Both the main players in the banking risk game are rising this morning at the opening Business Square: Mps and MediobancaYesterday the Board of Directors of Rocca Salimbeni chaired by Nicholas Maione he moved on the chessboard: Mediobanca will be incorporated with a merger by incorporation and will abandon its listing on the Milan Stock Exchange. Ps shortly after the opening of trading, the share price was 8,72 euros, up 3,42%, while Mediobanca is at 19,53 euros with a jump of 7,63%.
The project foresees that the organisers' activities of corporate and investment banking and private banking serving high-end clients will be transferredin an unlisted company 100% owned by Banca MPS which will keep the name of'Mediobanca spa'.
It should be noted that the Siena board of directors also decided that under the new Mediobanca spa “will also be included participation in Assicurazioni Generali”: which will thus be subject to the direction and control of Siena and the Sienese, but directly managed by the management that took office four months ago in Piazzetta Cuccia, with Alessandro Melzi d'Eril as CEO and Vittorio Grilli as president. According to some analysts, this suggests a compromise between the initial requests of the CEO Luigi Lovaglio and those of the shareholders Caltagirone and Delfin, also significant shareholders in the Lion of Trieste (where Mediobanca has a 13%),
A decision at the end in line with the choices indicated in the ops launched 13 months ago, when Rocca Salimbeni went on the attack on Piazzetta Cuccia, and the MPS management committed to obtaining 700 million euros of merger synergies, equally divided between higher revenues and lower costs, even if in the meantime several alternative scenarios had emerged, born from the frictions between the CEO Luigi Lovaglio and a part of the board of directors, as well as with the shareholder Francesco Gaetano Caltagirone, owner of 11,5% of Monte. 26 February The board of directors of the Siena-based parent company will meet to approve the integration plan.
"The group's new structure is aimed at achieving strategic and profitability objectives and fully realizing industrial synergies to maximize value creation," explains MPS, emphasizing that Mediobanca is "a highly valuable brand with a unique set of expertise and a reputation for excellence in advisory services to businesses and individuals." "This configuration," the statement continues, "is designed to leverage Mediobanca's distinctive expertise and professional resources within a specialized operating model."
