Veneto Banca, 418 assembly members – BBC

The CREDIT INSTITUTE

Veneto Banca, 418 assembly members
Penati: “Yes to new partnerships”

the president of Atlas: “Immediately break with the past, back to the correct order to restore confidence”

TREVISO It began, in Montello, the assembly of Veneto Banca, in the presence of 418 shareholders holding the 97.71% of the more than 10 billion ordinary shares. The works are chaired by Giovanni Schiavon, vice president of Veneto Banca, in the absence of the chairman, Stefano Ambrosini. On the agenda there are the resignation of the Board of Directors in office, and the election of a new Board. “Today begins a new course of Veneto Banca, marked by discontinuity compared to past administrations in terms of legality, transparency, controls and strategies.” So the president of Atlas, Alessandro Penati, in a statement, addressing the members and customers of the bank on the occasion of today’s meeting. “The bank must quickly return to its constitutive role and mission of the company: to guard safely and savings deposits of customers and finance projects of families and businesses of the areas where it operates, which are among the most developed and rich entrepreneurship in Europe, “he added. “Veneto Banca will have to return to pursue the interest of depositors and to provide credit according to merit and not according illegal behavior or relationships of friendship or clique,” he stressed, explaining that “in this sense, banks will have to mark a radical break with bankruptcy management of the past, bolstered by a new Board consists of totally independent persons’.

PARTNERSHIP “We will be open to any financial and industrial partnerships, provided on the basis of actual contributions of capital and know-how for the development and ready to evaluate, once started unequivocally l ‘ renovation and revitalization and elucidate sunk costs, pricing assumptions or merger with other banks, provided they are in the interests of all stakeholders, “said Penati. The fund Atlas is the first shareholder Veneto Banca with a 97.64% stake.

ATLAS “The authorities prohibit the Fund the direction and control” of Veneto Bank. “Atlas then entrusts the power of management and control to the new Board of Directors which has the primary objective to revive and enhance the bank.” This was underlined Penati, in his statement to the shareholders and customers of the bank. “This will delete all the luxuries and wastage of the past and it will be imperative to return to sustainable profitability with revenue growth, cost cutting and productivity in line with the best competitors,” he said, expressing the hope that “the business plan should be revised in bank, without discarding any hypothesis. “

BREAK WITH tHE PAST ” After the capital increase the Core Tier 1 ratio rose to 11.4% and it will work to reduce ‘amount of suffering and the risk profile, “he said the president of Atlas stressing that” there are all the prerequisites of solidity and financial security to support the new development of the bank. ” Penati added that the new Board has been asked to continue “without delay and with great determination liability actions against those who acted against the interests of the bank, causing serious losses for its members, by identifying the individual profiles guilt”. Indeed, “only in this way, with the return to fairness and respect for all stakeholders, you can restore a climate of complete trust and refound with shareholders, customers, employees,” he stressed.