Spotlights on Banca Popolare di Milano, which in the late morning gained almost 1,5% in Piazza Affari, signaling itself as the most brilliant stock on the Italian list.
The upward trend of Bpm shares reflects the optimism shown by CEO Giuseppe Castagna regarding the capital increase: "The road show is going very well, there is a lot of interest". The managing director of the Milanese institute said he was confident that the increase will be fully subscribed and that there will be no unopted.
As regards governance, the changes are expected to be approved by the assembly in April, but will enter into force only in 2016-17 (supervisory board from 19 to 15 members with an increase in institutional investor representatives from 2 to 4 and from 5 to 7 of the members of the management board).
This move, according to Equita analysts, could lead "Raffaele Mincione, who has 7%, to leave the shareholding since for another two years he would not get any representative on the Board of Directors", making, in any case, "less probable - according to Intermonte – a subscription of the increase beyond the pertinent share, as stated in the past by Mincione himself”.
