000 employees and 5.1 million customers in Italy, as well as branches and businesses abroad. A subsidiary, MPS Capital Services, handles corporate and investment banking.According to a research by Mediobanca and a press release by Banco BPM, Banco BPM overtook BMPS as the third largest commercial bank in terms of total assets on 31 December 2016, after Banco BPM formal formation on 1 January 2017. In 2016–17, BMPS was struggling to avoid a collapse, and was bailed out again by the Italian government in July 2017.
On the 5th of October, Monte dei Paschi di Siena announced the sale of its Belgian subsidiary, Banca Monte Paschi Belgio (BMPB) to a company participated by funds managed by Warburg Pincus. The sale price was set at €42 million, subject to an adjustment mechanism.

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