Corre the stock on the Unicredit Stock Exchange, which gained 2,5% in the mid-morning, to 2,234 euros, achieving one of the largest increases in the Ftse Mib. The purchases of the bank's shares are fueled by the prospect of some extraordinary transactions: the sale of the Polish Bank Pekao, which has been talked about for some time on the market, and the hypothesis of a maxi plan to reduce non-performing loans.
According to Il Sole 24 Ore, the top management of Unicredit are evaluating the possibility of selling as much as 20 billion in non-performing loans, almost half of the 41 that weighed on the bank's accounts at the end of June (with a coverage of 60%, recall the ICPBI analysts).
The Bank would stay looking for a strategic partner to perform the operation, which it would still use state guarantees for securitization vehicles, along the lines of the issue made by Popolare di Bari, for around 500 million euros.
On the other hand, underlines the newspaper, an operation guaranteed by the State it is not easy to organize: the investor is usually identified at the end, when the portfolio has been analyzed and after the servicer has been chosen, thanks to which the rating agencies give an "investment grade" rating to the issue.
Jean Pierre Mustier, number one at Unicredit, could announce the maxi sale of non-performing loans in November, when the business plan will be presented.
As for the subsidiary Bank pecao, the negotiations for the sale continue and to date the most probable buyer remains the insurance company Pzu.
Meanwhile, the market is also riding the indiscretion of Il Messaggero according to which Unicredit is negotiating for create a hub of managed savings merging the subsidiary Pioneer with that of the Intesa Sanpaolo group, Eurizon.
According to ICPBI analysts, the industrial combination between Pioneer and Eurizon could follow the operation that gave life to Amundi in France in 2010, born from the joint-venture between Credit Agricole and Société Générale. This would create a company controlled equally by the two Italian banks. “However, Intesa's strategic interest in an operation of this type remains to be verified,” commented the analysts.
Banca Akros, on the other hand, expresses doubts about the position of the Antitrust, since the operation would unify the two largest asset management companies in Italy. Certainly, say the experts, “Unicredit is considering more options for the future of Pioneer, including a listing on the Stock Exchange. A merger with Eurizon would make sense, even if some knots need to be resolved”.
Both Banca Akros and Icpbi confirm the judgment "Buy" on Unicredit shares.
