Browsing All posts tagged under »Banks«

The Parliament approved (even worsening) the law on multiple voting shares: a measure to strengthen major shareholders.

September 11, 2014

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Since 20 August, date of publication on the Official Gazette, the Italian law allows listed and private companies to issue multiple voting shares. Here are the main changes, as partially amended by the Parliament.   Additional voting right: Italian listed companies may assign an additional voting right to each common share uninterruptedly held for at […]

The Bank of Italy supports the transformation of listed cooperative banks into limited companies

June 6, 2013

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On his concluding remarks at the Bank of Italy’s annual meeting, held on may 31st, the Governor Ignazio Visco reminded the original purpose of the cooperative banks, intended as “restricted to a limited geographical area and marked by a high degree of mutuality”, underlining how such purpose may be in contrast with the status of […]

The renewal season at Italian large banks goes on, but some big players are (still) missing

October 24, 2012

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The Italian banking system has been living a season of deep renewal started on autumn 2011 and continued with the last EGMs of Banca MPS and Intesa Sanpaolo on October 9th and 29th respectively. The co-operative banks were the most affected, in particular Banco Popolare and Banca Popolare di Milano (BPM), that followed completely different […]

ECGS engages with the BoD of UniCredit to reclaim the extra-severance payment paid to the former CEO

March 6, 2012

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On January 27th, ECGS (Expert Corporate Governance Service) sent a letter to the Chairman and the CEO of UniCredit asking them to undertake a strong action aimed at regaining their shareholders’ trust by making every effort to recall the excess money paid to Mr Alessandro Profumo at the time of its departure. On September 2010, […]

Recent capital increases at Italian banks: a real success?

February 2, 2012

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UniCredit’s rights issue closed on last January 27th with 99.8% of new shares subscribed by investors. It seems a great success for the bank and such results might demonstrate a high level of trust from shareholders – that is what the UniCredit’s CEO Federico Ghizzoni said to the press. On January 31st, the Managing Director of […]

Unicredit’s rights issue: a no way out situation for long term shareholders

January 5, 2012

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On December 15th General Meeting, Unicredit’s Directors asked shareholders to approve €7.5 billion share capital increase to be carried on through a rights issue. A capital strengthening was requested by the EBA (European Banking Authority) and Unicredit actually needed it also following third quarter’s €10.16 billion devaluation of Unicredit’s investments. Considering other measures to be taken, Frontis Governance […]

Banco Popolare: the trade-off between dilution and egregious payout, an example of risky “tick-boxing” approach

November 16, 2011

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On January 2010 Banco Popolare launched a rights issue allowing its existing shareholder to subscribe to Banco Popolare’s convertible bonds with the following conditions: nominal value of € 6.15, fixed interest rate at 4.75%, maturity March 2014. Starting from November 2011, bondholders are able to redeem the convertible bonds receiving an amount of shares equivalent […]