“We are well equipped for the future and there is one thing I feel like saying now: all roads now lead to Siena”The CEO of Monte dei Paschi said this with a smile on his lips, Louis Lovaglio, who chose the Uilca national congress in Venice for his first public appearance after returning to the CEO seat in Rocca Salimbeni.
“Today we we have a solid financial position which is the highest in EuropeWe have the ability to generate revenue and capital, which is very important, which means we're getting stronger every day. We have a healthy desire to be competitive and a strong determination to remain solid. And we never want to lose sight of the fact that the best path must be guided by the good of our customers and our employees," Lovaglio emphasized.
MPS, Lovaglio reassures: "There's consensus on the board of directors."
Speaking to journalists on the sidelines of the event. Lovaglio denied that there is a rift in the new board of directors born after the governance clash that led to his confirmation at the helm of MPS. To those who asked him if there is harmony in the board of directors and pointed out the conflicts that had emerged during the new board's initial phase of activity, the manager responded: "You ask me if there was or is (concord, ed.) and I tell you there is." In short, the conflicts of the past are behind us, was the message sent by Lovaglio.
The Siena-based bank's new board of directors comprises a majority of eight members representing the PLT Holding slate led by the CEO himself and Chairman Cesare Bisone, who surprisingly prevailed at the meeting on April 15th. The remaining six members are from the former board's slate, plus a director representing Assogestioni's asset managers. The first two inaugural meetings, with the appointments to the board committees, were marked by strong disagreements, leading the director Fabrizio Palermo, close to Francesco Gaetano Caltagirone and CEO candidate of the previous board of directors, to resign. He had previously also resigned Charles Vivaldi, another director on the board list, declared lapsed as he was also a member of the board of directors of Banca Mediolanum.
Lovaglio: MPS and Mediobanca "are accelerating their integration"
The MPS-Mediobanca merger “is a great opportunity "This opens up new horizons and spaces for everyone. And I'm confident it will be a successful integration, and we're once again accelerating this project," Lovaglio explained from the stage at the Uilca congress.
The project with Mediobanca, he recalled, "had as its main aim to bring together high-level consultancy revenues and the immense capacity of our sales network to speak with SMEs, companies and families under the same roof." "In addition to - he noted - having 500 million euros from Generali Insurance which are the profit of an average bank."
Execution of the plan is essential, Lovaglio further explained when asked about the new risks in the international landscape. "The ability to execute is important: you run to get there before it rains," he said. According to the Siena-based bank's head, a plan must be able to address unexpected events, and "larger scale helps you cushion and diversify revenue sources." Regarding the billion euros in planned investments, Lovaglio emphasizes that how the resources will be spent is more important than the amount.
