The file is on the table. Claudio Sposito, at the helm of the Clessidra fund, is evaluating what to do. A courageous decision to embark on the vicissitudes of the Bpm. Even for an experienced manager like him. The Stock Exchange believes it: Bpm flies up by 3,54% to 1,63 euros after having snatched up by almost 5%. But it is not easy for a private equity firm to enter a muddy situation like that of Piazza Meda. Too many variables that make a market man turn up his nose. And that also made Matteo Arpe pull the brakes, who has already seen difficult situations having to turn the Banca di Roma upside down. That he said: "Until the conditioning of certain subjects is removed, the rational conditions for any investment are lacking".
The crux of the problem, which has long been a cross of the Lombard institute, is to remove the bank from the influence of a part of the partners/shareholders, no more than 4% of the capital, which with a game of alliances allows the internal union representatives to control the operating machine of the institute, rewarding or punishing on the basis of "loyalty" to the trade union lists. And even if the new dual governance, which aims to separate ownership from management, was approved by the board of directors on Tuesday, there is a lot of confusion in Piazza Meda. Indeed very much. The internal trade unions, which are carrying on with their castle to defend power in the bank and which already have an appointment plan ready for the lists for renewal of the board of directors, are now also in collision with their national secretariats. The situation exploded violently after an internal document from 2010 emerged in recent days which seals in black and white the existence of a mechanism which effectively places any career advancement in the hands of the internal unions, gathered in the Amici della Bpm association within the bank effectively surpassing the powers of the board of directors, general manager and personnel director.
The Bank of Italy, which has the go-ahead for the new governance, has already opened a targeted investigation. But even if the internal trade unions have already been commissioned, the game on the lists will be played in the meeting of 22 October. Here the current leaders of the Amici Association, which represents the employee members and is an expression of the outgoing internal unions, will present the majority list. It is thus possible that after the inspection, the Bank of Italy may decide to freeze the right to vote for the Amici in the assembly. The games for the appointment of the structure of the steering body thus remain open, poised between Ponzellini's departure from the scene, the landing of Carlo Salvatori and the possible entry into the scene of Sposito. Especially since a rift also broke out on the board of directors with the historic French shareholders of Crédit Mutuel, opposed to the marriage between Banca Legnano and Cassa di Alessandria, complete with a squabble between Jean Jacques Tamburini of Crediti Mutuel and Ponzellini and abandonment of the board by of the French representative.
As in any self-respecting banking parable these days, there is no shortage of golden exits here too. It seems that Ponzellini has agreed on a rich settlement with the front of the "Amici della Bpm", against the role of lightning rod for the disputes of the Bank of Italy's Supervisory Authority. Investors, and savers, would be happy with a denial.
