Unicredit and the pirouettes of Prezzemolino Orcel between Mps and Antonveneta
The tweets of Camilla Conti, financial journalist of the newspaper La Verità , on Orcel and its surroundings
It was Andrea Orcel, when he was still president of the global markets & investment banking division in the London office of Merrill Lynch, the director of the Abn Amro stew who delivered Antonveneta to Banco Santander and then in November 2007 to Monte. Of which a month later, December 2007, Merrill became joint global coordinator of the financing operation linked to the blitz on the Venetian bank.
The former president of MPS, Giuseppe Mussari, negotiated through Orcel with Emilio Botín, the great head of Santander who needed money to acquire the Dutch bank Abn Amro with Royal Bank Scotland and Fortis. So Botin sold in November 2007 to Mussari for 9 billion plus 7 billion in debt that Antonveneta that just four weeks earlier he had bought from Abn Amro for 6.6 billion.
A circumstance which, they say in the salons of finance, must have cemented the bond between Orcel and the Botin family. So much so that in September 2018 Ana Botin, Emilio's daughter who later became president of Santander, publicly promised him the appointment at the helm of the Spanish Bank with an entry bonus that the chronicles of the time say reached the stellar figure of 50 million euros.
The thing seems to have been done, in newspapers all over Europe there are celebratory articles with the profile of what someone went so far as to paint as "the Ronaldo of the bankers". Too bad that the promised bonus is too high even for one of the largest banks in the world and that, despite Botin's announcement, the appointment will never see the light due to the opposition of the board. The case raises such an outcry that Santander's shareholder funds come to ask for the head of the president who at the April 2019 shareholders' meeting is forced to acknowledge the mistake and publicly apologize.
As for Orcel, he unleashes a legal dispute that is still open which materializes in the request for 112 million in compensation from the Iberian bank. Now Orcel is negotiating for Mps. Alongside President Pier Carlo Padoan, former Treasury Minister. Under him the Mef took control of Rocca Salimbeni with the precautionary recapitalization and the institute became the "Monte di Stato". State dealing with Padoan today.
Ps:
The Antoveneta blitz occurred with Mario Draghi, governor of the Bank of Italy. And now Orcel is negotiating with the State for Mps with Mario Draghi as Prime Minister.
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It was Andrea Orcel, when he was still president of the global markets & investment banking division in the London office of Merrill Lynch, the director of the Abn Amro stew who delivered Antonveneta to Banco Santander and then in November 2007 to Monte. Of which one month later, (..)
– Camilla Conti (@petunianelsole) July 29, 2021
(…) Who needed money to acquire the Dutch bank Abn Amro with Royal Bank Scotland and Fortis. So Botin sold in November 2007 to Mussari for 9 billion plus 7 billion in debt that Antonveneta who only four weeks earlier (…)
– Camilla Conti (@petunianelsole) July 29, 2021
(…) Who later became president of Santander, she publicly promised him the appointment at the helm of the Spanish bank with an entry bonus that the news reports of the time say reached the stellar figure of 50 million euros. (…)
– Camilla Conti (@petunianelsole) July 29, 2021
(…) and that, despite Botin's announcement, the appointment will never see the light due to the opposition of the board of directors. The case arouses such a clamor that the Santander shareholder funds come to ask for the head of the president who in the shareholders' meeting of April 2019 (…)
– Camilla Conti (@petunianelsole) July 29, 2021
(…) Now Orcel is negotiating for Mps. Alongside President Pier Carlo Padoan, former Treasury Minister. Under him the Mef took control of Rocca Salimbeni with the precautionary recapitalization and the institute became the "Monte di Stato". State dealing with Padoan today.
– Camilla Conti (@petunianelsole) July 29, 2021
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/economia/unicredit-e-le-piroette-di-prezzemolino-orcel-fra-mps-e-antonveneta/ on Fri, 30 Jul 2021 08:07:28 +0000.