Everything is now ready for the showdown at Monte Paschi. Tomorrow, after a hectic week prone to advances, the Treasury (64.2% shareholder of the Sienese bank) is preparing to discourage CEO Guido Bastianini and make room for former Creval Luigi Lovaglio. The redde rationem is expected at the board of directors initially convened for the approval of the accounts but then integrated into the request for verification of the proxies of the company director formulated by the president Patrizia Grieco.
The easy changing of the guard will not be painless. The market is wondering what will be the severance pay for Bastianini who signed the return to profit of Rocca Salimbeni (with a 2021 net profit estimated at around 300 million). The banker, deemed acceptable by the Ciquestelle, has so far shown no intention of withdrawing, despite the setback requested by the MEF in a meeting at the end of January and the growing pressure. Failing an agreement, the votes will be counted at the board of directors where on Friday, perhaps also with a view to the possible co-optation of Lovaglio, the resignation “for personal reasons” of the director of the Treasury, Olga Cuccurullo, arrived . According to some rumors, the Mef criticizes Bastianini for not having achieved the objectives of reducing costs. As specified after the meeting between Consob and the college of auditors of Monte Paschi, there is no dispute relating to supposedly extraordinary elements. The probable dismissal of Bastianini is therefore played out on a more “political” level, perhaps also in view of the next recapitalization of 2.5 billion on which Rome is negotiating with Brussels while waiting to relaunch the search for a spouse for the bank. after the renunciation of Unicredit to proceed with the savings.
With the game at the top of MPS closed, at least temporarily, Piazza Affari’s attention will be on Carige, the other banking game awaiting a solution. Bper, once the due diligence on the accounts of the Ligurian bank has been completed, should proceed with the signing of the acquisition contract by February 15 and the definition of the integration by the end of June.
The group led by CEO Piero Montani offered one euro for 80% of Carige in the hands of the Interbank Fund (Fitd) against a dowry request of 530 million to avoid impacts on capital. If the operation succeeds, Unipol, which owns 18.9% of Bper, could quickly proceed with the construction of the third pole with an eye on Banca Popolare di Sondrio, of which it already owns more than 9%. Further indications may emerge on February 8 with the approval of Bper’s preliminary 2021 data. In the meantime, the ECB has put in writing that if Carige is to continue as a single, it will have to prepare a capital reinforcement plan by the end of March.