the closure of 50 branches is now certain

Mps: 843 employees will be involved in the closure of 50 branches with the consequent release of 70 resources to be allocated to the commercial network.

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The difficult moment experienced by the bank Monte dei Paschi di Siena continues. The institute announced the need for closing of 50 doors for a rationalization intervention on the network. The trade unions received the communication and thus learned that the aforementioned intervention will concern about 843 employees of the Mps bank and will be followed by the release of 70 resources to be allocated to the commercial network.

Which branches are involved

Unicredit has been in the Mps data room for more than two months and, consequently, it is logical to think that the branches involved in the closure are those that they are of no interest to the CEO Orcel by Unicredit. At the same time, there is no interest on the part of Mediocredito centrale either, the bank selected by the government to take care of a part of the network, specifically that of the south.

Officially no decision has yet been made. Andrea Orcel is continuing with the evaluation of what to acquire of Mps e whether to proceed even if this last decision is more a certainty than anything else. The subject of the operations will be many assets of the bank of Siena after the cleaning of non-performing loans for a value of approximately 4 billion, the recapitalization and relief from redundancies (About 6/7 thousand).

The expectations for Mps after the acceleration of Unicredit

The rationalization of the network with the closure of 50 branches and the rationalization of 70 resources takes place in full compliance with the constraints reported in the 2017-2021 restructuring plan that the European Commission approved. This is what can be seen from the letter from Rocca Salimbeni which employs about 21,000 employees with 1,400 active branches.

An acceleration, therefore, while Unicredit studies the steps of the formalization of the area of ‚Äč‚Äčinterest to the Treasury. It is thought to include the commercial network with 1,100 branches and Widiba. However, Mps Leasing, the IT Center and Capital Service remain outside. Andrea Orcel intends to follow a neutral line during the acquisition of Monte dei Paschi di Siena, both in terms of capital and value growth. Consequently, the inclusion in the Mcc operation is mandatory to detect minimum 150 branches in southern Italy (Puglia and Sicily).

Read also >>> MPS, the rescue of the institute will cost Italian families dearly

The line of the Fabi union

The Italian Autonomous Banking Federation has made it known through its leader Lando Maria Sileoni that the agreement between Unicredit and the Treasury in relation to Mps is accepted since the only alternative is Apollo. Between a highly speculative fund and an Italian bank, the choice undoubtedly falls on the Italian bank.

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