In a hearing at the House and Senate Finance Commission, Economy and Finance Minister Daniele Franco confirmed that the privatization of MPS will proceed and the breakup is not an option, although some selective divestments could be done. Uncertainties remain about the timing of the MEF’s exit from the capital base of Mps, about the potential partner that could be Italian or foreign, and about the extent of the capital increase, 2.5 billion euros, according to the previous plan.
The capital plan must be presented to the ECB by the end of March, but the actual entity of the capital increase will be clarified after the definition of the objectives of the business plan. “According to Franco, on the basis of the business plan presented by the former CEO Bastianini in December 2021, in 2022 the bank should report a significant loss, compared to the profit of 82 million expected from the consensus of the FactSet market, penalized by restructuring costs, while should report a net profit in 2023 of 195 million according to the consensus “, explain the analysts of Intesa Sanpaolo, according to whom the calendar indicated by the minister is consistent with a capital increase towards the end of the year. However, for Intesa there are still uncertainties about the extent of
“If the Minister of Economy, Daniale Franco, says no to the stew of Monte dei Paschi di Siena, it means that the government already has a solution in its pocket, that is a group that acquires Banco Mps”, said the secretary general of Fabi. Lando Maria Sileoni, interviewed by the Journal of Radio Rai Uno. “I am curious to see how much the new industrial plan will change, compared to the forecasts of the industrial plan that never came out and which provided for 6-7 thousand redundancies. You have to keep an eye on when the legislature ends and how long it will take to make a trade union agreement on the industrial plan but above all to manage it, because there are two problems: making an agreement and then managing it. This is why the time factor, when managing the trade union agreement, will be fundamental, because with this government there would be few problems,
“The negotiation on Monte dei Paschi di Siena between the State and Unicredit has failed due to wrong approaches. Unicredit’s one was wrong, which entered the negotiation table not understanding that it was facing a private individual, but the State, indeed the government led by Mario Draghi and we know what authority the premier has both Italy and Europe. And the approach of the State was also wrong, which did not understand that in front of him he had a private individual, a new CEO who was not in the internal political conditions to burden the group or to create a political and economic problem with the acquisition of Mps “, continued the secretary general of Fabi. “If Unicredit had thought in Italian, the agreement would probably have been made. Instead, it thought in Anglo-Saxon.
As for Mediocredito Centrale, the owner of Banca Popolare di Bari, the general secretary stressed that it is organizing well and that the managing director, Bernardo Mattarella, is an excellent manager. “The possible purchase of Monte dei Paschi di Siena branches by Mcc does not worry us because Mattarella has a project to create and guarantee a solid and far-sighted banking group”, concluded Sileoni. (All rights reserved)

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