Governments should not interfere in banking operations. This is the opinion of Charles Messina, CEO of Intesa Sanpaolo, following Unicredit's moves on CommerzBank and Banco Bpm, both of which were criticized by the German and Italian governments.
Messina on Unicredit-Commerzbank-Banco Bpm
Last week Unicredit announced that having increased its stake in Commerzbank to 28% of the capital through derivative instruments, an intervention that the German government branded as "uncoordinated and unfriendly". A few days earlier, the bank led by Andrea Orcel had Prospectus relating to the voluntary public exchange offer (OPS) filed with Consob 10 billion on all ordinary shares of Banco Bpm, another operation unwelcome to the executive, in this case Italian, which is considering the use of the golden power.
After Andrea Orcel's letter, this time to intervene on the columns of the Financial Times It is the CEO of the first Italian bank who says it clearly, even though he never directly names the operations in question: "It is the shareholders, those who invest in companies, who determine their future". Governments, for their part, "they can't choose based on their liking, should intervene only in cases where financial stability is at stake,” Messina stressed.
Speaking specifically about Unicredit, the banker added: "it is clear that today we are in a phase in which the political consensus is built by defending national borders in certain sectors, but Unicredit already owns a large German bank (HVB, ed.)”.
Messina: Italy and the Third Pole
In the interview with the FT, the banker also talks about the possible birth of the third pole. In Italy, Messina claims, "a third big player will emerge, however, because the market will look for it.”
“We welcome increased consolidation and competition in the Italian banking sector as this is essential to ensure solid investments in cybersecurity and technology, which contribute to the strength of the Italian economy.”
As for Intesa Sanpaolo, which in 2020 acquired Where's Banca, Messina explains that the operation took place “respecting the positions of the various authorities and receiving the full consensus of the market”.
