UniCredit is preparing for a new week of ups and downs. After the resignation forced last Tuesday of its Managing Director, Alessandro Profumo, the first banking group of Italy has engaged this weekend countdown to find a replacement. A real race against the clock as the Chairman, Dieter Rampl, took until Thursday, date of the next Board of Directors convened in Warsaw, to propose a name. The consultations have not therefore stopped these past hours, under the watchful eyes of two figures in the financial world transalpine: Fabrizio Palenzona and Paolo Biasi, representatives of the banking foundations of Verona (Cariverona) and Torino (CRT), the two greatest historical shareholders of UniCredit, holders respectively 3.3 and 4.6 of the capital. Holding the rope for the torch is Andrea Orcel, pattern of activity of Bank of America-Merrill Lynch Investment Bank. Aged 50 years and a native of Rome, the latter is familiar home to piazza Cordusio to be addressed as a banker Council UniCredit mergers with German HVB in 2005, and then with Capitalia in 2007. It is also very close to Cariverona. Problem: it is very expensive and business banker profile leaves a doubt on its ability to drive retail banking.
Ongoing discussions
At the time, it is an appointment in tandem in the study. With number two, specifically, the current boss of the "retail" of the group, Roberto Nicastro branch, a manager forty-five years old who made his career at UniCredit. This solution would allow not only combine the arrival of an international talent and an internal promotion, but also to put an end to the concentration of power with Alessandro Profumo was so charged. Discussions still continue with other candidates, as the former Managing Director of Capitalia, Matteo Arpe, or other leaders in position, Fabio Gallia (BNL) and Mario Greco (Zurich) including.
Whatever it is, the new boss of UniCredit find on his desk three hot issues. The most urgent concerns the reorganization of the Bank, which came in his last straight line. The merger of five entities of the group will be effective on November 1. Anxious to reassure troops mobilised by this site, Dieter Rampl organizes tomorrow, in disaster, an internal seminar to confirm the strategic line stopped a year ago. Second topic: the transfer of assets Pioneer Manager scheduled for this fall, and which UniCredit hopes to get around EUR 2 billion. Friday, BNP Paribas has confirmed his interest by the voice of Georges Chodron de Courcel. "We will propose our price, knowing that we have set policy to make any acquisition in less than three years", said, adding preferred "a partnership or an alliance" offer purely in cash.
The third topic is financial results, the result is net of UniCredit fell to EUR 1.7 billion in 2009 (compared to 6 billion two years earlier) and having even melted by 39 in the first half of 2010. While it is true that during his tenure, Alessandro Profumo was the capitalisation of the Group of 1.5 billion to EUR 37 billion, as well as in commended the Board of Directors in the press release announcing his eviction, the title is overdue at the Milan Stock Exchange. Last week, it transferred 6.8 returning 3.3 Friday.
"UniCredit: behind the scenes of the Italian comedy" on lesechos.frlesechos.fr
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