We want to come to a conclusion, positive or negative, as soon as possible. Let’s hope for mid-September: these are the times dictated by the CEO of UniCredit, Andrea Orcel, to close the acquisition of Mps. The analysis of the numbers (dataroom and due diligence) starts on Friday, after what a government source calls the agreement for the agreement signed Thursday 29 July by the director general of the Treasury, Alessandro Rivera. A dossier followed for a long time by the Minister of Economy, Daniele Franco, with Prime Minister Mario Draghi kept constantly informed. It could not have been otherwise, given the delicacy of the Siena dossier: Monte dei Paschi is the oldest bank in the world still in business. And it could end his history as an autonomous entity after 549 years.
Mps, the mandatory UniCredit dossier
UniCredit has always been the preferred, if not obliged, buyer for the institution chaired by Patrizia Grieco and 64% of the Treasury. On Thursday the conditions of the CEO of UniCredit Orcel were accepted: nothing Npl (non-performing loans should go to Amco) n cause legali linked to the increases of 2011-2014-2015, no impact on the capital, thanks to the dowry of the Treasury of 2.2 billion and perhaps also to a future capital increase.
Unicredit, Orcel: Mps with defined perimeter opportunities
The potential acquisition of the commercial activities of Banca Monte dei Paschi di Siena, with a carefully defined perimeter and adequate risk mitigation, is an opportunity, underlined Friday, in a conference call with analysts, the CEO of Unicredit, Andrea Orcel. The group has enormous potential that can be unlocked, reiterates the manager.
The segment of Mps: what to do UniCredit
The idea seems to be that of one broken, with the entire banking activity passing from Siena to Milan. The numbers indicated by UniCredit confirm this: potentially 3.9 million customers, 80 billion in customer loans, 87 in deposits, 62 in assets under management and 42 in administration, or the healthy part of Mps, which will serve Orcel to strengthen in particular in the Center-North, where 77% of the MPS branches are located: it would increase by 17% in Tuscany, by 4% in Lombardy and Emilia Romagna and by 8% in Veneto. The note does not mention the South, where Mps forte. it is still too early to say now whether the government will be a shareholder of UniCredit, Orcel specified, will depend on the structure of the operation.
The fate of the Mps brand between the network in Tuscany and the foundation
Lawsuits not related to banking will lag behind, he said. These should not be huge numbers given that the recent transaction with the MPS Foundation has reduced the petitum from 10 to about 6 billion, and not all of them linked to the shortcomings of the past. The crux of the brand remains: It has a historical and economic value, they say from both sides. How to enhance it? Among the hypotheses, the maintenance in the network in Tuscany or the creation of a maxi-foundation, which includes the cultural activities of Unicredit, named after Mps.