The pre-patis CDM, held on Friday 18 April 2025, has decided to exercise the power of Golden Power on the public exchange offer promoted by Unicredit on the totality of the ordinary actions of Banco BPMby imposing a series of bonds at the go -ahead for the operation. Among these, constraints On the methods of managing activities and liquidity, constraints on the right to transfer participations and to manage assets in management of soul and constraints on the Unicredit activities in Russia.
In more detail, for five years, Unicredit will have to Keep the number of counters banking in Lombardy and avoid reducing the Employment Report – Deposit or the operations of project financing in Italy. As for Soulacquired by Banco BPM, will not have to decrease the amount of investments in Italian broadcasters for five years. Finally, the bank will have to cease all activities in Russia within nine months.
A decision that was commented on “hot” by the bank led by Andrea Orcel, who spoke of “prescriptions whose merit is not clear” and took “the necessary time” to evaluate the effects of the Golden Power.
Golden Power not usual for home operation
“The use of special powers In a domestic operation between two Italian banks It is not common and is not clear so that he was invoked in relation to this specific operation “, comments on a UniCredit note, remembering that “Not” has been appealed to you “for other similar operations Currently underway on the Italian market “. A clear reference to Montepaschi’s Opes on Mediobanca.
“The requirements – complains the bank – lend themselves to different interpretations and appear not completely aligned with Italian and community legislation, as well as with the decisions of the regulatory authorities “and”they could damage his full freedom and ability to adopt decisions compliant with the principles of healthy and prudent management in the future, and even lead to unwanted results (for example the imposition of penalties to Unicredit due to the alleged failure to comply with any of the requirements) “.
Unicredit puts ops in stand-by
The bank, after “promptly replied to the authority by expressing its point of view on the decree”, now remains “Waiting for a response“ unable to “make a decision Definitive on the way to follow “Ee asks the government” to reconsider the decision issued “.
From loans to SMEs to Russia: in line with prescriptions
Unicredit also wanted to replicate to the constraints imposed by the government, stating that the bank has “the clear intention of maintaining or increase the exposure of the combined extent to SMEs and to support them further With their own factories produced of excellence “.
In addition, Unicredit “will continue to manage assets under management of its customers in their best interest and undertakes to continue to reduce one’s own presence in Russia, already decreased by 90% About the past three years, in line with the ECB decision “.
S&P raised rating and sees space for improvement
The rating agency Standard & Poor’sMeanwhile, he has raised The Issuer Credit Rating and Senior Favorred Unicredit rating of a stepfrom “BBB” to “BBB+”with “positive” outlookevaluating the bank potentially suitable to receive a higher rating than the sovereign one.
“This will also depend on the final configuration of the bank and its budget following the outcome of potential transactions with Banco Bpm and Commerzbank“, The agency underlines, remembering that the bank” has accumulated buffer to support senior bondholders and has a potential Upside on its standalone rating, given the greater geographical diversification than its competitors “.
