As emerged from the indiscretions of recent days, the board of directors of Mps resolved to withdraw the‘managing director, Guido Bastianini. According to Ansa, the decision was taken by the council unanimously.
The distrust of Bastianini, less than two years after his appointment, wanted by the M5S, paved the way for the appointment as CEO of Luigi Lovagliowhich was co-opted into the board of directors of the Tuscan bank.
Who is Luigi Lovaglio
Born in Potenza in 1955, Lugi Lovaglio spent most of his professional career within the group Unicredit with positions of responsibility in foreign branches, until he became CEO of the Polish subsidiary Banco Pekao and then landed at the head of Creval, of which he successfully oversaw the capital increase and restructuring up to the takeover bid for Agricole credit.
Subsequently, from 2018 to 2021 it was at the top of the Credito Valtellinese until the acquisition of the bank by Credit Agricole, first as president and then as CEO.
Mps, what’s behind the change at the top
The motivation behind Bastianini’s defenestration are currently still there dark; according to sources familiar with the dossier, the one indicated most frequently in the press reconstructions is an alleged request for discontinuity by the DG Comp of the EU Commission for the confirmation of the state aid.
The distrust comes after the Treasury, in a meeting held about ten days ago with the general manager, Alessandro Rivera, had asked Bastianini, often not in tune with the Mef, to take a step backwards by favoring a change in the bank’s strategy, which this year will have to resort to the market to ask for another 2.5 billion euros and which is negotiating with the EU the approval of its industrial plan while the government is asking for an extension of the deadline for the exit from the capital.
The accounts of 2021
The Monte Paschi board then announced the 2021 accounts which closed with a net profit of 310 million after having filed the last quarter of the year with a ‘red’ of 79 million. In 2020, the bank closed with a consolidated loss of 1,689 million.
This is the highest net profit since 2015 (388 million) for the Rocca Salimbeni bank, which also achieves a net operating result of 629 million.
Revenues grew thanks to improved commission dynamics. Mps recorded a profitability (Rote) of 5.3% despite the negative impact on system charges of approximately 3 percentage points.
The stock of impaired people is stable at 4 billion. The litigation related to financial reporting fell by 70% compared to 2020. The fully loaded Cet1 capital ratio grew to 11 (9% in December 2020).