The disposal is part of the new agreement between Italy and the European Union that extended the end-2021 deadline for Italy to sell its stake in MPS.
“The revised commitments are consistent with the strategic plan the bank approved in June … whose implementation is underway and in line with the schedule,” the news agency quoted MPS as saying citing a note.
As part of the revised cost-cutting commitments, MPS plans to raise €2.5bn to boost its capital and sources have said that the lender could launch a new share issue on 17 October 2022.
According to the document, MPS has to dispose property worth €100m and sell non-core equity assets, which were valued at up to €300m at the end of last year.
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The non-core assets include MPS’ stake in Bancomat, an ATM-machine operator and credit card provider Visa.
MPS can also sell its stake in the Italian central bank, the EU document said.
The Italian bank has also failed to reduce its leasing portfolio, which was at €3.3bn last year.
“The bank shall carry on a deleveraging of its leasing portfolio, also by means of sale of assets,” the EU said.
A source told the news agency that MPS is looking to sell its leasing contracts by the end of this year by forming alliances with its Italian peers.