Two interesting developments are occurring in the Italian banking panorama. On one side, Bper is completing the second phase of voluntary exits, leading a generational turnover strategy with the aim of encouraging new hires to "free up" resources. On the other, Monte dei Paschi di Siena (Mps) is attracting the attention of investors due to its over 1.350 branches distributed across different regions of Italy. This is what he writes Corriere della Sera according to which the hypothesis of a collaboration between Unipol-Bper-Popolare di Sondrio, even if denied, could have various strategic and financial advantages.
Bper: second phase of voluntary exits is coming
According to the newspaper, in recent days the Modena bank and the unions are meeting to sign, by the end of the month, an agreement to complete the second phase of voluntary exits. The aim is to incentivize approximately thousand employees to leave the company in exchange forhiring of 500 young people, thus approaching the overall plan of 1.450 new entries announced in 2022. A year in which 1.100 employees had already left and another 540 last March, against 800 applications submitted. At the end of 2025, however, exits will have to reach 3.300, thus bringing the overall perimeter to 19.400 employees.
The Modena bank benefits from the resources generated by the interest margin, resulting from the rise in rates, allowing it to cover the costs of exits in 2023. This optimization effort includes the sale of assets and the closure of branches, so as to make it more efficient and “ light” from a cost point of view, so as to have resources to use for any extraordinary matches. In 2024, Bper will also face the expiration of the CEO's mandate Piero Luigi Montani, who successfully led integrations of other banks, and before that, the update of the strategic plan. Meanwhile, the focus is also on Ps, with the MEF, a 39,4% shareholder, which could further reduce its stake, paving the way for possible interesting developments for both banks in the next year.
MPS promoted by the ECB
Despite the growing importance of digital banks, the Sienese bank continues to play a significant role in the direct collection and sale of bancassurance and managed savings products, being able to count on several branches in Central and Southern Italy, as well as historical centers in the North. In the context of the prudential assessment, it was learned that the MPS minimum Cet1 ratio requirement fell to 8,56%, well below the 16,7% required by the European Central Bank (ECB) in September. This, together with the placement on the market of 25% of the bank's capital by the Mef for approximately 920 million euros (in the wake of Monte's exclusion from the list of national systemically important banks) strengthened the title of the Rocca Salimbeni bank on the market, which today still trades at a discount to its assets. Yesterday was a day worth remembering: the stock reached the maximum reached in the last year, reaching 3,31 euros, but today it has dropped by more than 4%, even if according to analysts it is a temporary correction that will not jeopardize the good health of the current trend.
Mps: the lead on Bper for the banking risk
The potential suitors of the Rocca Salimbeni bank are always the same. The collaboration between Unipol-Bper-Popolare di Sondrio it would make sense for several reasons: it could offer branches for direct collection in areas not covered by Bper and Sondrio, as well as facilitate the distribution of insurance products and services, despite the expiry of the agreements between MPS and Axa in 2027. In this scenario, yes it would create another banking hub, as hoped for by the Ministry of Economy and Finance (MEF), with total assets of 350 billion between Siena, Modena and Sondrio. Banco Bpm - which has repeatedly said not to evaluate the Sienese dossier - will present the plan on 12 December which will also include the update of the remuneration objectives and the buyback. Meanwhile, the market is factoring in potential tax benefits for MPS, including deferred tax credits (DTA), which could be a positive aspect in the event of mergers and acquisitions. Furthermore, MPS is awaiting the decision of the Court of Appeal of Milan (set for Monday 11 December) which will have to confirm or cancel the condemnation of former managers Alessandro Profumo e Fabrizio Viola after the acquittal of former leaders Giuseppe Mussari and Antonio Vigni in the Supreme Court, which led the bank to downgrade 1,2 billion in risks.
