Banks hold back in Piazza Affari, conditioned by the recovery of the coronavirus in Korea. The influenced banking index is affected, also by the setback on theIntesa-Ubi operation. On the other hand, Mps is moving against the trend, which instead runs up by 4% in Milan (2,11 euros) and reaches a new high since September 2018.
Pushing the share and the purchases of operators is the succession to CEO Marco Morelli, expiring with the approval of the 2019 accounts, who has announced that he does not want to continue with a second position at the helm of the Sienese bank.
The other appointment, closer in timeline, to keep interest in the stock alive is the go-ahead from the European Central Bank on the maxi transfer transaction of 9,2 billion gross non-performing loans to Amco (Asset management Company) equal to 4 net billions. Transaction announced by the group and subjected to supervisory scrutiny. The expectation is that next week the informal ok will arrive for the operation which could take place through a special Newco capitalized by MPS for 1 billion. The price should instead hover around 29-30 percent of the nominal - according to press rumors.
Morelli's exit from Mps is seen with some apprehension by analysts. Equita Sim evaluates it negatively because the confirmation of the CEO "would have guaranteed a lower execution risk to the bank's recovery plan". Many names circulate for the succession. Among these is that of the current CEO of Amco, Marina Natale and the former Carige commissioner Fabio Innocenzi just as it does not seem to be excluded an internal succession or recourse to the former Cdp manager Fabio Gallia. Once the transaction on non-performing loans has been defined, the focus for Mps will be on the reorganization of governance while an acceleration of consolidation on the banking market is underway after the risk triggered by Intesa-Ubi.
