"No, there is no automatic effect between the two phenomena or the two situations, one linked to Generali and the other to Mediobanca“. This was stated by the managing director of Piazzetta Cuccia, Alberto Nagel, during the conference call on the results of the first quarter of 2012-2013, responding to an analyst who asked whether the Bank would be obliged to make a capital increase in the event that Generali had to do it.
Furthermore, “we will a review of our business portfolio and I think we'll finish in a few quarters, because there are some key events to evaluate. I think that by the middle of next year the review will be finished – continued Nagel. – What has been happening on the market since 2008, with the increase in the cost of funding, new regulation and market volatility are factors that all banks must take into consideration when reviewing their business model”, he explained Nagel.
Meanwhile, one hour after the opening of trading in Piazza Affari, the Institute's shares are down by 0,9%. The session had started in positive territory after the good quarterly released saturday lasted after closed markets. In the following minutes, however, the rain of sales on the entire banking sector also dragged Piazzetta Cuccia into the red.
Mediobanca closed the first three months of the 2012-2013 financial year with a net profit of 109 million euro, almost doubled on an annual basis (+91,9%). The figure is higher than analysts' estimates, which stood at around 85 million.
