Business

Monte dei Paschi prepares to close 50 branches



© Reuters. FILE PHOTO: View of the emblem of Monte dei Paschi di Siena (MPS), the oldest financial institution on the earth, which is going through large layoffs as a part of a deliberate company merger, in Siena, Italy, August 11, 2021. REUTERS/Jennifer Lorenzini

MILAN (Reuters) – Monte dei Paschi di Siena is getting ready to shut 50 branches according to commitments taken with European Union authorities beneath its restructuring plan via 2021, in line with a duplicate of a letter the state-owned financial institution despatched to unions.

The letter dated Sept. 15 seen by Reuters mentioned the closures would result in slicing 70 employees out of a complete of 843 affected by the choice. The 70 folks shall be reallocated throughout the financial institution’s community, it mentioned.

Monte dei Paschi had no remark.

Italy’s Treasury, which owns 64% of Monte dei Paschi following a bailout in 2017, is discussing a sale of the Tuscan financial institution to UniCredit.

In asserting the unique negotiations on the finish of July, UniCredit CEO Andrea Orcel had mentioned a call may very well be anticipated by mid-September, however sources near the matter say reaching an accord is advanced and would require longer.

UniCredit has agreed to contemplate taking over solely “chosen elements” of Monte dei Paschi to spice up its presence within the Tuscany, Veneto, Lombardy and Emilia Romagna areas.

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