00:00So the PASCY board last month refused to back you for a new term as CEO.
00:06Do you fully understand why they made that decision?
00:12Let's say the following.
00:14That is, I think, the most important thing for our shareholders.
00:18I feel comfortable to be part of the slate of PLT
00:24because I think I have always delivered results for our shareholders.
00:29The market knows my track record.
00:31When I commit to a plan, I execute it.
00:35And I strongly believe that continuity execution is crucial at this stage
00:42for unlocking the second stage of value creation for our shareholders.
00:49Okay, so those are the reasons you think you should have the job, Luigi.
00:53Do you know why the board, though, decided not to extend your term?
00:59I think, honestly, it's not the key point.
01:03The reason, I think, what is important,
01:06that I feel fully committed to deliver the plan.
01:10And I'm really glad to have the opportunity to join such a qualified list of Mr. Tortora, right?
01:22PLT.
01:23Okay.
01:24Okay.
01:24And you have decided then to run for CEO anyway.
01:28Is there a chance, do you still think there is a chance that you get a new term?
01:32Will you still be successful, do you think?
01:36I am confident.
01:38I remain confident because I'm fully committed to the bank, to its people.
01:42And I believe my commitment will be recognized by the market as they just have in the last four years.
01:54Some investors have expressed dissatisfaction with the plans you had for integrating Medeo Banker.
02:01Do you think that is the reason that the board took the decision?
02:06I think the plan was well assessed.
02:09We have several feedbacks, feedback from investors.
02:12The plan is okay.
02:13I think at that time there was several situations that impacted on the price of the shares,
02:21among which also the fact that we didn't publish the exchange ratio in exchanging the share on Medeo Banker with
02:31Montepaschi.
02:32So the plan, I believe, is a good plan.
02:36We are delivering 60 billion of total remoderation for our shareholders.
02:40So I think it's a plan that is positioning the bank at a very high level,
02:47considering that we are practically reaching the third place in the banking sector.
02:53If the board, though, does have a problem with your plans around the integration of Medeo Banker, Luigi,
02:59would you be prepared to change those plans at all?
03:02No, the plan, I think, is well done, will not be changed.
03:07And I believe this is the key message that we can provide to our shareholders.
03:14The plan is there and is a very efficient plan.
03:17And I'm sure we'll provide a high level of remuneration for shareholders.
03:23At the same time, we'll position the bank for the next stage of consolidation of the banking sector.
03:30Medeo Bank has a large stake in the insurance company Generale, Luigi.
03:35As part of your plans, what would you plan to do with that?
03:40I think, as I was mentioning last year, Generale is nice to have,
03:43because it's bringing a correlated bulk of revenues.
03:47And it's quite important.
03:48It can be a further optionality for the bank assurance business.
03:52So we look at Generale as an important element of our business plan.
03:58But our strategy is much more oriented in corporate investment banking, private banking, and the typical commercial banking.
04:07So long term, would the plans be to not be involved with Generale?
04:15I think, as I mentioned, it's important to have Generale.
04:18But our focus, strategically, is in making the group growing and delivering what we promise with the plan.
04:27I think that I understand Italian prosecutors are investigating the activities around the Medeo Banker deal.
04:36They're investigating you and some of the Montepaschi investors over the way that the Medeo Banker deal happened, Luigi.
04:43Can you tell us any more about that?
04:45What more can you tell us about the probe?
04:48No, I think this investigation is ongoing.
04:51We are very confident that at the end everything will be clarified.
04:55The project is a project that, for me, was very important.
04:57I thought about Medeo Banker since 2022.
05:00And finally, I succeeded in implementing it with the support of all the people,
05:06all shareholders of Montepaschi and shareholders of Medeo Banker.
05:10So to have 86% acceptance rate in delivering the share, I think, is a recognition of the validity of
05:19the project
05:20and our capability to deliver results.
05:25Does the fact that the probe is taking place, Luigi, does it make it harder for you to be CEO
05:31of the business?
05:33No, I think the bank confirmed on the 5th of December my full fit and proper.
05:40Then there was another one in mid of February.
05:44And I believe, considering the stage of the investigation, this is not an issue for me to be CEO of
05:53the group.
05:54Do you think the probe is an issue for the board?
05:57Do they cite that as the reason why they don't want to extend your contract?
06:03Honestly, I don't think so.
06:05But anyway.
06:08Yeah, we'll have to ask them.
06:10The board has obviously stripped you of your CEO powers, Luigi.
06:14I wonder what you consider to be your current status.
06:18Do you still consider yourself to be CEO of this bank?
06:23No, first, I am still a board member of Montepaschi, even if I'm today speaking from personal point of view,
06:32my personal point of view.
06:33And it's clear, I believe that it's important that this project will see the completion.
06:39And I think I know the project quite well.
06:42I am extremely aware about what is necessary to be done.
06:47And that I would like to complete the project for the interest of all stakeholders.
06:52And that I would like to complete the project for the interest of all stakeholders.
06:52And that I would like to complete the project for the interest of all stakeholders.
06:52And that I would like to complete the project for the interest of all stakeholders.
06:52And that I would like to complete the project for the interest of all stakeholders.
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