UniCredit is preparing for the biggest capital increase ever attempted in Italy: 13 billion, to collect on the market in the first quarter of 2017. Is the main novelty, in reality a confirmation of the advances of the past few weeks, contained in the new industrial plan presented in London today by ceo Jean Pierre Mustier: almost 20 billion of capital, considering also the "spoils" of the sale of Pioneer Pekao and the part of Fineco, to raise 8.1 billion) and provisions on non-performing loans and start afresh with a bank to 2019, even in the presence of a regulatory framework more stringent, will be able to express a RoTe of 9% and a Cet1 of 1 2.5%.
The fate of Mps in the hands of its branches
The rise – which is already covered by a consortium of warranty with the major investment banks, although subject to the normal conditions macro – it was decided yesterday by the board of directors and will be held in the first quarter, after ec will be submitted to the assembly strarodinaria on the 12th of January. In addition to the capital, the element that most stands out in the new plan, drawn up by Mustier in these first four months at the helm of the bank is the attention on the impaired loans: with over 8 billion of adjustments to the covers on the sufferings exceed 74.5%, the highest value – for example – of the one set by Mps for the securitisation with the Atlas. Each portfolio and each bank is a story in itself, but if UniCredit – spontaneously, and not at the instance of the Ecb – has set the bar so high the other banks will have to somehow take this into account. Piazza Gae Aulenti svaluterà undergone all the sufferings in the stomach, and then from here to 2019 will proceed with the divestment gradual, that at that point, there will be no additional charges: the first operation, from 17 billion of non-performing loans, was launched on the night along with Fortress and Pimco.
UniCredit cede to the Pimco credit for 1.4 billion
A floor, at the sign of prudence, the one presented today by Mustier, conservative in their assumptions of the scenario and in the target group: the context, with low interest rates, and capital requirements more and more high, will provide great satisfaction. So the bank relies almost entirely on internal variables: cost reduction, 1.7 billion in three years, and the cost of risk, but also for the progressive growth of revenues. Fairly stable, the contribution of the interest margin (- 0.2% of trend annual average, but increase in volume of 2.5% per year), increase of 2% will be the year of commissions. Crucial element, they said, the costs and, in particular, those relating to personnel: 14 thousand anticipated outputs over the three years, about 6,500 more than the previous plan.
Amundi, with a Pioneer’s earnings per share will grow by 30%
No recourse to the State, no transaction, no surprises. Welded to terms with the past, it is the logic of the Mustier, the bank will be able to return on the path of sustainable profitability and growth, even in the face of a market environment that is anything but easy: it is so that the ceo will try to convince shareholders of the old and the new to invest in the bank, with an eye to the world of institutional long-term from a few months ago, he ticked a gracious presence as is Capital Research with the 6,75%, which is considered auspicious in view of the increase.
No nod, instead, to the governance committee: the theme, attributable to the council, will not be dealt with by the managing director but will be defined in the months ahead; so to get to the renewal of the organs, which is expected in 2018, with the council likely lightened to 15 components (compared to the current 17), and a single vice-president: a piece to tell to the markets to convince them of the greater efficiency and simplicity of the new UniCredit.
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