MPS: Moody’s says the OPS will have no immediate impact on the rating but poses execution risks

(Il Sole 24 Ore Radiocor) - The voluntary public exchange offers announced by Banca Monte dei Paschi di Siena in respect of Banco BPM and Banca Generali “are unlikely to have any immediate implications for the ratings of the institutions involved”. This is according to the rating agency Moody’s in a statement, which adds that “the proposed transactions may entail significant execution risks”. The merger, the agency adds, would involve “the integration of major players in the banking, wealth management and investment banking sectors, characterised by different business models, operational infrastructures and corporate cultures. In particular, MPS would have to manage multiple integration processes – including the proposed merger with Banco BPM and the acquisition of Banca Generali – in addition to the one, already underway, with Mediobanca”.

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