Unipol would only consider MPS stake as part of insurance deal, chairman says
Italy looking to sell down MPS stake, find partner
Unipol interested in insurance partnership
Unipol might take up to 9.9% stake as part of partnership
By Andrea Mandala
BARCELONA, Sept 17 (Reuters) -Insurer Unipol UNPI.MI could consider becoming an investor in Monte dei Paschi BMPS.MI, as Italy sells down its stake in the bank, but only as part of an insurance partnership, Unipol Chairman Carlo Cimbri said.
Cimbri said he would only consider a stake that did not require regulatory approval, meaning it would be 9.9% at most. Regulatory clearance is necessary to cross the 10% threshold.
"I have no interest in a stake per se. I'd only be interested in a commercial partnership," Cimbri told reporters on the sidelines of the Louis Vuitton Cup in Barcelona, adding that even then the conditions of the partnership would be crucial.
Italy currently owns 26.7% of MPS after rescuing it in 2017 and reducing its holding through market placements.
Cimbri, who took the reins at Unipol in 2010, has grown the distribution network of Italy's No.2 insurer by making it the leading shareholder in mid-sized banks BPER Banca EMII.MI and Popolare di Sondrio BPSI.MI.
Banks can partner with insurers to sell their products through their branches and earn distribution fees.
Cimbri said BPER had grown enough and was not in a position to embark on further merger and acquisition deals.
BPER and rival Banco BPM BAMI.MI have long been seen as merger partners for MPS, with the government saying Italy would benefit from a third large banking group.
The other potential candidate, UniCredit, which walked away from an MPS deal in 2021, recently bought 9% of Commerzbank CBKG.DE and is focusing on the German market.
EXPENSIVE
Cimbri said BPER's expansion strategy had seen it pick up troubled peers that needed turning around, while MPS had already restructured.
"It's expensive, it's not something that we can make grow in value like we've done elsewhere ... if you're buying something when the price is already sky-high, honestly I'd never do that as a pure financial investment."
Cimbri said he was mainly interested in MPS's non-life insurance business, where Unipol is the market leader.
MPS currently partners with French insurer AXA AXAF.PA.
Their joint-venture expires in 2027 and MPS would have to compensate AXA upfront for lost revenues if it were to end the partnership early.
"As far as I know, MPS has a JV with AXA so it cannot pick a different partner. Without that we have no interest in a stake," Cimbri said.
MPS CEO Luigi Lovaglio has not ruled out MPS using part of the excess capital it has accumulated to repurchase AXA's stake in their venture ahead of time.
Reporting by Andrea Mandala; Writing by Valentina Za; Editing by Christina Fincher
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