Banco Bpm, the list of the board: Castagna CEO, Tononi president
Until a few weeks ago, the question from credit market analysts and traders concerned the possibility that Credit Agricole, Banco Bpm’s second shareholder with a stake of more than 9%, could present its own list for the renewal of the board of directors of Piazzetta Meda. At the end of 2022, upon closing of the bancassurance transaction – the French bought 65% of the Banco’s non-life policies for 260 million – it was clear to everyone that relations between the two institutions and also that between the top management were solid and that therefore in all probability no “strong” alternative list would be presented at the shareholders’ meeting on 20 April of the Board.
And indeed it was. No surprise. Also in light of the good results: Giuseppe Castagna will be confirmed as managing director of the Lombard-Veneto bank and Massimo Tononi will remain chairman. However, something could change in the board of statutory auditors, the supervisory body which has the task of supervising the activity of the directors and compliance with the law and the articles of association. Fundamental body also for the supervision of the financial statements and the correct functioning of the administrative and accounting structure of the company and for the relationships it often establishes with the ECB.
Marcello Priori has been there for six years
Marcello Priori has been the head of the Banco board for about six years. Auditor and long-time business consultant – curriculum in hand – Priori is also chairman of the board of statutory auditors of Bpm Vita and Banca Akros, as well as acting as statutory auditor at Banca Aletti and Bipiemme Assicurazioni. And it can boast excellent relations with the Frankfurt institutions. The silence that has fallen on the appointments of the college’s top management a few weeks after its deadline is seen by many as an indication of a possible turnover. Political choice, mind you, no decision on the merits, but more than one source close to the dossier believes it possible that Priori could be replaced, perhaps by a person indicated by the French bank.
Competence of the assembly
How does it work. The appointment of the board of statutory auditors is the responsibility of the ordinary shareholders’ meeting, there is no time limit, so the list could also be presented on the same day as the shareholders’ meeting, but the fact that to date there is no discussion on the names remains difficult to understand. There are six weeks left before the assembly on 20 April and it is obvious that the game is being played in these hours.
The match on alliances and the possible acquisition of Monte dei Paschi di Siena is expected to be longer. Despite the rumors that have been going on for weeks about the creation of a third banking hub centered around Banco, Castagna recently made it clear (for the umpteenth time) that he has no intention of embarking on an adventure that he deems “disproportionate” to the bank. “We are too small to merge with Rocca Salimbeni”, he said recently on the sidelines of the work of Assiom Forex when questioned on the words of the CEO of Intesa Carlo Messina, who instead had defined his bank “too big” to be able to carry out such an operation. However one interprets their statements, this will certainly not be the last time the two bankers will return to the subject.