CEO MAIOLINI SAYS THIS AFTER THE PURCHASE OF 85.3% OF CASSA DI ORVIETO
The Umbrian operation closes without impact on capital requirements: the first private institution is born medium-sized institution in the South. Now the goal is to grow pharmaceutical and renewable energy lending
“Our offer was considered economically adequate to enhance the reorganisation of Cassa di Risparmio di Orvieto (Cro) carried out by Mcc: I remind you that we did not buy a bank in crisis. But we are pleased that our proposal was also preferred for its industrial content, such as the maintenance of autonomy, the brand, and the full safeguarding of employment levels”.
Ceo Francesco Maiolini recounts the plans that Banca del Fucino has for Cro, whose 85.3 per cent was paid to Mcc around EUR 90 million. “The essential aspects of the industrial plan are the identity of the Umbrian institution and the reaffirmation of its presence in the territory. In addition to the quality of industrial relations, which will continue to be a strategic factor for the growth of our group”.
Question. What size have you reached after the deal?
Answer. Already today, thanks to the simple sum of the two institutions without calculating the synergies from the aggregation, the total banking product exceeds 10 billion. Looking ahead, the key aspects are the territorial contiguity and the strong complementarity of the two banks in terms of products and reference customers: retail for Orvieto, small business up to mid-corporate for Fucino.
Q. What impact will the operation have on the group?
A. Our capital requirements will remain unchanged.
Q. The necessary resources came from a 75 million capital increase.
A. The capital endowment is part of the authorisation, received two years ago from Bankitalia, to increase the capital to a total of 350 million to support our growth.
Q. After the closing with Mcc, how long will it take for the regulators’ authorisations?
A. The timing depends on us, in the sense that it will be linked to our ability to provide adequate responses to the authorities. Taking into account our past experience, we consider it realistic to close the authorisation process in the first half of the year.
Q. After the final OK, will you ask for representatives on Orvieto’s board of directors?
A. The board of directors will be representative of the participation in the bank’s capital. These are issues that we will address with shareholders and regulators, bearing in mind the demands of the territory. In any case we will involve profiles of great experience and prestige.
Q. What relations do you have with the Orvieto Foundation, still a shareholder with about 15%?
A. So far we have only had dealings with the majority shareholder. But we are convinced that relations with the foundation will be marked by the common interest common interest of enhancing the territory and the bank.
Q. What are the next steps now?
A. We have always looked at opportunities with a prudent approach inspired by two polar stars: dimensional growth and capital strengthening. Our model of business is universal banking, with some strong specialisations such as in health & pharma or renewables. For the future, we primarily aim to further strengthen our business in these areas.
Q. How did 2024 go and what do you expect for 2025?
A. I can anticipate a particularly satisfying closing, which is well above budget forecasts. For 2025, however, our business plan aims at the rapid activation of synergies with Cro and the continuation of the growth trend of these years, in which the group’s revenue capacity has been consolidated thanks to the increase in the banking product and new activities.
Q. You are not the only ones buying. The risk has also started for others, such as Unicredit, Bpm, Mps and Mediobanca.
A. What is happening on the national scene is a symptom of the need for greater attention to the economic potential of central Italy and Rome, realities that require greater weight in the national banking balance. Our growth is part within this framework.
