Mps presents the account to the Treasury shareholder and to the market: an increase of 2.5 billion euros is needed – which is less than the figures circulated in recent weeks – to get back on the bubble. the new 2022-2026 plan that became necessary after the failure of the negotiation with Unicredit for the purchase of the bank, and which therefore eliminates the previous one, actually never approved by Brussels, of December 2020.
–
The extension
On these assumptions, the European Commission should grant the Treasury an extension (we are talking about 12-18 months) to carry out the operation at market conditions – therefore with third party shareholders who subscribe alongside the Treasury which has 64% – and then put back on the market the bank. The guidelines approved yesterday by the board chaired by Patrizia Grieco are however only the first stage of a long process that provides for the OKs of the ECB and DG Competition. And the authorities could ask for an even greater effort from MPS.
–
800 million investments
According to the numbers decided yesterday, the increase of the institute led by Guido Bastianini, to be carried out in 2022, and the assets generated independently in these months, will allow for 800 million investments in information technology, about 1 billion for restructuring and compliance of the ECB indications (stress test and Mrel). The assets will stabilize at 14% in 2024 and at 17.5% at the end of the plan.
–
Voluntary exits planned
It will be a bank focused on families and SMEs and which aims to exploit the opportunities offered by the NRP, with few npls (at 4% as today) and with less and less legal risks related to the Santorini and Alexandria operations, already today at less than 2 billion pre – provisions. Bastianini expects to reach pre-tax profits of 700 million by 2024 thanks to cost savings and new initiatives such as consumer credit. The yield (rote) would rise to about 8.5-9% in 2024 and about 11% in 2026. Voluntary outflows in particular are expected, which will cost the bank 275 million a year. The estimate made by Bastianini a few days ago in Parliament was about 4,000 redundancies, union sources estimate 4,500. In this way, costs should fall below 60% of revenues in 2024.
–
