“Ten banks will become spa within 18 months” – BBC

"Ten banks will become spa within 18 months" – BBC

BANKS

Milan , January 20, 2015 – 18:03

     
     
 

The government has decided to turn ten banks popular corporation within the next 18 months. “Through the first article of this decree act on banks, but not all of the banks with assets over 8 billion. They are 10 in Italy and 18 months must exceed one-vote and become joint-stock company. It is a historic moment, “said the premier Matteo Renzi at the end of the Council of Ministers. “After 20 years of debate intervene through a law,” he added Renzi -. It is controversial and debated, the other banks if they want to be able to maintain the appearance of popular, but these 10 in 18 months will turn into Spa “surpassing the-vote (for which each member holds a single vote regardless of the number of shares owned or represented). Renzi has stressed that there is “no intervention on cooperative banks, it is not damaging the story of small institution s but to ensure that banks in the area are up to the challenges Europe and the world.” The premier stressed that “our banking system is sound, healthy and serious. But he needs to have elements of innovation. ”

“Popular stronger”

The transformation of the main banks in Spa “will make banks stronger,” he said instead Economy Minister Pier Carlo Padoan. “It is a measure that strengthens the Italian banking system that will go better and better as the recovery gets underway – added Padoan – is interest of the banking system and consumers.” “The choice quantitative” with the application of the decree to ten large banks’ reconciles the need to give a strong shock while preserving in some cases a form of governance that has served the country well, “said Padoan. “They’ll evaluated in the future other suggestions for amendment of governance.” Therefore, “gradual but clear address,” said the Minister of Economy.

The banks involved

But what are the banks affected by the reform? These are the 10 most important Italian banks. The ranking shows the first places Ubi, Banco Popolare, BPM and BPER all listed so ‘as the Valtellina Creval and Popolare di Sondrio. Also listed Banca Etruria, while out of the list are the two big Venetian: Banca Popolare di Vicenza and Veneto. The tenth, with tangible assets for more than 9 billion, is the most ‘great popular of the South: the Popolare di Bari. The system of popular has a total of 70 institutions with 9,248 branches and 1.34 million members. The banks distribute about a quarter of jobs in Italy and have total assets for 450miliardi. Are not affected by the reform, therefore, sixty banks.

January 20, 2015 | 18:03

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