Piazza Affari did not like the news, which is a confirmation, of the exit from Bpm bank by the Turin Savings Bank Foundation. It is the same institute led by Joseph Chestnut mentioned it in a note this morning, saying that he had been informed that the sale of the share held by Crt "concerning the shares representing 1,8% of the capital of Banco Bpm, was carried out on 13 February 2023". The stock loses ground on the stock exchange and in the late morning it was trading at 5,03 euros, down by 1,41%. At current prices the proceeds from the sale of the Bank's entire shareholding would be approximately 140 million euros.
Banco Bpm, doubts and questions about the Crt Foundation's move
It is not yet clear why the board of directors of the Turin institution, the third largest Italian foundation in terms of assets, is chaired by Fabrizio Palenzona and operationally led by the secretary general Andrea Varese, has made the decision to completely exit Banco Bpm. Someone hypothesizes, as reported by MF, that the decision is based on the desire of the Savoy body to invest in other financial institutions, a scenario which, with the maintenance of the participation in the Piazza Media group, would have overexposed the Crt portfolio.
Crt Foundation, who's inside
Crt Foundation, considered an important crossroads of financial investments in the Italian capitalist system, has 1,9% of its share capital Unicredit, 1,61% of Generali and 1,5% of CDP. But there are also 5,17% of Mundys (the deputy vice-president Maurizio Irrera sits on the board of the former Atlantia as the body's representative) and 3,67% of F2i.
Banco Bpm, the role of the Crt Foundation
In 2021 the Turin Foundation, within Banco Bpm, promoted a consultation pact between other banking institutions and social security funds, in a sort of defense in the event of attacks from outside in relation to banking risk in progress. Especially after the rise of the French in the capital Credit Agricole at 9,18%. Close to last year's assembly which renewed the mandate of the top ticket Giuseppe Castagna-Massimo Tononi the pact, according to the reconstruction of MF, had risen to 8,33% of the capital thanks to the entry of Cassa Forense and the roundings of Enpam and Inarcassa. In addition to the fund for engineers, doctors, lawyers and CariTorino, the shareholder agreement was also signed by the Cassa di Risparmio di Lucca, Alessandria, Trento e Rovereto, Carpi, Reggio Emilia and the Manodori foundation. Enasarco is also in the capital, but it has not joined the pact expressed on the board of Banco Bpm by Alberto Oliveti, as number one of Adepp, the Italian confederation of social security funds, and Paola Ferretti.
