Market fluctuation will not affect Mediobanca: Monte de Baschi’s CEO

Siena, Italy – Monte de Baschi de Siena She keeps a company for her plans to acquire her Mediobanca For 13 billion euros (14.3 billion dollars) despite the ongoing market disturbances, CNBC tells that it will complete the deal in July.

The oldest bank in the world is still running, the investors surprised in January View all post for MediobancaA prominent institution that focuses on wealth management and investment banking services. Mediobanca rejected the proposal, and made it as a “Destroyed” Moving free from financial logical basis.

Monte de Pashashi faced several challenges over the years, especially when it was so Rescue By the Italian government in 2017 after it failed to raise funds that affect the need of private investors. The Italian government sold its majority share in Monte de Baschi and currently represents less than 12 % of the property.

Bank CEO Luigi Levaglio CNBC on Monday told Monte de Baschi “back” and “in controlling our destiny.”

When asked if the continuous market turmoil may be a problem in its expansion plans, Luvjlio said:The situation (the market) will not affect our deals. “

“On the contrary (market situation) confirms that the size is important, (it) confirms that you need to diversify the revenues,” he said, adding that if they are already a common entity, they will be “stronger” and “they have the ability to respond faster.”

The fluctuation of the last market led some companies to suspend some deals. British private stock company 3i Group Plc He has It is said The sale of the PET Food MPM maker, while Fintech Klarna has placed it Subscription plans.

Analysts were divided into the benefits of the deal between Monte de Baschi and Midobanka. For example, Deutsche Bank said in mid -March that the market ignores some possible opportunities for Monte de Baschi, including a larger distribution policy.

Other analysts have warned of limited synergy in combining two different banks. For example, Barclays said on Monday that it reduces its target price for Monte de Baschi, taking a more skeptical look at the possible gains than a deal with Mediobanca. “If Monte de Basti decides to spend more to persuade the majority of institutional shareholders at Mediobanca, the extra capital can reduce,” Barclays said.

Speaking to CNBC, Loveglio was determined that Mediobanca’s offer is providing a “fair price” and did not comment on whether the company would have the deal to make it more attractive to Mediobanca shareholders.

“We hope during July, we can complete the deal,” he added.

Amid a decline in global stock markets on Monday, Monte Dei Paschi and Mediobanca closed about 5 %. Since Monte Dei Paschi announced its intention to buy mediobanca on January 24, the latter shares have lost about 14 % of their value and imprisonment is about 8.5 %.

MEDIBANCA came at a time of the broader unification efforts in Italian banking services. Unicredit She announced last year Display To buy a competitor BPM Bank For about 10 billion euros.

Levagelio said that these offers represent the first wave of local monotheism of Italian banks.

“I think this is the first stage (of monotheism), and perhaps we will have the second stage from now. For this reason, by combining Monti (D) Baschi with Mediobanca, we will be in a situation that allows us to be again the protagonist.”