Cimbri pushes for MPS and strengthens Unipol's role

(Alliance News) - Carlo Cimbri has defended the public exchange offer launched by Intesa Sanpaolo for Banca Monte dei Paschi di Siena, arguing that the alliance between major Italian groups demonstrates the national financial system's ability to execute market operations valued by investors, capable of strengthening the sector without sacrificing European scale.

As reported by Corriere della Sera on Tuesday, the Unipol chairman emphasized the group's full support for the transaction, highlighting that the shareholder cooperatives have already confirmed their participation in the EUR2.5 billion capital increase linked to the deal.

Upon completion of the integration between BPER Banca and MPS, Unipol, which currently holds a 29.9% stake in BPER, will hold approximately 40% of the new institution.

Cimbri further assured that the merger will be managed without traumatic impacts on personnel and promised shareholders participating in the operation a dividend equivalent to that received by current shareholders, with an estimated distribution between EUR800 million and EUR930 million.

According to the executive, the strategy pursued by Unipol over the last 15 years has been based on building a diversified presence in the banking sector through acquisitions made at attractive valuations or by identifying value where other operators did not see it.

In this context, Cimbri indirectly criticized the proposal put forward by Banco BPM for MPS, describing it as an improvised attempt with limited chances of success.

As part of the transaction, Unipol will acquire a bank and transfer 635 branches to BPER Banca, free from the existing bancassurance agreements between MPS and AXA.

Cimbri explained that the group preferred to strengthen its territorial presence and proximity to customers rather than developing a model based exclusively on the production and distribution of insurance products through third-party networks.

By Antonio Di Giorgio, Alliance News reporter

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