Vandelli, ready for marriage. Analysts have no doubts

• in 2020 we will attend an intensification of contacts between institutions in view of aggregations;
• as regards the valorisation process of Arca SGR, we aim to find an industrial partner and the listing process can be excluded.

BPER: Vandelli, the process of consolidation coming

After the capital strengthening and the budget cleaning, "there are the conditions for aggregations, in the banking world: the timing is not imminent, but not too distant, 2020 will reasonably be the year of reflections. BPER will be ready ", it reads on the columns of the Roman head.

"The banks potentially involved – continues Vandelli – are not many: Banco Bpm, Ubi, BPER and Mps. We did a good job, in terms of growth and reduction of risks related to difficult loans: at this point we believe we are important interlocutors in a rationalization process ”.

BPER: Vandelli, for Equita it will be a marriage with Ubi

Operators are interpreting the manager's statements with a view to a possible marriage with Ubi Banca.

Equita is also of this opinion according to which Banco BPM "Must renew governance in 2020 and does not have, at the moment, reference partners with whom to negotiate an extraordinary operation" and Monte dei Paschi di Siena "Should be committed to closing the further derisking transaction for which EU approval is expected".

"Furthermore, the industrial fit with UBI would be optimal compared to the BAMI and BMPS options since both BPE and UBI still control different businesses (AM, insurance, NPL servicing) that could be exploited with the entry of one or more partners to support the costs of restructuring the deal ".

Also read:

BPER-UBI Banca merger on the way?

BPER: Vandelli, Arca? Priority is growth

From the Arca front, Vandelli has underlined its strategic importance in the portfolio, confirming that growth could also come from a agreement with an industrial partner: "I do not consider it a priority to keep the majority of the group".

For Equita these are words that seem to "reopen the doors to Soul, which we believe is the main candidate for an industrial integration ".

When asked if quotation could be an option, the manager replied with a sharp "no".

BPER actions in evidence

On BPER shares, which today closed at € 4.32 (+ 0.72%), the valuation of Equita is "buy" with a target price of 5.1 euros. The target includes a potential upside of 18 percentage points.

Shares in the last three months showed a rise of 37%.