(Finance) – “I firmly believe that we are well equipped to join Mediobancawith a unique industrial project to create value, resting on the strength of the two franchises. ” Luigi Lovaglio In the Conference Call which followed the publication of the 2024 results.
THE’Oops “will not hit the identity“by Mediobanca,” which already sees a contribution of the Wealth Management and the Bank of Business which is equal to 35%”of the net profit, a contribution” equal to that of the Consumption of Consumption of Compass which contributes with almost 30 %, while the main contributor is 13% of the share General which represents almost 40% of the total profit, “said the CEO.
Lovaglio also stressed that “MPS would represent about 60% of the combined entity in terms of loans to customers and customer assets”. Also, he pointed out that “the Mediabanca market capitalization is supported by the growing weight of Generali’s shareworth approximately 6 billion euros, with the value of this share which is growing “. He underlined that, as of January 23, 2025, the share of about 13% in general represents about 47% of the market capitalization, While the market capitalization of Mediobanca excluded the share of Generali is equal to 6.7 billion euros.
Looking at the Financial Performance of Mediobanca, Lovaglio said that CIB and Consumer Finance are substantially stable in 2022-24, the Insurance contribution has increased over time (from 30% of the net profit in 2022 to 38% in 2024), while the Wealth Management (+25% Cagr of the net profit 2022-24) was mainly guided by NII (+20%).
The banker said that “we must go from operations that pass from the extraction of value from synergies to a value that will be created by a better offer to customers. Most players are adding Product Factories, while we go further with a combination of the Value Chain. We will offer an improved range of products, reaching a better relationship with customers. It is a model that other universal players have adopted both in Italy and in Europe, different from the combination of two commercial banks where there is a concentration of risk “.
“I can easily confirm that this level of synergies is the minimum level that we can reach with the current analysis – said Lovaglio – but according to what is my experience in acquisitions – in Italy with Italian -uni -united credit and in Poland – this is aSenza-printed integration, a plug-in operation with advantages from the first dayoptimizing an offer that will lead to an expansion that will reach more customers and better cover existing customers “.