Press release

Siena, 13 January 2021 – With reference to the article published today in “La Repubblica” by Andrea Greco, Banca Monte dei Paschi (the “Bank”) highlights that it contains a series of unsubstantiated and misleading information. As already communicated to the market on 17 December, the Bank reiterates that the plan approved by the Board of Directors is not yet final, as it was approved on the basis of certain assumptions, such as, first and foremost, the necessary interaction with DG-Comp and, in terms of its structuring, it was drawn up taking also into account the feasibility of a structural operation.

In particular, the investigation by DG-Comp, which requires the involvement of the Italian State and will culminate in an authorization measure, has led the Bank - in line with the regulatory provisions in force that oversee the disclosure of information to the market - to provide a limited level of detail regarding the contents of a Plan which is still subject to review. Likewise, the evolution of the business combination scenario implies times and methods that cannot be defined at present.

For these reasons, the Bank has communicated to the market that the approval of the plan is part of a process that is not yet complete and which requires approval by DG-Comp and the definition of the capital plan to be transmitted to the ECB within the terms already known to the market. The necessary dialogue between the supranational regulators with respect to the aspects falling within their competence - which could lead to even significant or substantial changes to the plan - justifies the fact that the communication of information on the plan has only focused on certain qualifying elements, without going, at the present time, into greater detail.