The shareholders' meeting falls on a complicated day Unicredit, albeit corroborated by the good performance of bank stocks on the Stock Exchange. But it was above all the title that supported the sector Bpm bank, the very bank on which Unicredit had set its sights, but which tonight was targeted with a soft move by Agricultural Credit.
Nothing emerged in this regard in the press release of the institute in Piazza Gae Aulenti after the meeting which, however, will now have to think about how to move in the Italian banking risk, while at this point it could become even more difficult to say no to the Government regarding the acquisition of Ps.
Then the Russian question remains open. Just in recent days, answering some questions from shareholders in view of today's meeting, Unicredit had said that "it is not possible to draw conclusions overnight", but the institute "is completing an urgent impact assessment on the bank, of the implications and consequences".
Unicredit is in a solid position and ready to face challenges
“Today I am pleased to report that the bank is in a strong position and has recorded four consecutive quarters of strong growth. The group is ready to face the challenges facing the entire banking sector to rebuild the post-pandemic and, I hope soon, the post-conflict” between Russia and Ukraine.
In this way the president of Unicredit Pier Carlo Padoan today he addressed the shareholders' meeting, which met today on an ordinary and extraordinary basis.
Approved 2021 financial statements and allocation of profits, dividend at 0,5380 euros
The assembly then approved the 2021 budget that the board of directors had approved last January with a Net income equal to 10.366 million euros for UniCredit SpA and 1.540 million euros at consolidated level.
As regards the allocation of the profit, the Shareholders' Meeting resolved to distribute to the shareholders a dividend equal to 0,5380 euro per share, for a maximum amount of 1,17 billion euro, 4 million in favor of UniCredit Foundation for social, charitable and cultural purposes, 65 million out of 65 million for the reserve connected to the Incentive System in the medium term for personnel and the rest to the Statutory Reserve.
“2021 was the year in which we started to unlock the potential of UniCredit” Padoan said again, “which I am sure will be very significant, and I am confident that even in these difficult circumstances our leadership team will continue to drive forward the strategic plan that we presented in December and to aim even higher.
Credit Agricole disrupts the Italian banking risk
The entire banking sector on the stock market today saw an excellent performance, supported above all by Banco Bpm which saw a 10% leap up to a maximum of 3,19 and then repositioned itself close to 3 euros. Yesterday in the evening Credit Agricole announced that it had acquired 9,18% of the capital of the institute led by Joseph Chestnut, also most likely taking advantage of the correction – towards 2,73 euros – in quotations linked to the war in Ukraine.
Credit Agricole's move on Banco Bpm gives a new jolt to banking risk in Italy even if it does not appear hostile, given the statements accompanying the operation: "This operation bears witness to Crédit Agricole's strong appreciation for the intrinsic qualities of Banco Bpm” commented the CEO of Banco Bpm, Giuseppe Castagna.
It remains to be seen what the reaction of Unicredit will be, which in recent months had examined the option of an offer on Banco Bpm. Some observers say that now Unicredit could at most move with a hostile takeover bid on Bpm, but at this point it would do so at a higher price and therefore appears unrealistic.
While at this point it will be more difficult for Piazza Gae Aulenti to say no to the government for an acquisition of Mps.
The French group, which has not yet asked for authorization to raise more than 10% of the Piazza Meda bank, could at this point stand still waiting to see the reaction of politics and the stock, as well as the general situation of the economy, with the impact of rising interest rates and slowing growth.
