Unipol sets the pace for Bper. The change at the top of the bank was not digested by the market (yesterday Bper share fell by 4%) because it dampens the expectations of M&A scenarios already in the coming months. This was confirmed by the same number one of Unipol, Carlo Cimbri, who clearly stated that operations such as a Banco Bpm-Bper merger it cannot be done quickly. “Bper is undergoing change and must make its way by presenting itself ready for any opportunity. It is unlikely that this will happen within the year ”, said Cimbri in an interview with Il Sole 24 Ore.
Cimbri wants a great Bper, but without apparent haste
Behind Cimbri’s words, however, there could be the intent to divert the attention of the market from Bper and in any case continue to weave the canvas for one or more future transactions that lead to the creation of the third banking hub in Italy. In addition to the Banco BPM option, defined by Cimbri as ‘fascinating’, the option of Popolare di Sondrio was also mentioned, which is already a partner of Unipol and must transform itself into a spa by end 2021. The Bolognese insurance company, Bper’s main shareholder with a 19% stake, presented the slate for the renewal of the bank’s Board of Directors which envisages a strong discontinuity (no old director reappointed) and the arrival of Piero Montani (former CEO of BPM and Carige) as the new CEO in place of Alessandro Vandelli. “Bper has been a bank since last February with over 100 billion assets – Cimbri specified – It is the fourth Italian bank. As shareholders we have a duty to look to the future and to create the best conditions to pass, as the Americans say, dal ‘good’ al ‘great’. The bank did well. We all hope he can do better ”.
Orcel is coming, many M&A options for Unicredit
Unicredit remains in the background of the banking risk. Pending the imminent inauguration of Andrea Orcel (from April 15), not a few analysts point to the bank in Piazza Gae Aulenti, ready to move with the radar that could be pointed straight at Banco Bpm. As Repubblica writes today, the bank led by Giuseppe Castagna may represent the ‘main morsel’ in the next round of M&A with Unicredit which has the financial tonnage to buy the prey also in cash (Banco BPM’s capitalization is 3.67 billion) . For Unicredit the road that leads to MPS is always open with the Treasury willing to make available a dowry of about 6 billion to convince Orcel to take the Sienese institute. In the past there was also talk of a possible mega merger to three Unicredit-Banco-MPS.
Rumors on Italian banks have continued to follow one another in recent weeks and a few days ago the hypothesis of a UniCredit takeover bid on Mediobanca, thanks to the link represented by the owner of Luxottica, Leonardo Del Vecchio, the first shareholder of Piazzetta Cuccia and shareholder of UniCredit with a stake which, among other things, he intends to strengthen. The merchant bank of Piazzetta Cuccia would be an alternative to the hypothesis of aggregation with Banco Bpm.