Why does Mustier say hello to Unicredit? The versions of Sole 24 Ore, Repubblica and Corriere della Sera
What Sole 24 Ore, Repubblica and Corriere della Sera have written about Mustier's exit from Unicredit
Why does the head of Unicredit, Jean-Pierre Mustier, leave the position of CEO before the deadline?
Here are the versions of Sole 24 Ore , Repubblica and Corriere della Sera .
WHY THERE WAS THE BREAKAGE IN UNICREDIT ON MUSTIER
For Repubblica , the Mps case was the trigger for Mustier's exit from Unicredit: "At the crossroads between an injection of" Italianness ", which could coincide with the acquisition of Mps, and going straight in pursuit of international investors, the board of Unicredit gave its welcome to Jean Pierre Mustier. The impatience to make a move to restore enamel to the group in Italy, where the primacy of Intesa Sanpaolo suffers and in Lombardy it is threatened by Banco Bpm and its possible aggregations, has prevailed over the line of the French company leader who for over two years he repeated "no mergers" at every public meeting ". In short, writes the newspaper directed by Maurizio Molinari, “the pressure of the political system is clear, for the wedding with Montepaschi”.
PAST, PRESENT AND FUTURE OF UNICREDIT ACCORDING TO CORRIERE DELLA SERA
Corriere della Sera recalls : “In February 2017, the maxi capital increase of 13 billion, the largest ever achieved in Italy by a bank, ends. Non-performing loans, ie risk loans ("Npl") for a volume of 17 billion are sold. The sum of the transactions is greater than the Unicredit stock market capitalization. Weeks around the world to convince investors. The French banker succeeds. Then the divestments, from Pioneer sold to Amundi on the gradual exit from Fineco and Mediobanca. Transactions considered necessary to strengthen the bank. The harmony with the board is wide at that moment ".
But also for the newspaper directed by Luciano Fontana, the MPS dossier advocated by the government (so that the Treasury can descend into the capital of Monte as agreed with Brussels) was the casus belli: "Now for Unicredit, phase two began, made possible by work played by Mustier and his team. A bank that has long been a public company, where no shareholder gets to hold double-digit packages. Strength, but also fragility when you have to go through complex moments with waves ten meters high. Then the decision, yesterday, to leave but allowing the right times for an orderly transition. His plan: to build a winning pan-European group, in recent months there had been a gap between him and the council. Unbridgeable. The market also made other choices. Now the dossier is there: will Unicredit join with Mps? ”.
THE DEEPENING OF THE SUN 24 ORE ON MUSTIER AND UNICREDIT
In Il Sole 24 Ore an entire article focuses on other aspects: character and internal relationships. Here is the salient passage of the Confindustrial newspaper directed by Fabio Tamburini: "The great reorganization of late 2016-early 2017 has been completed, which saw the French manager take home the biggest increase ever for a European bank (13 billion) accompanied by a reduction in the corporate perimeter through sales, the next phase struggled to take shape, the new normality made up of ordinary management, practices, relationships between first, second and third lines as well as with customers. When top managers, managers and banks expected that the pressure could finally be eased, management – various voices gathered by Il Sole 24 Ore point out – remained that typical of a crisis phase, marked by a very close monitoring of processes, to a painstaking division of responsibilities within a constantly changing organization chart. With the result of having taken responsibility for a large part of the pyramid, with the front lines fatigued by a tight marking, intimidated by the severity of treatment reserved for those who made mistakes, and the base trapped in a space for maneuver experienced as increasingly narrow. Above all, the difficulty on the part of the people of UniCredit to understand and share attention to the creation of financial value, what analysts like even more than investors, to the detriment of commercial value ”.
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/economia/perche-mustier-saluta-unicredit-le-versioni-di-sole-24-ore-repubblica-e-corriere-della-sera/ on Tue, 01 Dec 2020 11:01:17 +0000.