The Board of Directors of Monte dei Paschi di Siena is expected today for the approval of the list of candidates for the renewal of the Board of Mediobanca, with the games that are now almost made for the top positions. After the success of the public exchange offer that delivered 86.3% of the business bank to Siena, the new governance structure is ready to outline.
Monte dei Paschi towards the renewal of the Board of Directors of Mediobanca
According to what trapes, the former Minister of Economy and current responsible for the European activities of JP Morgan, Vittorio Grilli, is at the top of the list as a candidate for the presidency, while Alessandro Melzi d’Eril, CEO of Anima Holding, will be proposed for the role of CEO. There are still some margins of discussion on the other eleven names of the list, but the appointment committee, led by the president of Mps Nicola Maione, has already developed the main guidelines. The official presentation must take place by Friday, in view of the Mediobanca Assembly convened for October 28th.
Moody’s promotes MPS
Meanwhile, Monte dei Paschi has collected a significant promotion by Moody’s. The agency raised the judgment on the long -term rating of “Baa1” deposits from “Baa2” and the one on the Senior Unsecured debt to “Baa3” from “Ba1”, reporting the latter in the Investment Grade area. Instead, the Baseline Credit Assessment was confirmed in “Ba1”. According to Moody’s, the review reflects the overall strengthening of the new banking group born from the integration with Mediobanca, considered more solid and diversified. The Outlook has also been improved, going from “stable” to “positive”.
The ticket
Among the profiles of the candidates, that of Vittorio Grilli represents a choice of weight, capable of reassuring markets and investors. Former Minister of the Treasury in the Monti government, former Consultant of the Delfin and Advisor of MPS, Grilli enjoys a transversal consent and is considered a guarantee figure for the presidency of Piazzetta Cuccia.
Next to him, the name of Alessandro Melzi d’Eril emerges as a balance point on the managerial front: with a long career behind him and a central role in the growth of Anima Holding, the manager is considered suitable for guiding the bank in the Wealth Management, one of the Core Business of Mediobanca. The wide consensus gained around the two figures has made it less likely alternatives such as that of Riccardo Mulone di Ubs.
The Board of Directors
The list for the Board of Directors, which will be made up of eleven members, could also include figures already close to the governance of the Holding of the old family, such as Sandro Panizza and Sabrina Pucci. In parallel, the insurance sector carefully follows the developments: Philippe Kminit, CEO of Generali, reiterated that the strategy presented at the beginning of the year by the Lion of Trieste is producing results above the expectations, reassuring investors on the continuity of the industrial line.
