00:00I know you've given me through the years a lot of time. You've come on the program saying, look, you
00:04were focused on organic growth instead of large domestic acquisitions. What's changed?
00:12The real point for us has always been the market share in Italy. So the areas in which we were
00:21able and we are able to create a lot of value is obviously Italy.
00:26We demonstrated in making the Venetians Bank's acquisition, the UBI acquisition, that through an acquisition in Italy, we can generate
00:34cost synergies and revenue synergies that can create a lot of value for our shareholders.
00:40But the real point has always been a problem in terms of antitrust. So we decided to work in order
00:47to find a solution for the antitrust.
00:49We reached an agreement with Unipol in making a disposal of a bank resulting from this transaction and solving the
01:01problem of antitrust, we were ready to create value for our shareholders entering into a transaction that can be very
01:09positive for all the stakeholders in the country.
01:13So I think that this can be really the most important part of the story, continuing to invest on wealth
01:20management and protection, because the acquisition of Monte Paschi di Siena and Mediobanca will bring us a significant volume of
01:31wealth management.
01:32That we can reach 2 trillion euros of wealth management. So we can become a 2 trillion euros of wealth
01:38management company.
01:41So if you strip away a lot of the assets, what do you think is the most strategic prize in
01:47here?
01:47As you're saying, you know, Monte Paschi has changed through the years. Is a strategic prize Monte Paschi? Is it
01:53Mediobanca or is it also the general exposure?
01:58So let me put it in this way. First of all, just to come back on the point on the
02:04offer of BPM, because I defined yesterday in the conference with investors a love letter.
02:11So there is no offer from BPM. So there is only a letter in which they hope to open conversation
02:18in order to have a merger.
02:20So the only real offer now in the market is the Intel Sao Paulo offer.
02:27This transaction has been designed in order to create value for shareholders.
02:32It's a move that in this moment, I think, has a high degree of probability to have success.
02:39In any case, we will be really rigorous because, as I told you, my priority is to create a group
02:46that can create earning per share accretion,
02:49dividend per share accretion and distribution for my shareholders and to realize a group that can have 16 billion euros
02:59net income in the future and a market cap that could be a leading market cap in the European landscape.
03:09So, Carlo Messina, if we go back to Generali, I mean, you said, and this is what I take from
03:13what you've just told me,
03:14that it's still a financial investment rather than a strategic target.
03:18Unicredit, of course, bought a 9 percent stake in Generali.
03:22We understand that they could be interested in more.
03:24Are you expecting a reaction from Unicredit to your bid for what you've proposed in the last couple of days?
03:33So, I have to tell you that it is difficult to say what could be the reaction of a competitor.
03:41What I can tell you is that I think that this transaction will have an end that will be decided
03:50by price that will be paid by the company.
03:53So, if someone is ready to offer a price that could be in excess of our price, there could be
03:59a competition and we will stay in the transaction until the position in which we can create value for our
04:08shareholders.
04:08But considering that Generali is not the target of this transaction, the target of this transaction related to Generali for
04:17me is to maintain the net income that is embedded in the price that I'm paying for Montepasque di Siena.
04:25So, in this price is embedded a net income deriving from Generali.
04:30And I will do all my best in order to maintain this net income.
04:35If there is possibility that this net income can increase through agreement between Generali and Unicredit, I will be absolutely
04:43happy.
04:44So, I'm not against Unicredit in any case in this transaction.
04:49We can find also a form of agreement in order to increase the income of Generali.
04:56So, my point is that, and you know that I'm a friend of Andrea.
05:02So, the point is that we can do all in a very friendly approach and Generali for me is not
05:12the priority.
05:13So, the priority again is the increase in net income of Generali.
05:19Carlo Messina, if this transaction goes through, what does Intesa look like in five years?
05:24What exactly is your vision of the end game?
05:26There are so many banks trying to look abroad, actually, at other European countries, whereas you seem to be really
05:32doubling down on Italy.
05:35So, I'm doubling down in areas in which I can create a result with zero integration risk, with no integration
05:44risk.
05:45Because, Francine, you remember that all the transactions that we made had an incredible success because we were able to
05:55make integration.
05:56So, you have to remain, in my experience, in areas in which you have a comfort zone, your cup of
06:04tea.
06:04So, you have to remain in areas in which you can be able to realize your promises.
06:10So, in Italy, I'm able to realize my promises.
06:14So, if I say I will create 3 billion euros of synergy, I will deliver 3 billion euros of synergy.
06:20Because I have the knowledge of the country, the knowledge of clients, the reputation within the country, and the IT
06:28ability, the best IT system in Europe.
06:32So, moving into this comfort zone, I can create a lot of value for my shareholder.
06:37At the same time, we will create a company that today is in a position to have 10 billion euros
06:47net income generation.
06:48So, we are still in a position, we are in a position to maintain a leadership in Europe in any
06:55case.
06:56But moving to 60 billion euros, this is a starting point also to look at the consolidation in Europe in
07:04a position of total strength in comparison to all the other peers.
07:08This remains the point of how it is possible to create synergies in cross-border merger, in not having a
07:17presence in other countries.
07:19But technology can be a driver in the future that can allow also to consider potential further consolidation in the
07:27future.
07:28But the starting point will be really to be, in the starting point, the leader in Europe.
07:33And then we will consider optionality for the future.
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