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Montepaschi’s final destination will be fulfilled on January 19, 2021, 549 years after the bank was founded. It will be on that board where it will be established how to find the 2-2.5 billion assets that are missing. At this time, the institution has losses of more than a third of its capital. As of March 31, 2021 Mps will be short of capital for 300 million; as of January 1, 2022, for 1,500 million. In short, a dramatic situation, put yesterday in black and white after the approval of the autonomous industrial plan of the CEO Guido Bastianini: it foresees 2,670 layoffs and a benefit for 2023. A plan that has a horizon for 2025 but that in reality will only live a few few moths.
The gift of finding a buyer
In recent weeks, Hacienda will aim to accelerate the combination of MPS with another bank. Only in a merger that will somehow see it fade or dilute, the public shareholder (now it has 64%) will be authorized to pay more money in Mps. Of this it is now necessary to negotiate with DG Comp, including the endowment of an additional 2 billion in tax credit (DTA) provided for in the maneuver.
The alarm of the unions
The focus is always on Unicredit, which in turn is still looking for a new CEO to replace Jean Pierre Mustier. The goal is to have a merger to vote in the spring assemblies. For this reason, the leader of Fabi, Lando Sileoni, spoke of a much more complex party in the first semester and of decisions already taken by the ECB and the EU, calling for new hires that cannot be less than 50% of the dismissals, Especially in a merger you collect layoffs.
The weight of the causes
A big complication in a merger with Mps is legal risks of around 10 billion, more than half of which are related to claims for damages from former shareholders for the Alexandria and Santorini operations. The conviction of former leaders Alessandro Profumo and Fabrizio Viola aggravated the risk situation for the deputies, who allocated another 400 million. Therefore, the Treasury looks for ways to segregate legal risks, with some type of insurance (with Fintecna or Amco) or with a contribution.
Consob fines to Deutsche Bank and Nomura canceled
But yesterday, the Milan Court of Appeal annulled the 2.3 million fines imposed in March 2018 by Consob for Santorini and Alexandria to Deutsche Bank and Nomura, their managers and former MPS executive Gianluca Baldassarri as a sanctioning procedure. it had been released beyond the 180-day limit since Consob acquired the information on Santorini and Alexandria, considered derivatives, in 2015. According to defense sources, the decision could also question the sentences in the first instance. In that case, if the appeal overturns the sentences, and in any case it will take months, the legal risks would be drastically reduced by facilitating MPS’s marriage.
