Italy's Banca Monte Paschi di Siena will close 400 branches across the territory but it will not make any personnel cuts.
Italy’s Banca Monte Paschi di Siena will close 400 branches across the territory but it will not make any personnel cuts.
This has been confirmed today by Fabrizio Viola, chief executive of the group.
“The staff employed in the 400 offices that will be closed as part of a restructuring plan will be relocated to other branches,” he said.
In 2015, when the group will complete the restructuring process, MPS will lose 4600 employees, with relevant cost-saving consequences.
Viola added this reduction will be mainly achieved through the sale of non-core assets.
According to MPS’s 2012-2015 business plan, unveiled in June, the bank will rationalise its assets with the disposal of Biverbanca and the merger of Banca Antonveneta, as well as with the integration of other business entities currently operating as separate legal entities.
Meanwhile, Viola confirmed the H1 results of Banca Antonveneta, which has posted a 12.2% increase in net profits, at €81.5m at the end of June.