“Monte dei Paschi does not sell any branches”, the president of the institute, Giuseppe Mussari categorically denied when asked for a comment on a possible interest, reported by the Financial Times, of some French banks for branches in Veneto.
On the other hand, French banks, which are launching rationalization projects, cost reductions and the sale of risky assets, lack a broad deposit base compared to Italian banks. It is no coincidence that Italy has always attracted the interests of foreign institutions that have already bought a lot in the past (from Bnp Paribas with Bnl to Crédit Agricole with Cariparma). But it is difficult to think that there could now be room for a satisfactory negotiation in terms of price.
Mussari's decisive reply, questioned by reporters on the sidelines of the Confindustria Toscana assembly, then also arrives on the front of the hypothetical merger between Mps and Intesa Sanpaolo: "It is an obvious denial", he said in relation to the denial already made by president of the Cariplo foundation Giuseppe Guzzetti. In fact, press rumors had reported a meeting between the shareholder Foundations of Ca' de Sass which took place to discuss a possible merger with MPS. An idea that would have been proposed by Guzzetti and that would have been implemented only in the event of an emergency for MPS, to guarantee its Italian character and preserve the stability of the world of foundations.
“It was completely made up. That meeting never took place – however Guzzetti replied – Even if we did such an operation, what would the Antitrust do? He would ask us to sell Carifirenze which we overpaid at the time and which we should now liquidate at final prices”. “How could I have proposed such a thing? – he concluded – I should be crazy”. But we know in a stressful situation, where rumors about recapitalization plans for all European banks are bouncing around and where shareholders have already put their hands on the portfolio several times (including the Monte dei Paschi Foundation which has spared no resources so as not to dilute too much in the shareholding structure, it is now around 46%), the market thinks of them all. Meanwhile, the stock today around 16 pm rose by 2,56% (while the Ftse Mib rose by 0,02%).
