Banca Mps, on 7/02 the table for the change at the top
Luigi Lovaglioborn in Potenza, 67 years old, 45 years career in Unicredit where he joined in 1973, then three years at the helm of the Creval, is the man ready to take the reins of Monte di Paschi di Siena. The treasureshareholder of the Sienese bank with 64.5% of capital is in fact preparing to entrust the former Unicredit the post of chief executive officer today held by Guido Bastianini. With the exception of twists and turns made in advance, on Monday 7 February, the Board of Directors of Sienese bankin addition to approving the 2021 accounts, he will in fact have to decide the fate of his top management.
In this context of change, on Friday she resigned from board Olga Cuccurullodirector of Ministry of Economy and Finance, in order to allow the co-opting of the new manager to whom to entrust the proxies to be removed from the current head of the company if he does not take a step back. The withdrawal of the proxies could be motivated, from what we read on‘Handlewith the loss of the fiduciary relationship between the managing director and the Board of Directors chaired by Patrizia Grieco. The body, made up of fifteen directors, is ready to vote by a very large majority for the replacement. Only a handful are instead deployed on the opposite front.
Arrived at the helm of the Monte dei Paschi less than two years ago on the recommendation of 5 Star Movement Bastianini so far he has been committed to leading the bank on a stand-alone path that has also passed through the stalemate of treasure in an attempt to sell the institution a Unicredit. Of Mps not only is he CEO, but also general manager, therefore an employee of the bank, and is not willing to resign.
On his side are the market expectations delivering 2021 results in profits of about 270 million, according to the consensusto be illustrated on Monday 7 February to analysts, together with the CFO Giuseppe Sicain a conference call scheduled for 6 pm after the close of bag. The failure to achieve the cost-cutting targets requested by the EU would also play against him.
An aspect on which the Minister of Economy Daniele Franco and the director general of the Mef, Alessandro Rivera, made notes in the parliamentary hearings which they spoke respectively in August and November. On the other hand, there would be no elements to contest the budget prepared by Bastianini as emerged on Friday from a meeting with the Consob after the in-depth analysis carried out by the board of statutory auditors on some non-recurring items that could have had a negative impact on the 2021 income statement.
The move of via XX Settembre however, it must be framed in the context of obtaining the green light from the Directorate-General for Competition of the European Commission, led by Margrethe Vestager, to the bank’s new business plan with the related 2.5 billion euro re-capitalization. The operation is to be completed in the current year and is not a risk-free undertaking.
The institution capitalizes on bag just over 900 million and to convince the market – in addition to the Mef the only significant shareholder of Mps is General – to adhere pro-quota to the capital increase it was evidently considered desirable to have a more quoted banker than the current one at the helm.
For this reason, in the triad of candidates prepared on Friday by the nominations committee of Mps as the first choice to indicate to the Board of Directors there is the name of Lovaglio. He is a manager with a long career in the group Unicreditlargely passed to the leadership of the Polish Bank Pekao. But above all as his last position he was CEO of the Credito Valtellinese. In this capacity, he successfully oversaw the relaunch of the institute, which he left last year after passing the Creval under the control of the French group Credit Agricole.
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