MPS meaning in Business ?
Answer: What is Monte dei Paschi di Siena mean?
Banca Monte dei Paschi di Siena S.p.A. (Italian pronunciation: [ˈbaŋka ˈmonte dei ˈpaski di ˈsjɛːna]), known as BMPS or just MPS, is an Italian bank. Tracing its history to a mount of piety founded in 1472 (549 years ago) and founded in its present form in 1624 (397 years ago), it is the world's oldest or second oldest bank, depending on the definition, and the fourth largest Italian commercial and retail bank.
In 1995 the bank, then known as Monte dei Paschi di Siena, was transformed from a statutory corporation to a limited company called Banca Monte dei Paschi di Siena (Banca MPS). The Fondazione Monte dei Paschi di Siena was created to continue the charitable functions of the bank and to be, until the bailout in 2013, its largest single shareholder. In 2020 Banca MPS had approximately 1,400 branches, 21,000 employees and 3.9 million customers in Italy, as well as branches and businesses abroad. A subsidiary, MPS Capital Services, handles corporate and investment banking.
According to research by Mediobanca and a press release issued by Banco BPM, Banco BPM overtook BMPS as the third largest commercial banking group in Italy in terms of total assets on 31 December 2016, after Banco BPM's formal formation on 1 January 2017. In 2016–17, BMPS was struggling to avoid a collapse, and was bailed out again by the Italian government in July 2017.
On 5 October 2018, Monte dei Paschi di Siena announced the sale of its Belgian subsidiary, Banca Monte Paschi Belgio (BMPB) to a company participated by funds managed by Warburg Pincus. The sale price was set at €42 million, subject to an adjustment mechanism.
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