There is the list of Ps for MediobancaThe board of directors of the Siena institute met on Thursday afternoon to approve the eleven candidates which will form the new board of Piazzetta Cuccia: a list that will be made official on Friday, the deadline for submitting lists.
MPS: List for Mediobanca Arrives
The meeting, which continued until the evening, was preceded by that of the nomination committee who, assisted by head hunter Korn Ferry, developed his proposal by sorting out the pink quote, adequacy and complementarity of the professional skills, liking of the members and management of Monte dei Paschi.
List for Mediobanca: Grilli and d'Eril are the candidates at the helm
The list will open with the names of Victor Grilli e Alessandro Melzi d'Eril, be the first to nominate presidenza, the second in charge of CEO. Grilli, former Treasury Minister in the government of Mario Monti, will be able to make his weight felt as an investment banker, honed in the management of the European activities of JP Morgan. Melzi d'Eril brings solid managerial expertise, gained in Hourglass and Soul Holding, of which he has been CEO for years, with a focus on asset and wealth management.
There should be with them Sandro Panizza, the only councilor not to resign at the meeting 28 October in which the board of directors will be renewed, while he might not run again Sabrina Pucci, the other Delfin representative on the current board.
Mediobanca: the new board
The new board will be responsible for defining the responsibilities of the top management, while MPS awaits decisions on how to integrate the two banks' businesses—from asset and wealth management to investment banking, from private banking to consumer credit—and on the possible delisting and merger of the two institutions.
MPS: What Lovaglio said
“Diversity is the true strength of this combination, two historic brands with strong and recognizable identities that will be enhanced and developed while preserving their unique positioning,” reiterated the CEO of MPS, Louis Lovaglio, to the podcast What money doesn't tell youMPS and Piazzetta Cuccia "will continue to represent excellence, each in their own field, but with a shared vision," thanks also to "an extraordinary wealth of talent who deserve stimulating career paths and growth opportunities," the banker added.
MPS will thus be "ready" for a "leading role" in the new phase of consolidation awaiting the Italian banking system. "Size is no longer an option, but a necessity to remain competitive," "innovate," "face economic cycles with solidity," and also embark on cross-border operations. "That's why" the wedding is "a real game changer, a key step for the next phase of growth of the Italian and European banking sector,” Lovaglio continues.
MPS, DBRS raises its rating
Meanwhile Dbrs ha long-term rating raised MPS upgraded its long-term senior debt, short-term debt, and subordinated bonds to BBB (low), also improving its credit rating and assigning a "positive" trend to its creditworthiness. The Mediobanca acquisition contributed to this upgrade, which is "positive" for Monte dei Paschi, given the "strength of the franchise" and the "solid balance sheet" of Piazzetta Cuccia. The combination, the rating agency states, will create a "larger and more diversified group, supported by strong brands," for whose success "effective management" of the integration will be "fundamental."
