MILAN – The convocations are not games, but it seems increasingly likely that the board of management of BPM and the board of directors of Banco Popular, which will have to decide whether to confirm or not the merger study between two institutions, will meet Tuesday, March 22. And ‘what is learned from the financial sources interviewed by Radiocor , which however still do not rule out a possible held earlier. Operation has also come the blessing of the Minister of Economy Pier Carlo Padoan in a statement confirmed to be “informed determining the BPM management and Banco Popolare to proceed in the merger, with the fulfillment of all the requirements set by the ECB for the green light. An operation that is implemented with support from all the stakeholders and investors. ” The minister “appreciates this measure from which will spring a larger and stronger bank, able to face the market under the new European standards of the sector and therefore able to deliver more resources to enterprises, in a season in which the financing of investments it is crucial for economic recovery “. “It is – adds Via Venti Settembre – the first merger in the segment of banks after the launch of the decree that has already had the effect of certain processing operations into a limited company and the start of the listing process of some institutions . “
the premier Matteo Renzi said to be in line with Padoan and pushing for industry consolidation. Within the EU rules for banks “should be respected”, Italy can do things like “reduce the number of bankers, because in Italy is the principle that anyone who has said the banker can do. There are too many. They go reduced the seats on the boards, helped the fusion processes, “the prime minister at the end of the EU summit. “Even the bank will decrease in the future,” he added. “The 2016 is the year in which Italy should finally fix its banking situation.” “There are too many bankers: someone has to do anything else in life. They will jump of the seats, there will be fewer bankers – warned the prime minister at the end of the European Council – but also less bank, ’cause in ten years we can not imagine that there are yet 300 000, although no mass layoffs. ” “With technological innovation many people the bank to use with the phone. But this is normal: there will be some branch in the least. It is important that this process takes place in respecting others, without mass layoffs and things like that.” To Renzi at European level “everything that goes in the direction of the cooperative banking reform, which we did, and ‘encouraging.”
This morning the two institutions have announced that councils will gather “no later than” 22 . From here to Tuesday, meanwhile, will continue the confrontation between the leaders of banks and advisors to try to get to the advice with a plan of action (from asset sales and npl) capable of satisfying the conditions imposed by the ECB to give green light to the operation. Among the assets that could end up for sale financial sources cite a share Aletti Gestielle (Tour) and the share in Anima (BPM). Among the assets of Banco attractive then there is the stake in Agos-Ducato.
On the domestic front to BPM, meanwhile, Wednesday, March 23 there will be a summit between the four general secretaries of the main trade unions of the credit for assess the possible submission of a joint list of candidates for the new board of the institute surveillance, led by Andrea Bonomi. Sources close to the latter, meanwhile, have indicated that Bonomi did not examine the dossier before the final decision on the transaction advice BPM-Tour.
Through a letter, the ECB he has requested that the marriage potential a reality born with “a strong position in terms of capital”, otherwise it will be given the green light. Frankfurt has therefore asked the Bank and BPM to have “within one month” a multi-year business plan on merging the study and “a draft of the company’s articles resulting from the merger potential.” The Eurotower also highlighted that “if it were made of the operation, the company resulting from the merger, which would become the third bank in the country, consistent with the role that would cover the Italian market, since the beginning should have a strong position in terms of capital and asset quality, including by means of appropriate ‘capital action’. “
More specifically, the ECB calls for a streamlined governance and a level of non-performing loans (non-performing loans) compatible with national systemic banks. In fact, Frankfurt does not speak of a capital increase, but give the level they have to get off non-performing loans and therefore, indirectly, than you should be strengthened heritage.
The European Central Bank indicated to BPM and Banco Popular that in the event of a merger, the new bank “should take into account best practices to secure a clear and efficient governance, particularly in relation to the functioning of the corporate bodies (general meeting, board of directors and executive committee). also – continues the statement – in the context of potential operation, can not be expected to issue new banking licenses in relation to entities other than that resulting from the potential business combination. ” BPM now meet on Board “as soon as possible” and “no later than next Tuesday, March 22″ to discuss the communication received from Frankfurt.
Consob , for its part, temporarily it banned short selling on the stock Banco Popolare. “The ban – continues the statement – far short sales backed by the availability of titles. With what is extended and strengthened the scope of the ban on naked short sales, already in force for all stocks by November 1, 2012 by virtue of Community Regulation on ‘short selling’ ‘.
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