Federico Ghizzoni Saturday was in the Unicredit headquarters, the Pavillion, to present the final of the Champions League, of which the establishment is main sponsor. He talked football with mastery, as a fan (Inter) and manager. One day a banker like many others, were it not that five days ago, the 60 year old manager has decided “by mutual agreement” with the board to leave his post as chief executive, it will be identified as soon as a successor. He will not become president: “The problem does not arise.”
It seems serene. Is it?
“Yes, I’m calm, I realize that you may find it hard to believe that one is. Clear does not mean that there is not a bit ‘of regret because it is still a company where I worked from the beginning, for 36 years. But the decision, we must look ahead. So serenity, tranquility: today this is my prevailing mood. “
it was a bit ‘of time that had been simmering discontent among the members, but still to February He had been confirmed confidence. Now why did it come to this decision?
“As I wrote to colleagues in the bank, are moments of company life that you do not even know well how to start. When it fails the minimum of chemical to move forward, without saying who is wrong and who is right, my philosophy has always been: better to stop, best done by mutual consent and in any case without trauma, and look forward. This approach I’ve always seen in the interest of the company, Unicredit: we must prevent it remains too exposed to uncertainties, Articles in the press. It cuts and move to the future. It’s my approach to life that I’ve always had. “
He would have preferred to go even forward, or a cycle was finished anyway?
“Well, I’d say go ahead if you find the interest of all parties involved. Go it alone at all costs, never. ”
He led Unicredit complicated for six years, and the board has him made about. What is the difference between the bank and then to now?
“There are several differences. The bank then had finished a cycle combinations, then came the first signs of recession in 2008-2009, and then one has faced the problem of rationalizing, strengthening capital, liquidity, etc. in a very difficult context of four years of recession. We started with a 7% of the capital and arrived today at around 11%, we have reduced the funding gap of 150 billion negative to positive, it streamlined the budget, sold some investments where there were not sufficient returns, made safe the cost of risk to 63 basis points. So many things have been done, it closes a phase of restructuring and reorganization, and if economies grow you can think of a period of growth, which, however, is already reflected in the first visa numbers this year, with a quarter in terms of operating income beyond expectations and recognized by all investors. Now the bank has the ability to push on that front and return to look to a future of growth and not just restructuring. “
One of the things noticed by analysts is the decline of the stock, above the average of the banks. It is justified or not? How do you explain that?
“It is justified by all analysts as a level of capital considered at this time lower than it should be. But keep in mind that until November the title was 6 euro and the capital was then considered appropriate, albeit to strengthen organically over time. Several things have happened since then, there was the crisis of the four banks, the problem of out npl in Italy, so the tension on capital has increased. In all this, we have never denied that the principal is to be strengthened, and that’s what we tried to communicate to the market since the last industrial plan, and that is what must be done in the coming months and years. There is nothing new: this bank today an operating trend in growth, cost of risk and a level of impaired loans compared to credit both much lower than the average for Italian banks, because we must consider the group, not just the ‘ Italy. It remains to work to consolidate the capital but it is not a new thing. “
the market seems to require a capital increase.
“On the capital from the point of the track of the increase or not, I never spoke nor do I want to do it out of respect to the board and to the market itself. We must strengthen it, we are working on growth of the organic type capital then you will see in the future if there are alternatives. “
The most exciting and the most difficult time?
” exciting moments, so many. Among the best, the fact that the Italian bank after years of suffering is back to the grind useful and to be the engine of the group: colleagues deserved it. And then the fact that the Central-Eastern Europe, which was in difficulty and in recent years been criticized, this year will double the profits from a year ago but then even more. The difficult times have been more than one, because 4-5 years of recession have not been easy to manage, and the banking system has had to deal with new rules and very challenging and the need for a profound transformation of the business model, however, still in progress. But those moments we passed them, we now look to the future with positivity. “
He think of a profile of his successor?
“For the successor there is a committee that has been appointed by the board, it is for them to locate the profile, arrange this with the board and then start the search. I have it in mind but of course I keep it for me. There are the four colleagues in charge, then they will be asked to give my opinion. “
Contacts for new jobs?
“While I am CEO of Unicredit, as I was asked by the board, I am focused on Unicredit. On after I have no idea. I was pleased to professionally these days someone has remembered me, even from abroad, then we’ll see what the future will offer. But in the short is all Unicredit. “
From the Government he has called anyone?
“There have been contacts but not specific on the issue.”
Some friends in the council’s left?
“But with the advice I have an adversarial relationship. Certainly I not leave you because I’m friends with someone and enemy of someone else. We arrived in this situation for many reasons, but I have nothing on which to complain. I do not think to leave no enemy within the board. ”
May 28, 2016 (modified May 29, 2016 | 14:11)
© ALL RIGHTS RESERVED
No comments:
Post a Comment