(AOF) – On the occasion of the presentation of its strategic plan, the Italian bank Banca MPS announced that it would raise 2.5 billion euros in fresh money to finance it. The operation should take place by the end of 2022 and the Italian State, which owns 64% of its capital since its rescue for 5.4 billion euros in 2017, will return to the pot. It will participate in the operation to the extent of its participation, which will represent an injection of 1.6 billion euros.
The Italian bank’s strategic plan plans to record a taxable profit of 705 million euros in 2024 and 909 million euros in 2026. It had risen to 263 million euros in 2021. It intends to improve its efficiency and aims for an operating ratio of 60% in 2024 and 57% in 2026 against 71% in 2021.
To do so, it will separate 4,000 employees, which will allow it to save 270 million euros per year by 2023 for a restructuring cost of around 800 million euros. 150 branches will be cut, reducing the total to 1,218.
The core capital ratio (CET1) is expected at 14.2% in 2024 and 15.4% in 2026, well above regulatory requirements.
Banca MPS plans to resume the payment of a dividend in 2025, corresponding to a distribution rate of 30% that year and in 2026.
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