Mediobanca, Mps and Bpm rally after board renewal. Risk suggestion returns

(Il Sole 24 Ore Radiocor) - The pause in the banking risiko, to elect the boards of directors of Mps and Banco Bpm, now seems to be over even at Piazza Affari, with the market immediately returning to the idea of a "third pole", albeit dampened by those directly involved, and possible movements in the shareholding structure of the institutions. In the meantime, the rally of the respective stocks continues, with the Banca Monte Paschi Siena (now back to late February levels),Mediobanca (close to the top since last September) and Banco Bpm (at more than two-month highs).

M&A's scenario, of course, has to reckon on the one hand with the turnaround at Rocca Salimbeni, where the Tortora family's list prevailed, bringing Luigi Lovaglio back to the helm of the Siena-based institution, but also with the further rise of Credit Agricole in the capital of Piazza Meda, which presented itself at the shareholders' meeting with a 22.8% share (compared to the 20.1% previously known). In the new board, there will therefore be ten members elected from the list of the outgoing board, while four will refer to the minority list of the French (and one to Assogestioni). Not to mention that in this possible entanglement, with Lovaglio back in the saddle, the delisting of Mediobanca, as per the business plan, appears to be on the home stretch. A move that is not certain not to produce indirect repercussions also on Generali whose 13% is held by Piazzetta Cuccia.

With respect to Bpm, the renewal of ceo Giuseppe Castagna and chairman Massimo Tononi "was expected, given the good relations with the main shareholders and the excellent work done in the previous mandate," summarise Intermonte's analysts, who judge "positive" the fact of having "strong continuity in the management of the bank". With regard to the banking risiko, Equita's analysts add, Castagna explained on the sidelines of the shareholders' meeting that the decision to vote in favour of Plt's list in the Mps shareholders' meeting would have been aimed at guaranteeing continuity at a relational level, with particular reference to Anima, of which the Siena-based institution is the second most important distributor. And on the so-called"third pole" for the ceo of Bpm, at least at the moment, there is no specific project relating to banking consolidation, but from Piazza Meda they will continue to look at possible opportunities. And the market seems to be betting on it.