I credit unions take sides "without ifs and buts in favor of the merger" between Banca Popolare di Milano and Banco Popolare, the first merger between Popolari after the reform, which the international markets are also watching with great attention. A unanimous decision that leaves no uncertainty about the case was the one reaffirmed during the press conference held by the general secretaries of Fisac Cgil, Fabi, First Cisl, Uilca, Unisin and Sinfub.
"In the midst of a financial and banking storm that generates uncertainty and concern, we are facing the first industrial policy operation that is useful for the country, for the banking system and for the workers," stated peremptorily Agostino Megale of Fisac.
According to trade union organizations, the merger between the two Popolari is the only way to ensure the "stability of workers, customers and the bank" but also “the stability of the banking sector, in a very delicate period because there are problems with the Veneto banks, the four good banks and Mps” added Lando Sileoni of Fabi.
At the same time it should be noted that the requests to participate in the meeting of Popolare di Milano called to give the go-ahead for the merger with Banco, called for Saturday 15 October, exceeded 11 thousand. In detail, according to what was stated by the union representatives at the press conference “90% of the employees collected their ticket and the expectation is that “90% of them will participate in the meeting. The participation of the workers will be massive”. A turnout that, in theory, would predict a victory for the Yes vote in the assembly.
There is another reason that has prompted the unions to take sides in favor of marrying Bpm and Banca Popolare. According to them, the union between the two institutes represents "the last chance to manage the consequences of the reform of the popular banks, instead of handing oneself over to the big international funds". An emphasis addressed above all to the retired members of Bpm, who have always been critical of the merger who, according to what the associations affirmed, "have the responsibility to vote not only for the future of their bank but for the entire Italian banking system".
The victory of the No would put Bpm in serious difficulty, which should "in any case become a joint stock company and will be contestable and scalable", continued the general secretaries of the banking unions, speaking of a possible interest by American funds which could cause damage primarily to workers. The retired members were therefore accused of being "irresponsible and playing with the skin of others".
The Bpm meeting on Saturday therefore promises to be fiery. However, the declarations of trade unionists have attracted the attention of investors in Piazza Affari who seem to be optimistic about the outcome of the merger. Banco Popolare is currently putting in place the best performance among the blue chips of the Ftse Mib, gaining 6,23% to 2,522 euros. The BPM stock also did very well, rising by 1,84% to 0,4217 euros.
