The Board of Directors of Banca Monte dei Paschi di Siena, Chaired by Massimo Tononi, met today with the first attendance of Marco Morelli as CEO and General Manager. The meeting, in addition to ordinary issues, analysed the plan presented to the market on July 29. Considering the fast market evolution and preliminary indications received by
institutional investors, detailed analysis have been started, inter alia, to incorporate, in the transaction structure the possibility of including a liability management exercise (a direct offer to holders of debt instruments issued or guaranteed by the Bank, aimed at their voluntary exchange into equity) pursuant to terms and conditions still under analysis.
The Board of Directors, confirming the objectives of the plan announced on July 29, intends to finalize as soon as possible the most functional structure to ensure its full success.
A detailed timetable of the Board of Directors meetings is going to be defined, including the approval of the business plan on October 24. The Shareholders’ meeting will be scheduled by the end of November.