Mps, Orcel: “Despite all efforts, it was not possible to reach an agreement of understanding”
Quarter billionaire for the number one of Unicredit, Andrea Orcel, which sees in the third quarter the bank’s profits take off at as much as 60%. “We have made phenomenal progress, but we are only at the beginning of our journey,” he tells colleagues after the publication of the accounts. “The numbers for the third quarter of 2021 of Unicredit are results we should all be proud and excited about. They are proof that the hard work we do is paying off, and a clear demonstration of the commitment and talent of all the people who work in our bank, ”adds Orcel.
But on the future weighs the giant question mark on Mount of the Paschi, a game definitely over? The number one of Piazza Gae Aulenti, opening the conference call with financial analysts on the accounts of the first nine months, declares that “we announced that, after a period of due diligence and negotiation with the Italian economy minister, MPS will not be part of our future strategy. The discussions were long and detailed but, despite the efforts of both sides, e it was not possible to reach an agreement that satisfied all the established parameters in the Memorandum of Understanding “, and for this reason” the negotiations have been concluded “.
For Unicredit, that of any M&A transactions “is not an end” and these operations will be done “only under the right conditions.” “The greatest value we can create is from an organic point of view and this has been, and remains, our unwavering goal.” “I have been clear on the role that M&A can carry out in the bank’s new strategy: it is not an aim in itself, rather it can be an accelerator and a potential enhancer of our strategic result ‘and, therefore, it can be achieved’ under the right conditions that increase value and where we have full confidence in our ability to execute. This will remain our guiding approach ”, says the number one of Unicredit.
A closure that “worries” the general secretary of Fabi, Lando Maria Sileoni. The reason? “At the moment, there are no alternatives to take over the MPS group, the only one would be the Apollo fund, which is a hedge fund and which would not have a soft attitude towards employees. The European Union will grant the extension to the Italian State, to remain in Montepaschi’s shareholding, if Prime Minister Mario Draghi asks for it. In any case, money is needed to remain in the ownership of the Treasury, at least 3 billion euros by the end of the year ”, says Sileoni, speaking at Coffee Break on La7.
“In terms of state aid to banks, Italy is the last in Europe with only 14 billion euros spent on bailouts: our country spent 1.5% of GDP against 5.9% in Germany, 4.4% in Spain and a European average of 4.6%. If a bank fails, the very heavy repercussions affect employees and customers themselves as well as the economies of the territories: more than 4 million customers, over 80 billion in loans to families and businesses, over 21,000 employees. If a group like MPS were to fail, the entire Italian and European banking sector would suffer ”, concludes Sileoni.
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