MPS sells Montepaschi Monaco to Andorra Banc Agricol for an amount of eur 21.7 mln

The Siena-based banking group makes a capital gain of approximately EUR 8 mln from 100% disposal of its Monegasque subsidiary. As a result of the transaction, the Andbanc Group extends its footprint to a total of 12 countries served with a suite of sophisticated financial services.

Siena, Andorra, 12 September 2011 – The Board of Directors of Banca Monte dei Paschi di Siena resolved that Monte Paschi Monaco SAM be sold to Andorra Banc Agricol Reig SA.

The disposal was completed by way of transfer of Monte Paschi Banque's 100% shareholding in the Monegasque bank to the Andorra-based banking institute. The transaction was closed at a price of EUR 21.7 mln (equity included), of which EUR 19.5 mln already paid and the balance due on 30 September. A net capital gain of EUR 7.7 mln has been realised by the Montepaschi Group on the EUR 19.5 mln tranche already paid by Andorra Banc.