Bper presents the industrial plan to 2025: 1 billion to shareholders, 300 branches closed and 3,300 redundancies. The stock loses 13% – Il Fatto Quotidiano


Bper presents the industrial plan to 2025: 1 billion to shareholders, 300 branches closed and 3,300 redundancies.  The stock loses 13% – Il Fatto Quotidiano
Written by aquitodovale

Bper overwhelmed by the achievements in Piazza Affari after the presentation of a industrial plan to 2025 which provides full-bodied dividends in the face of a cut of the branches and employees. The institution that has just acquired 80% of the capital of Carige was the black jersey of the Ftse Mib, leaving 12.9% on the ground in a day marked by sales due to a ECB aggressive on rates and uncertain about the containment of the spread.

The plan estimates that it will be possible to achieve a net profit of 800 million by 2025, with the distribution over the four-year period of dividends for at least one billion euros and the maintenance of “a high capital solidity”. Hand in hand will come the closure of 600 branches – 29% of the networkthe equivalent of those purchased by Ubi – e 3,300 exits, offset in part by 1,450 hires that will strengthen the bank in development areas, such as bancassurance, wealth management (with a future pole that will gravitate around Banca Cesare Ponti), investment banking, IT and data ( on which investments of half a billion are planned), the area of ​​“sustainable” investments Esg. The general secretary of First Cisl Riccardo Colombani asked that the balance between entries and exits envisaged by the plan be improved in the confrontation that will open with the unions: “We consider the downsizing of the commercial network to be worrying through the closure of approximately 600 branches over the course of the plan. Investments of 500 million on IT and on new service models, which are positive in themselves, must be aimed at improving organizational procedures and maintaining the link with customers, which must be gradually introduced to the use of digital technology “.

“We are forced” to close branches, said the CEO Piero Luigi Montanibecause they are “less and less crowded and for us they represent gods unproductive costs“. With the branches, Bper will sell the NPL recovery platform, with included 2.5 billion of impaired loans (there are already “4-5 expressions of interest”), so as to protect themselves from possible increases in flows in the event of a worsening of the macro situation. From the sale of non-core assets, half a billion will enter which will strengthen the assets (Cet1 will be greater than 13%) and will finance investments.

Carige should contribute to the growth with synergies for 155 million euros, the integration of which will occupy the whole of this year and at least most of the next, with the merger to be closed “by the end of November” to collect the government tax incentives. The CEO has closed the door, at least until the end of 2023, to thoughts on Mps or on Popular of Sondrio. “We are already big, we have reached a size that allows us to make economies of scale, then we will see if there are other solutions but today it is premature to talk about them and it would lead us astray”.

Exane Bnp Paribas explains the decline in the stock market with possible profit-taking after the title run in recent weeks e Kepler Cheuvreux he judges the shareholder remuneration policy to be lower than expected, while the 2024-2025 profit targets are “well above” his estimates, standing at 597 million in 2024 and 660 million in 2025.

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