Unicredit and the resulting passivity rule have been archived, Banco BPM wants to return to the forefront of the banking game. national. And this time as a predator and not as prey. Two projects are under consideration. On the one hand, wedding with Crédit Agricole Italia and a possible agreement with Banque Verte on the Pirelli model aimed at curbing the government's golden power, keeping the jewel Anima out of the deal. On the other hand, a new dossier on Bank of Asti, of which the former Milanese popular bank already holds 9,9% of the capital.
Banco BPM and the Pirelli model for the marriage with Crédit Agricole Italia
Let's start with the biggest deal. Without too much publicity, Banco BPM and Crédit Agricole are reportedly working behind the scenes with their advisors to find an agreement that will not displease either party and that can simultaneously secure the green light from the government. The warning from the Minister of Economy Giancarlo Giorgetti It has indeed reached its destination. A few weeks ago, the head of the Ministry of Economy and Finance had said he had "no political objections" to the operation, adding however: "I have a law that I must enforce. Just as I have enforced it for others, I will enforce it for them. There is a law and it applies to everyone." A reference to the governance of the Bank and above all to Anima, which everyone on the market had clearly understood.
Well, the solution to avoid special powers would have been found. According to The print Piazza Meda and Crédit Agricole would have been inspired by the “Pirelli model” which sees the Chinese company Sinochem as the group's main shareholders, without strategic or operational control. Replicating this approach at Banco, the French would gain nearly 30% of the Milanese bank, while still leaving allthe powers to the CEO Giuseppe Castagna and "contenting themselves" with increasing assets and returns without having a say in governance.
How would the Soul knot be resolved?
Banco Bpm, for its part, would buy from Banque Verte its 76% of Crédit Agricole ItaliaTransaction value: 4,2 billion euros. A sum that Piazza Meda would have to raise. How? Two billion would come from excess capital, another from the transfer to Paris of a 39% stake in the Agos Ducato joint venture. The final billion needed would come from treasury shares. This would therefore leave outside the perimeter of Operation Soul, Banco BPM acquired 90% of the company last winter, and the government considers it a commodity to be protected in the name of "national interests." With governance saved and Anima saved, the Italian government would therefore have nothing left to complain about.
Banco Bpm moves on Banca di Asti
Meanwhile Piazza Meda is also moving on another front: according to MF-Milan Finance, the Bank has presented a recent expression of interest for a share of theto the Savings Bank of Asti, of which he already holds 9,9%. Giuseppe Castagna would in fact like to secure a controlling stake by acquiring a share from Asti Foundation which has been evaluating a merger of its subsidiary with another banking entity for months, to bring the institution into a larger group. The reason is simple: Acri-Mef protocol requires the institution to reduce its share, which would be worth approximately 174 million euros.
Market rumours also speak of a possible interest from the bank led by Giuseppe Castagna in Banco Desio and Banca Popolare di Puglia e Basilicata, which share the distribution of Anima products with Asti.
