Browsing All posts tagged under »Cooperatives«

The Italian Government forces biggest listed cooperative banks to change their ownership into public traded corporation

January 28, 2015

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Through the so-called “Investment Compact” Law Decree, approved on January 20th, the Italian Government aims at deeply reforming the biggest Italian cooperative banks, i.e. the “popular banks” (banche popolari). Pursuant to the new rules, all “popular banks” with more than 8 million Euros of total assets shall change their status from cooperative to public traded […]

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 […]

Banca Popolare di Milano’s rights issue and the problem of listed cooperative banks in Italy

September 30, 2011

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Last August 25th the Board of Directors of Banca Popolare di Milano (BPM), an Italian listed cooperative bank, has resolved to perform the rights issue approved by BPM’s shareholders at last General Meeting held on June. Maximum amount of the deal: 1.2 billion Euros, versus a current market capitalization of 682 million (closing at September 29th). On […]