Economy

Mps, commitment to brand, staff and territory. But the Treasury continues to sell to Unicredit- Corriere.it

Monte dei Paschi di Siena is the oldest bank in the world, but also the worst European bank. These first two actions of the Sienese Institute will be enough to understand how subtle the political path of negotiation between the Treasury, in the role of seller of a 64% stake in Mps, and Unicredit, formally working for three days to buy the bank that on the basis of capital ratios has achieved the worst result in Europe. However, poor financial rigidity and the fact that the deadline for leaving the state for membership of Parliament is set at December 31, 2021 are two factors that do not influence the political dynamics caused by Unicredit’s announcement of a move towards Mps. Within the majority there is a series of interventions against a possible soup, against any hypothesis of recurrence, against the possibility of discontinuation of the brand, against any kind of condition that can be configured as a ‘gift’ to Unicredit.

treasury moves

An uproar, partly expected, that was not a surprise to either the Palazzo Chigi or the Ministry of Economy, the two places where the dossier was discussed several times by Prime Minister Mario Draghi and Economy Minister Daniele Franco. Not surprisingly, the Via XX Settembre Ministry has already acted on behalf of the government, providing reassurance on three different fronts: protecting as many jobs as possible, and protecting the Mps brand with the relative benefits to the economy of a small business. A city like Siena (indeed, the maintenance of the operational headquarters of the Institute in the city will be facilitated) and, finally, the desire to support the economic fabric of the Sienese region through interventions that, for example, can stimulate the development of such as the pharmaceutical sector, which is already in the region. The goal, in short, is to create the conditions for a no-shock corridor for Siena and the center-left political universe that has always revolved around Monti. In addition to the reassurances, the Treasury’s firm intent remains to go ahead and find an agreement with Unicredit, which is already grappling with number analysis (the data room and due diligence). “By 2021, the process should be closed – a government source confirmed – also because at the moment it is the only solution and no one else has come forward.” Another consideration that was emphasized was the different nature of the file regarding matches of interest to the government and the fate of Ilva, Alitalia and Autostrade. “This time we are dealing with a large bank that has been in difficulties for some time, which despite its promises is still a potential factor of instability in the Italian credit sector,” he notes. The arguments struggling in these hours for better radio exchanges between the League and the Democratic Party, as well as the countless requests for an urgent call for Minister Franco to appear in Parliament and report on the Mps-Unicredit case. A bad context, marked by two factors that will not facilitate the sale of Representatives: the first, the nomination of Siena’s Democratic Secretary Enrico Letta for a deputy seat in the October by-election, and the second. The beginning of the white semester.

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