It can be said that Monte dei Paschi di Siena is the oldest Italian banking institution still active in the area and with numerous customers.
Think he was born in the distant past 1472 to help all the citizens of the city in which it was founded. It was then called Monte Pio and it was a pawnshop. It is a bank with a 550-year history behind it which makes it the longest-lived in the world, despite the numerous difficulties that have arisen, especially in recent years.
Just think of the scandals, the suspicious deaths, the investigations of the last decade. But that’s another story. In fact, despite everything, this Bank, together with the others in the group, is the sixth in Italy. It boasts numerous clients who entrust their life savings to it. Unfortunately, however, the crisis is making itself felt in every area.
And this bank has had and continues to have its problems. Do you think that in the last quarter of last year, it recorded a huge loss. A financial vacuum that was putting the solidity of the Institute at risk. Despite the reassurances of the managing director, Luigi Lovaglio, on the repayment of the contracted debt, the forecasts for savers are not at all positive.
Again there is a change afoot, a new business plan. And that doesn’t bring good news for anyone. In fact, it is thought that Monte dei Paschi di Siena, as well as the other Banks of the group, can align itself with the other credit institutions and follow the path opened by them. In fact, it is a behavior that many users have already noticed.
We are moving towards the abandonment of customers: the Monte dei Paschi di Siena is ready to cut the branches of its tree.
In reality, rather than pruning to reinvigorate the plant, it really looks like a real felling. In fact, the consequences can already be seen in some areas of Italy. Many citizens, in fact, are experiencing problems interacting with the operators of the branches in the area and are no longer able to make cash withdrawals.
A situation similar to that encountered by account holders of other credit institutions. Just think that, as far as Monte dei Paschi di Siena is concerned, already in the province of Vicenza, numerous branches and ATMs have been wiped out. The consequence is that no one can withdraw cash from their citizens, but must travel many kilometers to be able to do so.
And it will get worse and worse. The serious situation of the Vicenza area will spread like wildfire throughout our country. This is a cut in the management costs of branches and counters. The latter, then, in the absence of physical branches next to them, have an even higher cost than those contained within the branches. In short, a cost cut masked by the desire to make electronic, cashless or cardless payment proliferate.