Banca Generali it would be at the center of the counter-plan that Francesco Gaetano Caltagirone, Leonardo Del Vecchio and the Crt Foundation intend to present after 15 December, the date scheduled for the presentation of the business plan for Generali. Il Sole 24Ore reports that the shareholders adhering to the consultation agreement (Del Vecchio, Caltagirone and Fondazione CRT – which reached 15.17% on 2 December) will illustrate their growth strategy for Generali and an alternative management team. The three, also supported by the Turin institution and a series of financial advisors, are working to put pen to paper on the key ideas from which to take off the growth of the Lion in the coming years.
The counter-plan by Del Vecchio-Caltagirone
One of the key elements of the counter-plan, as the Confindustria newspaper writes, would be Banca Generali, around which the company intends to develop the company in managed savings and at the same time proposing it in the role of aggregating pole and a possible vehicle for expansion initiatives. future.
For its part, Banca Generali has important numbers: 82.1 billion euros of assets in September 2021 against 56 billion in 2018, which is worth a growth rate of 47%, and a net profit of 271 million, again in the nine months, against 180 million in 2018 and 275 million in 2020. According to Equita, incurrent environment of low interest rates, also the plan that will be presented by the management of Generali on 15 December will significantly focus on the growth of both private banking with Banca Generali and above all on asset management, a division that has shown high growth rates over the last 3 years ( 2018-20 CAGR + 28% at operating profit level), also thanks to the multi-boutique strategy pursued by the group.
The governance issue has to be solved
Among the other elements present in the counter-plan, according to what has also been reconstructed by Sol 24 Ore, there should also be a strong push to implement more ambitious strategic operations. The lack of activity on the M&A front with the Cattolica operation defined as ‘too little, too late’, according to sources close to Caltagirone reported to the Financial Times. And to do this, the two entrepreneurs intend to take the governance issue head on, with the possible presentation of a complete list of candidates in view of the assembly that will be called to choose the new board. List that will indicate the candidates for the key roles of chairman and chief executive officer, as well as leading names referable to the shareholders of the agreement and high-profile independent figures.