“Atlas relies on the power of management and control to the new Board of Directors which has the primary objective to revive and enhance the bank. We hope that a review of the bank’s business plan, without discarding any hypothesis. 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 unmistakably initiated the work of restructuring and revitalization and elucidate sunk costs, pricing assumptions or merger with other banks, provided they are in the interest of all stakeholders. ” This was stated Alessandro Penati, President of Quaestio SGR, acting as fund manager Atlante, the largest shareholder of Wind Bank with 97.6% of the capital, before the shareholders’ meeting.
Veneto Banca, Atlas takes the guide
“Today begins a new course of Veneto Banca marked by discontinuity compared to past administrations in terms of legality, transparency, controls and strategies. I therefore appeal to members and customers in an important day for the bank and also on the occasion of today’s meeting in behalf of the investors in the Fund Atlas, to emphasize the principles and programs to which banks will have to comply, in the decisive intervention in the valley capital and commissioning safety institute “.
“The first step – has listed Penati in his written statement – is that the bank must quickly return to its constitutive role and mission of the company: to guard the deposit and other customer savings in total safety and finance the families of projects and businesses in areas in which it operates and which are among the most developed and rich European entrepreneurship. 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 “. “After the capital increase the Core Tier 1 ratio rose to 11.4% – said Penati – and we will work to reduce the amount of suffering and the risk profile. Thus, there are all preconditions of solidity and asset security to support the new development of the bank. Secondly, we asked that the new Council to pursue 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 of guilt. ”
Veneto Banca, the sleight of “kissed loans”
“I want to be clear – continued Penati in his statement – that the price of 10 cents paid by the Fund for the increase capital of one billion corresponded already in June to about a third of the tangible assets of the bank, a multiple higher than that of the majority of Italian banks and the fall in prices of banks on the stock market in recent weeks makes this fact even more obvious. ” Atlas, added Penati, “has already indicated its readiness to make all the historical members participate sanitation, making them benefit from the increase in value will be created. Times and ways are already being studied and I pledge again that the members do not compromise with past administrations have in the future right to acquire shares EUR 0.10, the same price paid by Atlas, whatever will be the value of the Bank in the future . This law does not cost them anything. “
From the rescue of banks in 4 Mps here is how does the uncertainty in the stock market
The president of Quaestio ended his statement with a wish. “Last but not least, I want to say that now is the moment of regaining the trust of the hard work and the development of greater efficiency. We have a daunting task ahead of us but I am convinced that, with everyone’s contribution – and a little ‘luck you always need – we can carry it out and perhaps to represent a new extraordinary case of economic and social recovery. And this is our responsibility and confident conviction. “
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