Le actions Banca Mps are on the rise on the stock market. The shares of the Sienese bank mark an increase of 4,79% but have abundantly exceeded 5% in the morning on the basis of the rumors circulated on the Sostegni bis decree which the Draghi government should approve by the end of this week. The number of exchanges was also intense with 4 million shares already changed hands around 10 on Tuesday morning, against an average in the last month of 2,4 million shares in an entire session.
Driving the interest in the title are the further concessions on bank mergers which draw attention to the possible integration between Unicredit and Mps but also on Banco Bpm. The draft of the Sostegni bis decree, being studied by the government which could launch it on Friday, introduces new rules with the aim of strengthening the incentives for aggregations between credit institutions. In detail, the transformation of the Dta (Deferred assets or more simply deferred tax assets) into tax credits for a further six months is envisaged, thus including among the eligible mergers also those approved until 30 June 2022 (currently the deadline is on December 31, 2021).
Furthermore, the limit of convertible DTAs is raised from 2% to 3% of the total assets of the minor subject involved in the merger. What does it mean - concretely - for Mps? “If approved – explains Equita – the standard would provide a further impetus to the consolidation process in the sector, particularly supporting a solution for MPS (which has DTA potentially subject to conversion for 3,8 billion euros), with timescales that however they could be longer than initially assumed”.
According to the calculations of analysts reported by Radiocor, in the event of a marriage between UniCredit and the Rocca Salimbeni institute, for example, "the benefit from the conversion of the DTAs would amount to 3,4 billion (about 1,1 billion more than the applicable law), with an impact on the Cet1 of the new banking conglomerate born from the marriage between the two banks, estimated at around 90 basis points (compared to the previous 60 basis points).
On all this, however, it will be necessary to clarify when the new CEO of Unicredit, Andrea Orcel, will make it clear in which direction the second Italian banking group intends to take.
