Mps: Orcel, I did my best with Mef to find an agreement

MILAN, 08 NOV – “Although the final result” relating to the negotiation on Monte dei Paschi di Siena “is different from what was hoped for” by Mef and Unicredit “I believe it can be said without fear of denial that we have done our best to try to reach an agreement that was in line with the principles agreed at the beginning of the negotiations and reflected in the agreement signed with the Mef and communicated to the market on July 29, 2021 “. The CEO of Unicredit Andrea Orcel said this in a hearing at the Parliamentary Commission of Inquiry into the banking and financial system. “What emerged during the discussions between UniCredit and the Mef” relating to Mps “was that, net of normal differences due to individual items, the amount of capital necessary to execute the transaction consistently with what was agreed in the termsheet was more significant than what the Mef expected “, adds Orcel, according to whom” despite the limited room for maneuver, we still sought and proposed various alternatives in our opinion useful for reducing the identified capital requirement “for Mps” but all turned out to be insufficient to allow the parties to continue the negotiation “. “I am certainly sorry on a personal level that this operation was not successful, even as an Italian who, respecting his role, believes and is investing in the future of our economy”, concludes the CEO of Unicredit. (HANDLE).


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