Mediobanca, profits soar. Nagel presents the plan to Milleri

MILAN – An intense day for Alberto Nagel, number one at Mediobanca, who in the morning presents the nine-month accounts to the market and then explains the Banca Generali operation to Francesco Milleri and Romolo Bardin , the men who lead Delfin. The result is nevertheless very positive judging by the performance of the Piazzetta Cuccia stock which gained 5.4% to 20.4 euros, among trades equal to 1.3% of the capital. Volumes that fuel the suspicion of roundups by still unknown hands.

Mediobanca's first nine months closed with a net profit of 993 million, up 5%. The business model, less exposed than a commercial bank to interest rate trends, allowed the interest margin to fall slightly, to 1.48 billion (down 1.1%) and commissions to rise to 819 million (up 24.1%). In particular, Compass' consumer credit drove the growth in the interest margin, having recorded a 9% increase in the nine months. The bank's equity remained at levels with a Cet 1 ratio of 15.6% after benefits from Basel IV equal to 55 basis points. All this allowed the board of directors to approve an interim dividend of 0.56 euros per share to be paid on May 19 , for a total of 455 million.

Nagel then emphasized with analysts the merger with Banca Generali, announced on Monday 28, and defined as “transformative” because it aims to strengthen the wealth management area (management of high-level assets) and to transform the relationship with Generali from financial to industrial . Unlike his opponent Luigi Lovaglio, CEO of MPS, Nagel sees this operation as an alternative to the one launched by Siena on Mediobanca. They are “two options that according to our professional experience lead to two completely different stories,” said the banker. “On the one hand there is an option that will give life to a leader in wealth management, on the other the creation of a medium-sized commercial banking group.” Therefore, following this reasoning, those who vote in favor of the takeover bid on Banca Generali at the meeting on June 16, should not then hand over Mediobanca shares to the takeover bid of MPS. "As discussed several times with the top management of MPS, I believe that for them the best operation is a combination with commercial banks with the possibility of creating real synergies", added Nagel. While a MPS-Mediobanca union would bring disadvantages, amplified with the arrival of Banca Generali due to the flight of consultants that would occur.

A picture that Nagel also presented to the top management of Delfin, the largest shareholder of Mediobanca with 19.8% , whose vote at the meeting will be very important. Milleri has already expressed a favorable opinion on Banca Generali, but also held firm on MPS, with a view to a three-way integration. The impression is that in order to give a definitive green light, Milleri also wants to have visibility on the destination of that 6.5% of Generali shares that, following the exchange, will return to Trieste. A package that will become decisive for the future control of the company.