Ubi Banca, who applauds and who does not applaud the Intesa’s Ops

Ubi Banca, who applauds and who does not applaud the Intesa's Ops

How entrepreneurs, managers, analysts and bankers discuss the Ops of Intesa Sanpaolo and Ubi Banca.

"Intesa-Ubi, entrepreneurs in the field Yes from Salini, Cattaneo and Marcegaglia", headlined Il Sole 24 Ore yesterday, with a scream on the front page which underlines the "applause" of managers and entrepreneurs. In fact, on the eve of the Ubi board of directors (expected this week) which must comment on the Ops and one week after the launch of the offer on 6 July, there have been statements of weight pro Intesa.


First of all Pietro Salini, the entrepreneur of the group of the same name who created the national champion Webuild with the Cdp (controlled by Mef and foundations) (of which Intesa Sanpaolo is among the first partners with 5.27%). "An example of the prospective vision and the strengthening and change necessary to face the future, even when the numbers and the solidity of the bank do not make it necessary": this for Salini is the proposal made to Ubi . "They intend to create a European financial pillar in our country, at the service of that industrial recovery and the services we all hope for and also at the modernization and internationalization that is indispensable for Italy to compete" declares Salini recalling that "one of the problems that our Country faces, which makes us weaker as an industrial and financial system and which often finds inexplicable resistance to change, is the size of the company ".


The endorsement of Flavio Cattaneo, partner and vice president of Ntv (of which Intesa Sanpaolo is a shareholder with 19.7%) also came. “The productive fabric of our companies in an historical period of unprecedented health, social and economic emergency needs perspectives based on solid industrial fundamentals and a healthy, strong and competitive financial system. A financial system made up of banks that make entrepreneurs protagonists in the territories and who have the solidity, skills and profitability to put them in a position to grow on international markets. On this front, Intesa Sanpaolo is undoubtedly our national champion, "said Cattaneo, who had previously been head of Terna.


Also from Emma Marcegaglia, of the industrial group of the same name and former president of Eni as well as former president of Confindustria, words of applause for the bank's actions led by the CEO, Carlo Messina, arrived: “As an entrepreneur – stressed Marcegaglia – I think extraordinary value the creation of a European champion with strong territorial roots. I think that our industrial chains can only benefit greatly from having national champions of European relevance who have the strength and ability to follow businesses at 360 degrees both in the daily life and especially in difficult moments like these where strength, courage and the ability to integrate stories like Intesa-Ubi will be decisive for the recovery of our country ".


Not everyone agrees on the goodness of the aggregations. “Aggregations in themselves are neither good nor bad. They are good if they aggregate weak subjects, they are bad if they aggregate good, capitalized subjects. Biodiversity shouldn't be questioned anyway. " This is how Corrado Sforza Fogliani, president of Assopopolari, the association that unites the association of popular banks, expressed himself in the past few days, in hearing at the bicameral commission of inquiry on banks. "Whether they are good or bad – added Sforza Fogliani – aggregations certainly have a negative effect, they reduce competition between banks and greatly decrease the access to credit of small and medium-sized enterprises". “Today – continued the President of Assopopolari – there are entire areas of the national territory, especially in the South, without a competing banking system and, often, without banks at all. In the North, the oligopolistic situation is upon us. From many quarters it is thought that this is the desired result of the unique thought and of international finance ".


Sforza Fogliani did not explicitly refer to Intesa's Ops on Ubi, instead he clearly spoke of the operation launched by the Milanese banking group Fulvio Coltorti, former director of the Mediobanca study area, starting with the words of Salini, Cattaneo and Marcegaglia : “Three great entrepreneurs (I suppose Intesa customers) put your face on it. With some blunders, however: this concentration cannot enhance prey in a social sense, since it suppresses it by eliminating a competitor from the market. The joke of the little one is beautiful that must be rethought if they have to keep it for themselves: it is the (serious) fault of this kind of entrepreneurs if the large private complexes have disappeared in Italy: at a certain level, obviously, we do not understand much anymore of what you do and don't do. In particular, the "healthy" way to grow up is not to buy competitors but to gain market with efficient, innovative and courageous management: the history of Toyota should be studied. And bankers should study how to grow for the benefit of the common good and not that of those who plan to take home high commissions in spite of the national interest, "Coltorti wrote on his Facebook profile.


Even at Sole 24 Ore there are some who are perplexed: “I have some doubts that Intesa Sanpaolo's acquisition of Ubi is a real advantage for the Italian banking system. While I'm sure it's a great competitive advantage for Intesa Sanpaolo itself. This last hour, if there is the green light on Ubi Banca, could leave an ocean of distance between itself and its opponents: therefore Unicredit and BancoBpm. It would become the fourth largest bank in Europe (48 billion), after giants like HSBC 143 billion euros), Bnp Paribas (67 billion), Santander (65 billion). But this greatness would derive only from the presence and the masses managed in Italy. In fact, both Ubi Banca and Intesa Sanpaolo do not have large assets abroad ", wrote the financial journalist of the Sun , Carlo Festa, on his blog The Insider:" I also wonder if the best solution for the Italian banking system would not be perhaps a merger of another type: the one, which had a great industrial sense, between BancoBpm and Ubi Banca itself which would finally create another group of adequate size and at least three banking groups capable of dividing the Italian market. An even merger between Ubi and Bper would have made sense. All questions that at this point, with the operation now launched, could become rhetoric. In any case, the ball is now up to Ubi shareholders who will have to evaluate the adequacy of the offer, "concluded Festa.

This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/economia/ubi-banca-chi-plaude-e-chi-non-plaude-allops-di-intesa/ on Mon, 29 Jun 2020 14:40:46 +0000.