"As Cuccia used to say, the Roman Empire is over”Fabrizio Palenzona said, referring to the famous phrase often attributed to Enrico Cuccia: "If the Roman Empire fell, why shouldn't Mediobanca?", said the bank's founder. Today, that fall became official. This morning the board of directors of Mediobanca, After a four-hour meeting, the board took note of the new shareholder composition, which sees MPS at 62,88% of the now former "good living room" of Italian finance (but membership is open until September 22). The directors, led by CEO Alberto Nagel, have therefore their delegations have been blocked, with the sole exception of Sandro Panizza, representative of Delfin.
The resignation, which the CEO announced in a long letter to employees, will become effective at the meeting convened as per tradition. the 28 October. Meanwhile, the outgoing board of directors will manage ordinary operations for another month, while MPS will look for 15 directors They will be added to the list of candidates the Tuscan bank will submit by October 3rd. The search has been underway for several weeks now and is far from simple. It will require finding a top-notch name with a high international profile, willing to compete with MPS's CEO, Luigi Lovaglio, and its strong shareholders (Mef, Delfin, and Caltagirone), as well as someone capable of reassuring Mediobanca's more than five thousand employees, especially those with the largest portfolios and already being ruthlessly pursued by other institutions.
The Board of Directors' press release
“Having taken note of the outcome of the takeover bid promoted by Monte dei Paschi di Siena on all the shares of Mediobanca and for promote an orderly and timely transition Through the renewal of the administrative body, the directors "have tendered their resignations from their positions, with the exception of Sandro Panizza, effective as of the next meeting," explains the statement released by the institute this afternoon. The meeting, which will be held behind closed doors on October 28th, will appoint the new board of directors, which will serve until 2028, and will also deliberate on the June 30th financial statements, the 2025/2026 remuneration and incentive policies for the group's staff, and the annual performance share plan.
Nagel's farewell to his employees
After thirty-four years within Mediobanca and seventeen years as CEO (but five years earlier, in 2003, he had become general manager), Alberto Nagel bids farewell to Piazzetta Cuccia. In the letter sent to employeesThe manager cites the bank's culture, inherited "from extraordinary bankers like Enrico Cuccia and Vincenzo Maranghi. A culture that sticks with you," he writes.
Looking back at the more recent past, Nagel retraces the institution's history, examines the numbers demonstrating its growth, and refers to changes in shareholder structure. Finally, he reiterates how it would have been Better a marriage in managed savings than an acquisition by a commercial bank and emphasizes how, at a time when there is talk of the delisting of Mediobanca, "listed banks have a much greater chance of growing and generating additional returns" when they have "widespread capital" with a strong presence of "institutional investors."
Looking to the future, Nagel addresses his now former colleagues: “New challenges await you now, I am sure, you will be ready to overcome by staying united and preserving that culture and diversity that make you unique". "Just as I am certain - he continues - that the new ownership of the bank will not be able to ignore the enhance your uncommon professional heritage”. “And remember what Horace wrote – the banker sinks -: 'Graecia capta ferum victorem cepit', referring to how much Greece, conquered by the Romans, influenced a culture that until then had been rather unrefined. “I can never thank you enough for giving me the privilege of working with you”, writes Nagel.
Buyback halted, €1,15 dividend approved
In addition to the step back, the Mediobanca board of directors also resolved "not to proceed with the last tranche of the share buyback and cancellation program included in the strategic plan and announced last July 31,” reads a note from the board.
The board of directors has finally the budget as of June 30th was approved, confirming a profit of 1,3 billion, up 4,5% compared to the previous year. Based on the result achieved, the distribution of a gross unit dividend equal to 1,15 euros per share which, taking into account the advance paid in May (0,56 euros) corresponds to a balance of 0,59 euros per share, which will be paid on November 26.
Top managers continue to sell shares
Meantime Mediobanca's top management continues to sell its shares of Piazzetta Cuccia. According to the latest communications updated Wednesday evening, the CEO Albert Nagel sold another 1.000.000 titles at 21,306 euros each for a total of approximately 21,3 million. President, Renato Pagliaro, sold 100.000 shares at 21,1743 euros for 2,1 million euros while the CEO, Francis Xavier Vinci, sold 400.000 shares at €21,3293 per share, for a total of approximately €8,5 million. Ryan Sinnott, director of Polus Capital Management Limited, also sold 560 shares at €21,30 (just under €12 in proceeds), while Raffaella Maria Robbiani, director of MbCredit Solution, reported a sale of 280 shares at €21,5 (a total of €6).
It is the third consecutive day of sales by top management: calculator in hand, adding up the various operations carried out on September 15th, 16th and 17th, Alberto Nagel has grossed over 44 million(to which will also be added severance pay), Renato Pagliaro approximately 6,5 million and Francesco Saverio Vinci over 18 million euros.
The two banks listed on the stock exchange: MPS saved by the government's regulation on DTAs.
On a crucial day for their future, MPS and Mediobanca are on the rise on the stock exchange, rising respectively by 0,72% (to 8,11 euros) and 0,56% (to 21,38 euros), while the other institutions are moving in no particular order, waiting for news on the hypothesis that the government is proposing a new postponement of the possibility of transforming deferred tax assets (DTA) in tax credits. This is a topic that concerns MPS very closely, considering that Siena is counting on the acquisition of Mediobanca to unlock further debt. 1,3 billion Dta, which would be added to the 1,6 billion already in the budget. However, as reported by mf, the DTAs that the Ministry of Economy and Finance works on should be different from those that Siena will use To increase profits to be distributed to the shareholders of the new banking group. Rocca Salimbeni will exploit deferred taxes on previous losses, i.e., those resulting from a loss on the income statement, while the DTAs being considered by the Government would only be those relating to losses on individual asset items, such as write-downs and losses on loans, goodwill, and intangible assets, and those arising from IFRS 9 and other temporary differences, which a bank can deduct even when it has posted a profit.
