It's not a conclusive move but it kicks off a process."Ĭimbri's change of tack could play into Orcel's hands as he weighs up M&A options to spur profits. "I don't think Unipol would open its wallet without strategic reasons behind it. "Unipol's move has certainly opened a new chapter," Rony Hamaui, a professor at Milan's Catholic University and former banking executive, said. With BPER looking elsewhere, Castagna risks succumbing to supporters of a UniCredit takeover inside Banco BPM and among its shareholders, several people close to the matter said. These could include a potential tie-up with Genoa-based Carige (CRGI.MI) and the purchase of some of MPS' assets. With the expansion of his firm's stake in the bank, Cimbri is now more likely to steer BPER towards a tie-up with Popolare di Sondrio, said two banking sources familiar with the matter, as well as pursuing other similar bolt-on deals.
read moreīanco BPM's CEO Giuseppe Castagna, reluctant to be engulfed by a bigger lender, has been working to clinch a merger with smaller peer BPER Banca (EMII.MI).īut talks broke down, several people close to the discussions said, adding Castagna and Carlo Cimbri, the head of BPER's top shareholder Unipol, had never hit it off on a personal level. However a source briefed on the discussions with Treasury officials said new Unicredit Chief Executive Andrea Orcel would only consider a double deal where his bank would take over in stages both MPS and Italy's third biggest lender Banco BPM (BAMI.MI).
The Treasury has long identified UniCredit (CRDI.MI) as the best partner for MPS.
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