MILAN – “We are all very happy and proud: born a strong bank, super solid, important for the country.” So Giuseppe Castagna, CEO of BPM illustrates the merger. “With this transaction we have all won,” echoes Pier Francesco Saviotti, CEO of Banco Popular. With just one more strand of embarrassment, after he was forced against his will to arrive at the wedding bringing with him a capital increase of one billion, to be implemented prior to the merger (but already pregarantito by Mediobanca and Bofa Merrill Lynch and probably also partly pre-booked by a couple of Foundations). “It ‘was a choice, I preferred to become the third largest bank in the country,” he explained, as of this point, the ECB did not want to give in spite of all tests (starting from Strep) were positive for the bank. “One feels entitled to ask: why I even ask for more?” Says Saviotti; but it’s past history. The merger of the two banks saw the birth of the third largest bank in the country, behind Intesa and Unicredit. Still quite a distance from the two national champions, but with a leadership position in the rich areas (from Lombardy) and capitalization (after the increase) of 6.5 billion, almost double the fourth in the standings (Ubi). And speaking of Ubi, Castagna has indirectly explained why it has not arrived at the wedding with the direct bank by Victor Massiah rather than with Banco: “From the advice I got directions to reach a merger of equals”; with Ubi it would have been (although he did not say). Besides the increase of Banco Popolare, the new entity is committed to the immediate strengthening of the covers on loans in difficulty, while by 2019 aims to reduce the amount of bad debts up to 10 billion nominal. No sale of product factories, instead, to strengthen the capital: “we can proudly say that we are not obliged to the sale of any asset – said Castagna – there will be normal rationalizations” to avoid any duplication in product factories, but the ways and forms you will see later on. and again, nothing layoffs, no traumatic solution for staff, the centrality of employees and customers. convinced the ECB goodness of the merger plan, now for the two company leaders is the time to convince the stakeholders of the respective banks. particularly difficult job for the CEO of BPM, a bank that over the past decade has rejected all attempts to open that had landed at the meeting. And sometimes even before, as in the case of the merger project between BPM and BPER, in 2007. “As long as I do not have the numbers, I do not give advice. I have to see the cards,” he put his hands on Lando Sileoni, Secretary general of Fabi, “and in any case I will not make any political assessment before the presentation of lists for the renewal of BPM in the supervisory board, on April 5″. skirmish normal in parts of the game? Certainly at this point it is hard to believe that the merger of the year, commissioned by the government, attention to detail by the ECB, which is considered a kind of experiment-pilot for other combinations between popular (Giuseppe Guzzetti, chairman of the Cariplo Foundation, pointed out that the initiative is “beautiful, important and far-sighted”) can be stopped; rather, that someone really wants to stop it. “And ‘the first operation of its kind, will act as facilitator for other mergers,” continued Saviotti. But the road is not completely leveled and some ache inside the belly BPM there. “Of course, who can act as guarantor of the Assemblies of BPM? – Admitted Castagna – but they are minority voices. “ Meanwhile, the melt proceeds dense schedule by April due diligence, confirmation of the exchange (54% Banco Popolare, 46% BPM) business plan from send in Frankfurt (for the formal approval of the merger). final stage, by October the extraordinary shareholders’ meetings of the merger of Banco and BPM, simultaneously with the transformation in spa.
- Topics :
- Popular
- Cast
- Starring:
- Giuseppe Castagna
- Pier Francesco Saviotti
- Giuseppe Guzzetti
- Lando Sileoni
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