Mediobanca, the profit touches a billion. Nagel: « With Banca Generali protagonists in savings »

« With over 50% of revenues in Wealth Management and over 210 billion of customers of customers, Mediobanca will become a protagonist of the management of savings, a reference point in the Italian and European financial scene ». To present the nine -month accounts, the CEO Alberto Nagel starts from Project to aggregate Mediobanca with Banca Generali Through a public exchange offer, the plan just presented to become a player in the management of savings. The « we will bring it for the approval by the shareholders to the assembly of 16 June – he added – completing the transformation path of the group into a diversified operator, focused on high growth business and low absorption of capital, excellent for creation of value for stakeholders ». That is to say for private shareholders such as Caltagirone and Delfinbut also for Benetton editionand of course for the whole market that for Mediobanca is worth about 35% of the capital.

The Oops Rivale del Monte dei Paschi

The gaze is also addressed to the Monte dei Paschi which in turn launched an OPS on Piazzetta Cuccia. «With regard to the OPS launched by MPS – writes the bank – it is noted that« on the other hand MPS’s offer on Mediobanca It has numerous risk factors ». In particular, « aggregate reality would have a medium -sized commercial bank profile, with high capital absorption, highly sensitive to the macroeconomic context, without strengthening in any of the segments of activity and remaining unchanged the risks inherent in the MPS budget. In addition, there is an absence of MPS managerial tracks in Wealth Management and Corporate Investment Banking. In a context of derivation of the economic and drop -down climate of rates, a specialized bank will have better performance than a commercial bank.

Almost 3 billion of revenues

In the first 9 months of the Mediobanca exercise registered 2,767.9 million revenues and 993.2 million profits both on the rise of 5%, above the consent of the analysts who spoke 961 million. The contribution of the 13.1% share in generals on the profit is 350 million, in line with respect to last year.
The bank will distribute a deposit on the dividend of 0.56 euros per share with detachment on May 19 and balance in November, for an advance on the dividing equal to 455 million. For the whole exercise, the group estimates a growth in the profit per action of 6/8%; A remuneration of the shareholders who will see the completion of the ongoing buyback plan (385 million already implemented for 71%), a 70% pay out (down payment in dividing in May 2025 and balance in November 2025) and further buyback decisions that will be communicated by the end of the year. The bank continues to generate capital as the CET1al report 15.6%indicates.

The margin of interest

The margin of interest to 1.492 billion resists, at the levels of a year ago, thanks to the contribution of the major volumes of employment of Compass in consumer credit (+910 million). The bank records the strong increase in commissions, climbed AA 819.4 million ( +24.1%), driven by the Wealth Management (413 million, +13.7%) and by Corporate and Investment Banking activity (340 million, +51%), a confirmation, according to Nagel, which the low -absorption model works works.

Wealth

The Wealth Management, which grows at rates higher than those of the system, remains a priority. The total masses climbed by 12 billion to 108 billion with a net collection of 7.2 billion, with 70% intended for managed savings. The Con117 new ingress of consultancy professionals in the nine months have still strengthened the distribution structures. Private and Investment Bancking has collected a billion from extraordinary operations carried out by entrepreneurial customers. All cornerstones of the construction of the new project with Banca Generali.

« With MPS it would be born an undifferentiated bank »

Then, the considerations that Mediobanca makes on the Opes of Monte dei Paschi: «The aggregate reality would have a medium -sized commercial bank profile (useful aggregates: 63% from retail and SMEs, 14% by WM, 12% from CIB), to high absorption of capital, highly sensitive to the macroeconomic context, without strengthening in any of the segments of activity and remaining unchanged in the risks MPS budget ». Its capital model is more intense, more dependence on the economic cycle, typical of the commercial banks. «The integration of two realities 20 billion of value on the stock exchange. « If Mps will take more general Mediobanca, it will take a 20 billion risk, a figure that arises from the aggregation on the stock exchange of the capitalizations of Mediobanca and Banca Generali, made by talents, » Nagel said. « The operations that generate value are those of peers because they have strong affinities and synergies – added the CEO – but in the case of MPS there are dissinergia highlights, even cultural. 70% depend on Wealth Management and Cib, sectors where positioning and talents become a distinctive key. MPS’s OPS would put the operation at risk ».

The advantages of the Union with Banca Generali

« The operation would grow insurance generals with a stronger industrial partner and to Banca Generali allows you to become bigger, added Nagel. At the Assembly of 16 Gugno which will have to give the go -ahead of OPS on Banca Generali « Our shareholders will have two options and which lead to different assessments: they will be able to invest in an Italian and European leader or be part of a medium -sized commercial group. An investor should be clear the bank profile that you want to create ».