Mediobanca Aims to Boost Profit, Payouts in Bid to Fend Off Monte Paschi
Mediobanca MB -1.24%decrease; red down pointing triangle said it is targeting higher profits and shareholder payouts over the next three years, as the Italian bank touted its standalone growth prospects in a bid to fend off an unsolicited takeover bid from Monte dei Paschi.
The bank–formally known as Mediobanca Banca di Credito Finanziario–said Friday that its plan for the next three years calls for revenue of more than 4.4 billion euros, equivalent to $5.15 billion, net profit of 1.9 billion euros and a return on tangible equity–a key profitability metric for banks–of 20% in the year ending June 2028.
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