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Banca Monte Dei Paschi S.p.a.'s (BMDPF) CEO Marco Morelli on Q4 2018 Results - Earnings Call Transcript

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Banca Monte Dei Paschi S.p.a. (OTCPK:BMDPF) Q4 2018 Earnings Conference Call February 7, 2019 8:00 AM ET

Company Participants

Marco Morelli - CEO, GM & Director

Andrea Rovellini - CFO

Conference Call Participants

Sajan Shah - Morgan Stanley

Riccardo Rovere - Mediobanca

Corinne Cunningham - Autonomous

Stan Borin - Finisterre Capital

Otto Dichtl - Stifel Nicolaus

Luigi Tramontana - Banca Akros

Marco Morelli

Good morning, everybody, and thanks for attending. I'm here with Andrea Rovellini, our CFO. We'll take you through the key messages of our 2018 full year results, and then, as usual, we are open to questions.

Let me start with the factual picture of what we did in 2018. This is Page 2. At the beginning of the year, I repeatedly stated that 2018 was the first step of a long journey to restore a sound commercial position of Monte dei Paschi and to make sure that the bank and the people in our network was back again in the commercial phase.

Point number two, we are possibly the only financial institution in the Italian market, which is concurrently moving along two very different lines. On the one hand, we are bound to follow very stringent constraints of cumbersome Restructuring Plan; and on the other hand, we had to work on the relaunch of the bank, both from a balance sheet point of view in terms of growing our loans and our deposits and looking after the improvement on the PL side.

Everything I just said in the context of a macro environment which has been evolving and changing after the first quarter of last year, and last but not least, with clear lone star of preserving our capital requirements, our capital buffers and our liquidity position.

Page 2, as I said, is a summary of our numbers. Starting from

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