Times are tightening on the fate of Monte dei Paschi, which announces the closure of fifty branches, especially in the Center-North, while Unicredit’s due diligence is formally underway. Nothing has been officially resolved yet. The group led by Andrea Orcel is evaluating whether and what to acquire from the bank founded in Siena in 1472. But the operation will take place and will involve a large part of the assets of Mps, once the latter is cleared of non-performing loans (beyond 4 billion), recapitalized (the Bloomberg agency spoke of three billion compared to the 2.5 billion envisaged by Monte’s industrial plan) and lightened (an estimated 6-7 thousand redundancies). It is only necessary to manage the times for communication, to the citizens rather than to the market.
The dossier on Rocca Salimbeni, perpetually hot, is in fact even more so while the electoral round of 3-4 October looms, of which Siena is a strategic hub. Given that, the secretary of the Democratic Party, Enrico Letta, contributes to the supplementary for the seat in the Chamber left vacant by Pier Carlo Padoan to become president of Unicredit. A delicate appointment therefore also for the balance of the Draghi government. It is therefore better to wait for the polls to close before announcing the “game over” for Monte Paschi.
Behind the scenes, however, the works are proceeding and also quite quickly, as demonstrated by the communication sent yesterday by the Tuscan bank to the trade union representatives to announce “rationalization interventions on the network of branches of Banca Mps”, precisely with the forecast of the closure of fifty branches . The letter speaks of the “release of about 70 resources that will be used consistently within the commercial network”. The provision, reads the letter from Rocca Salimbeni, takes place “in compliance with the constraints under the 2017-2021 restructuring plan approved by the European Commission”.
Certainly no disruptive effect, considering that the Rocca employs more than 21,000 people in around 1,400 branches. However, the timing does not escape. Siena accelerates the major cleaning, just as Unicredit is expected to formalize to the Treasury (the first shareholder of Rocca Salimbeni 64% of the capital) the perimeter of its interest which should include, in addition to the commercial network (we are talking about 1,100 branches), also Widiba (but it does not appear, at least for now, Mps Leasing, Capital Services and the IT Center).
In this Orcel was immediately clear with the Mef: the integration of Mps for Unicredit must be neutral in terms of capital and increase in value. However, Mcc should also take the field to take over at least 150 branches, located between Puglia and Sicily, of the branches that remained outside the Unicredit perimeter.
«I do not consider the possible agreement between Unicredit and the Treasury on Mps to be negative, because the alternative to Unicredit today is Apollo, which is a highly speculative fund. And between an Italian bank and a fund, I tend to save 21,000 employees through an Italian bank, ”said Lando Maria Sileoni, leader of the Fabi union. Yesterday in Piazza Affari, Mps closed little move (-0.13%) while Unictredit lost 1.5%.