Lovaglio: The government recognises the value of MPS. We unite, we do not divide

The Prime Minister’s remarks Giorgia Meloni, who does not want MPS to be ‘broken up, losing its name and identity’ and wants a ‘sound and competitive’ banking system are ‘important words because they recognise the value of Monte’s integrity, its name and its role in the country’. This is according to the CEO of Mps, Luigi Lovaglio, in an interview with *La Repubblica*. ‘It is a significant recognition of the work of our colleagues who have made this revival possible,’ emphasises Lovaglio. ‘MPS is not just a bank; it is a national institution that brings together history, the local area and the future. The banking system serves a country well when it guarantees credit to households and businesses, competition and savings channelled into the real economy. And over the past year, our lending has grown by 4.6 per cent, compared with 0.5 per cent for the sector as a whole.”

“Our project is different, and it has a strong industrial vision,” says Luigi Lovaglio. “ Intesa splits off MPS, transferring the branches, customers and relationships, whilst ours preserves its integrity and makes Monte the centre of gravity of an Italian-based group that is more competitive and better able to provide credit, with greater strength in asset management, insurance and strategic consultancy. Closer to the real economy, with decision-making centres rooted in local communities. And above all, we guarantee diversity and competition’.

“We have not had any prior contact regarding our initiative with any shareholder, and therefore not even with Delfin,” the CEO of MPS emphasised once again in the interview when asked whether he had received assurances from the bank’s main private shareholder, who, with 17.5 per cent of the share capital, played a decisive role at the general meeting that confirmed him as head of the institution.

“I have read and respect the Minister’s neutral stance” Giorgetti “and I welcome the fact that the concerns of local authorities have been heard. We want to create a project of value for customers, the group’s employees and the country as a whole. It will be up to the market and the shareholders to judge,” Luigi Lovaglio told *La Repubblica* regarding the role of the Mef, which remains a significant shareholder in the Siena-based bank with a 4.8 per cent stake.

“Crédit Agricole is a major group that we know and respect; our proposal offers the chance to become part of a stronger and more valuable institution, whilst also developing opportunities for industrial collaboration – an approach they will readily understand. ‘We’ll see,’ says Lovaglio, responding to a question on how they intend to persuade Crédit Agricole, the main shareholder of Banco BPM with a 29.9 per cent stake, to accept the exchange offer and relinquish control in order to join the MPS group, where Italian shareholders could hold a majority.