Banco Bpm approves the 2019 financial statements and confirms the top management, with Massimo Tononi as president and Giuseppe Castagna proposed to be confirmed as CEO. This was decided by the ordinary and extraordinary shareholders' meeting, held for obvious reasons entirely via the web (with the participation of approximately 1.000 shareholders, representing almost 38% of the share capital, via ComputerShare). The bank had closed last year with a net profit of 942,5 million, but as happened to all institutions had to suspend the distribution of the dividend, to comply with the request to that effect by the Supervisory Authority.
However, CEO Castagna made it clear that "after 1 October 2020, or following a possible new communication from the ECB and, in any case, after having ascertained that the uncertainties caused by the Covid-19 emergency have disappeared, the board will assess whether the conditions exist to proceed with the distributionof the reserve. In the meantime, by suspending the distribution of the dividend, the Lombard-Venetian bank ensures a capital improvement: "The amount of dividends relating to the 2019 financial year will no longer be deducted from the CET 1 capital for prudential purposes, with a positive effect of around 20 basis points on the 'CET 1 ratio'”, said Castagna.
Stay naturally open the chapter of aggregations, especially if the Ops launched by Intesa Sanpaolo on Ubi goes through and in this regard Castagna has kept all the doors open, which will have to be re-examined after the end of the health emergency and in the light of a new economic scenario that promises for the coming months and years a deep recession of the Italian economy but in which a special role will have to be played by the banks particularly linked to the territories.
Meanwhile the assembly renewed the board of directors composed of Massimo Tononi (appointed chairman), Giuseppe Castagna (proposed for reappointment as CEO), Mauro Paoloni (vice chairman), Marina Mantelli, Maurizio Comoli, Luigia Tauro, Carlo Frascarolo, Costanza Torricelli, Eugenio Rossetti, Giulio Pedrollo , Manuela Soffientini, Mario Anolli, Alberto Manenti, Nadine Faruque, Giovanna Zanotti. The following members of the board of statutory auditors were also appointed: Marcello Priori (chairman), Maurizio Lauri, Nadia Valenti, Maria Luisa Mosconi, Alfonso Sonato.
