MPS: Cimbri to lead Italy’s second-largest bank, with headquarters in Siena (Sole 24 Ore)
Interview with the chairman of Unipol: “An all-Italian project”
(Il Sole 24 Ore Radiocor) - The aim? “To build a major Italian bank within a large financial conglomerate alongside Unipol”. What will become of Monte dei Paschi di Siena? “It is the oldest bank, renowned throughout the world. For this reason – and not because I like it better than BPER – it will take the lead.” And the headquarters? “It will remain in Siena because Rocca Salimbeni has been a symbol for 500 years; it’s in everyone’s interest to keep it that way.” So says Carlo Cimbri, chairman of Unipol, in an exclusive interview with the editor of *Il Sole 24 Ore*, Fabio Tamburini, in today’s edition of the newspaper, in which the top executive breaks his silence on the industrial project that sees the insurance group partnering with Intesa Sanpaolo, which has launched a public takeover bid for MPS.
Cimbri’s message is clear: “MPS will be the lead bank in the second-largest national banking group, with its headquarters in Siena.” “To begin with,” explains Unipol’s CEO, “we will develop all the synergies between banks and insurance companies. Next, we will build an even larger bank comprising two commercial banks (MPS and BPER, in which Unipol is the main shareholder, ed.) whose strength lies in their very strong local roots. We will be the first point of contact for businesses. An all-Italian project.”
On the subject of employment, Cimbri makes it clear that “there will be no redundancies, but rather a rationalisation programme in line with trade union agreements”, as is standard practice in merger processes, whilst regarding the timetable, “in 2027, MPS will become part of the Unipol Group and 2028 will see the involvement of BPER”.
Among other things, Cimbri also spoke about the partnership with Intesa Sanpaolo: “As well as my personal rapport with CEO Carlo Messina, we are united by shared values, such as working in the country’s best interests”. Finally, on the subject of the passivity rule and MPS’s compliance with it in relation to the dual public offer for Banca Generali and Banco BPM, following Intesa’s submission of comments to Consob: “The authorities are looking into it; the market functions properly if everyone abides by the rules.”
