We missed Moody's. The rating agency today downgraded the rating on Bpm to A2, confirming the stable outlook. On the Stock Exchange, the stock dropped 1,14% in a very volatile day, while the Ftse Mib index rose by 2,56% and the banks defended themselves around parity (Banco Popolare was negative but Unicredit gained 1,31 % and Intesa is above 2%). The cut is not surprising: it comes following the downgrade on Italy, which also affects the banking sector.
But in Piazza Meda for now the problems are quite different. Those who hoped that the adoption of dual governance, the more than persuasive intervention of Bank of Italy and the interest of market players would soon bring the BPM into line, hadn't taken into account that in Piazza Meda everything always gets complicated. For definition. With two days to go before the deadline for the presentation of the lists for the appointment of the new Supervisory Board in the meeting of 22 October, it is chaos.
With a lot of candidacies suddenly denied, lists that double or triple, internal unions commissioned by national unions. Pietro Modiano was called out of the tussle today, who, according to rumors, would have been indicated for an important role by the Amici Association, the association that represents employee shareholders and which is an expression of the Bank's internal unions: "I read of this interest – he says – I take note of it, but this gag opens and closes today. I read that by Saturday the lists will come out and everything will end ".
An appointment that could serve to convince Fisac CGIL to change its mind and support the Friends Association. In fact, the national union, on a collision course with its internal representatives of the Bank, recently excluded its support for the list that will be presented by the Amici Association and which sees Andrea Bonomi as the reference shareholder, the patron of Investindustrial which aims at 10% of the bank. After the publication by some press bodies of a document that brings to light a system of controlled careers, some trade unions of the Bpm have in fact entered into a collision course with their internal representatives, deciding not to support the list of candidates on the proposal by the Amici association, which has always been the majority.
Fisac could thus decide to side with the other acronyms who have declared the break with the internal union front, Fabi and Fiba/Cisl, and who are currently filing the list of their representatives (the focus is on Matteo Arpe, number one of Sator). Uilca will be supporting the Friends Association. The general secretary Massimo Masi has in fact pointed the finger at the behavior of Fabi and Fiba / Cisl which, from his point of view, broke the union front with inevitable repercussions on the whole affair.
"I hope that this episode will not have repercussions on the relations between the acronyms at national level in view of the difficult negotiation on the national contract", he added, then reiterating his support for the Amici della Bpm Association, however asking for precise guarantees in adopting online solutions with the indications of Bank of Italy. And the red card could come from via Nazionale: the Bank of Italy, which in recent days has already expressed its disappointment at the tussle in an interview with the president of BPM Massimo Ponzellini, could decide to freeze everyone's right to vote partner employees. Bpm shares closed up 0,18% today.
