Unicredit-Bpm would have strategic value, says Palenzona
Unicredit-Banco Bpm is one operation of “strategic value”. Anyone who has any doubts about what the arrival of Fabrizio Palenzona driving the Crt. Foundation can read the first statements made by the new president. In particular, but not only, the one on the “strategic value” of a merger between Banco Bpm and Unicredit.
The precedent and the role of managers
A sentence placed in the middle, in an interview with Republicbetween a reminiscence of times gone by (Profumo proposed the same operation twenty ago, recalls Palenzona). And words of esteem and appreciation for Andrea Orcel e Joseph Chestnut, the managers at the helm of the two institutes. “It’s up to them – says Palenzona – decide strategies of Unicredit and Bpm, certainly not to the shareholder”. A way not too veiled to remind both that now the shareholder (one of, it can be argued) is he.
The dossier to the attention of Orcel
The words of the experienced power broker Palenzona, old DC school, are never random. It is no mystery that the Banco Bpm dossier is returned to attention of Orcel, after the now imposed stop more than a year ago by a sudden leak of news. The “strategic value” mentioned by Palenzona really does exist. A merger with Banco Bpm would allow Unicredit to strengthen itself in the richest areas of the country, Lombardy and Triveneto.
The government’s position
Unlike last year, however, the government’s position becomes crucial. With a view to consolidating and strengthening the national banking system, the Meloni executive will privilege the birth of another national champion with piazza Gae Aulenti acting as a counterpart to the excessive power of Understanding at home? Or perhaps prefer the birth of a third pole next to the big two? And then there is of course to find accommodation for Monte dei Paschi. It could become there counterpart of the political go-ahead for Unicredit-Bpm? Finally, what will become of the balance found in the shareholding structure of meda square among the French of Credit Agricole and the Italian social security funds?
The reaction of Piazza Affari
The translation of the words of Palenzona, through Crt residual member of Unicredit but important in Banco Bpm, it is to be found in all these questions. To find the answers – mediating, convincing, looking for solutions – i’m here, he says through his interview. No longer like 20 years ago, when Palenzona himself acted as dominus of the Crt despite having no formal roles. But this time, a sign of the changing times, personally, as president of the institution.
If he manages to impose his role as power broker it’s all to see. The times are radically different, as is the context. In the meantime, it is worth taking a look at the market reaction. The securities of the two banks, already up yesterday due to rumors, have continued the run with today’s session. For both, the increase is close to 2%.