Moody's effect on banks again. Bpm collapses in view of the summit with Bank of Italy

Bpm collapses by 4,60% while the Ftse Mib is down by 2%. However, all the banks are sinking (-5% the sector index at Piazza Affari) under Moody's sting on Portugal which has triggered speculation. In Piazza Meda are added the uncertainties about the future of the bank. The spotlights are on the meeting on Thursday 14 July between the president Massimo Ponzellini (with the general manager Enzo Chiesa) and the deputy general manager of the Bank of Italy Anna Maria Tarantola. Bpm will bring the guidelines of the industrial plan to the Bank of Italy, said Ponzellini, explaining that “next week we will go to the Bank of Italy and we will certainly bring the guidelines, we will then present the plan to the Board of Directors. We have an open dialogue with the Bank of Italy - added Ponzellini arriving at the executive committee of ABI - which is very constructive and which helps us a lot”. In recent months, a supervisory inspection had led to the request for some changes including the increase of proxies from 3 to 5. In the extraordinary meeting that approved the capital increase from 1,2 thousand, the Bpm shareholders (led by the Amici della Bpm Association) have however expressed themselves against this indication, creating a break with the indications of Bank of Italy which worries the top management of the bank. In the meantime, yesterday Banca Popolare di Milano and the Cassa di Risparmio di Alessandria Foundation signed the essential points of an agreement which will involve the sale by the Foundation of some assets, including the building currently occupied by CRAlessandria (controlled by Bpm), as well as aspects of governance, for a total outlay of around 48 million.