Rome Times

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Friday, Aug 21, 2026

La rinascita finanziaria di Montepaschi: navigare nella nuova autonomia nella distribuzione dei dividendi.

Monte dei Paschi di Siena ottiene l'approvazione della BCE per la distribuzione incondizionata dei dividendi, indicando un solido ritorno alla forza finanziaria.
In una significativa affermazione della sua ritrovata salute finanziaria, Monte dei Paschi di Siena (MPS) ha ottenuto l'autonomia di distribuire dividendi senza preventiva autorizzazione della Banca Centrale Europea (BCE).

Questo sviluppo segna un momento cruciale per l'istituzione, annunciando la sua ripresa dopo una ricapitalizzazione precauzionale nel 2017.

L'amministratore delegato Luigi Lovaglio ha espresso ottimismo mentre MPS prevede una distribuzione di dividendi superiore a un miliardo di euro per l'anno fiscale 2024, sostenuta da un aumento del payout ratio al 75%.

La decisione della BCE riflette positivamente sui parametri finanziari di MPS, che al 30 settembre mostrano un rapporto Common Equity Tier 1 (CET1) del 18,4%, superando significativamente il requisito dell'8,78%.

Il Total Capital ratio è del 21,7% contro una soglia del 13,37%, indicando un rassicurante margine di capitale.

Questo non è un riscontro isolato da parte della BCE.

Diverse istituzioni finanziarie di rilievo, tra cui Intesa Sanpaolo, UniCredit, Banco BPM e Banca Popolare di Sondrio, sono state parimenti elogiate per mantenere rapporti di capitale ben al di sopra dei minimi regolamentari.

Le valutazioni del Supervisory Review and Evaluation Process (SREP) sottolineano la resilienza dell'infrastruttura bancaria europea in mezzo alle incertezze economiche.

Per Intesa Sanpaolo, la BCE ha fissato un requisito minimo di CET1 del 9,89% a partire da gennaio 2025, con adeguamenti nelle riserve di capitale anticiclico.

UniCredit mantiene un requisito di Capitale Pillar 2 di 200 punti base, con requisiti di capitale futuri delineati come 10,27% CET1, 12,14% Tier 1 e 14,64% di Total Capital ratios.

Anche Banco BPM e Banca Popolare di Sondrio hanno superato i parametri regolamentari, dimostrando una gestione finanziaria strategica in un contesto normativo in evoluzione.

Commerzbank della Germania ha ricevuto una valutazione analogamente positiva, riflettendo la più ampia resilienza all'interno del settore bancario europeo.

Questa conferma collettiva da parte della BCE non solo sostiene la robustezza delle istituzioni finanziarie italiane ed europee, ma segnala anche fiducia nella loro capacità di sostenere un quadro economico sostenibile.

Per MPS e i suoi omologhi, la rimozione dei vincoli sulla distribuzione dei dividendi indica una traiettoria promettente in cui una governance prudente e una visione strategica si armonizzano per un maggiore valore per gli azionisti e una stabilità a lungo termine.
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