From next September 19 it will be Francesco Mele il new CEO of Cdp Equity, the investment holding company wholly owned by Cassa Depositi e Prestiti. He was designated by the Cdp board chaired by Giovanni Gorno Tempini and led by Dario Scannapieco. Apples comes from Illimity Bank, the bank founded by Corrado Passera which after the announcement slipped on the Stock Exchange with -6,73%.
In the new role he will replace Pierpaolo DiStefano, chief investment officer of Cdp and managing director of Cdp Equity and Cdp Industria. The historic banker is leaving the group at a delicate moment, with many dossiers on the table and some very important ones, such as the very difficult one of the Single network. "We continue to work on the single network, as envisaged in the preliminary contract, but it is a complex operation, which required longer times because, beyond the evaluations, it imposes technical choices to integrate two different networks" - these are the words of the almost former CEO of Cdp Equity, owner of 60% of Open Fiber -. I take a step back, but I will follow the dossier with a different role, perhaps as an external advisor"
Francesco Mele: who is the new CEO of Cdp Equity
A Bocconi economist, his career took him from the very beginning to the City where he held crucial roles in M&A and corporate finance first in Banca Commerciale Italiana and then for 14 years in Goldman Sachs, where he became managing director with responsibility for the Italian market. In 2001 Francesco Mele he leaves London and returns to Italy, continuing his experience with Goldman Sachs and starting from 2010 with Nomura, assuming the role of top manager in investment banking activities.
In 2016 he entered the most delicate phase as chief financial officer (CFO). Mps Bank: here he plays a key role in the bank's recapitalization operation and in the largest securitization of non-performing loans ever carried out in the world.
In April 2018, having completed the main extraordinary transactions related to the MPS Restructuring Plan, he joined the SPAXS project as CFO and head of all central functions of the new bank. In illimity he brings his gentle rigor approach to governing the numbers and people who work in the bank that he wants to go beyond.
Illimity slips on the Stock Exchange after the exit of Mele and the accounts
The bank founded by Corrado Passera, as we said, lost 6,5% after the presentation of the half-yearly accounts. The exit of the CFO Francesco Mele, who has worked side by side with Passera in recent years, and who is now moving to Cdp Equity as managing director, also weighs on investor sentiment. The Cdp subsidiary has the most important dossiers in hand, first of all the one on the single network with Tim. “We are sad to lose him in the team he will lead in the coming years Illimity to new goals”, commented Passera. Instead of Apples the board of directors of Illimity immediately appointed Silvia Benzi as CFO.
Illimity's accounts in the first half year
Illimity has registered a net profit of 15,8 million in the second quarter of 2022 (+6% y/y), for a total of 31,5 million euros in the first half, an increase of 15% compared to the same period last year. They also go up revenues at 80,6 million (+13%) in the second quarter, with a cost/income ratio of 60%. The phased-in Cet1 ratio is 16,1% (17,7% pro-forma). Also including the portfolio inherited from Banca Interprovinciale, the stock of gross organic doubtful loans rises to approximately 45,9 million euro, corresponding to a ratio between gross organic doubtful loans and total gross organic loans of 2,2%, slightly down on to the previous quarter.
