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This entry was posted on December 19, 2015 at 10:44.
The last change is the December 19, 2015 at 20:20.
After a six-hour meeting, the extraordinary shareholders’ meeting of Banca Veneto, gathered in the marquee staged in Montello (TV), vote in favor of the transformation from popular Spa, increased by a billion euro and the stock exchange listing. For the duration of the assembly climate it appeared composed, with many critical interventions and widespread discontent, but also with a clear orientation towards positive measures also required by the European Central Bank.
In favor of the first point (transformation from popular Spa), voted 11,102 members of 11,430 present, 97.12%. On the second point (capital increase) have spoken out in favor of 10,711 members (97.37%), while the third (IPO) was voted for by 10,067 (97.33%).
“package” agreed with the Supervisory Board, in the absence of which the ECB has announced immediate action, with the likely start of the dispute resolution process and a number of possible endings ranging from the aggregation forced to bail in , disputes have been contained. Among the most prevalent present awareness of the need to approve the change and it would run the risk that in the event of a commissioner.
“We have the numbers to resist” . Intervention realized almost at arm – and much applauded by the shareholders – for the CEO Cristiano Carrus that, before the detailed presentation of the business plan, pointed out that the “transformation in Spa is a legal obligation.” The alternative is the “forced liquidation”. Using a paradox, the manager recalled how “we can also reduce the income is 8 billion” to avoid reform. These products however, “75 billion of assets and 6 thousand employees” would mean “losing 4 thousand jobs.” I not “want to be a coroner, a pathologist,” a bank that has recognized the manager, is “in difficulty, whose image is certainly tarnished.” “I want to be a nurse, a young doctor to save the skin” of the bank, said the manager. Veneto Banca “numbers, potential and ability to resist even if someone occasionally put him in doubt and I am not referring to the national authority.” Speaking of the need to launch a capital increase of one billion, Carrus has denied that there is the idea of wanting to sell off the institute to Banca Imi, institution that has pregarantito the capital increase: “The agreement with IMI It is to have less than 20%. And there are other banks, ten, who will intervene if necessary. ” “The hope – said the manager – is that you believe it.” In conclusion, the question of managers to shareholders: you have to ask “if this is the utime day of Veneto Banca or the ‘last day of the old Veneto Banca». Applause convinced many members, some even standing.
“Farewell to the past.” In his opening speech of the meeting, the President stressed the Bull that “today starts rispatto a final break with the past.” And that ‘now’ is a ” unique and unrepeatable opportunity to return the engine of economic development. ” It was read, as expected, a letter of Supervision ECB, signed by the responsible Danièle Nouy, when we remember that the bank does not meet the requirements of the Veneto and must launch all three measures envisaged. Bolla recalled how other Italian banks have recorded a write-down of the value of the action in recent years. “There is a widespread and deep sense of disappointment”, acknowledged Bolla speaking to members present. That is why the board of directors resolved to appoint legal advisers to assess the details of responsabilià for action against the former leaders to malagestio. “They seem to exist elements of fact and law in relation to certain managers. As soon as quantified damage the Board shall convene an extraordinary meeting to vote on the liability action. ” Bubble thus concluded his speech by asking the members to vote in favor of the proposals because otherwise “they would throw out the window more than 130 years of sacrifices” of this bank.
The capital increase. Earlier, the President had asked members to vote on the proposal to give the administrator the delegation must be exercised in a maximum period of five years, to launch a capital increase of one billion euro, to be offered to shareholders. The increase will be used to rebuild capital, bringing it back into balance with the requirements of the Supervisory Board of the ECB. “The CET 1 ratio of the bank highlighted a very inferiroe value to that required by the ECB,” reads in the report.
The withdrawal. bubble reminded that the value of shares for the withdrawal of 7.3 euro, although it is a purely virtual since the Bank can not guarantee reimbursement for those who want to exercise it: “The bank is not in the condition You can get permission from the ECB to make a refund, even partial, following the transformation in Spa. ” “The outcome of the vote is largely dependent on the future of your bank – said the president Pierluigi Bolla -: the high number of visitors shows that importance is not lost on you membership.” By starting the work, the President proposed bringing together the discussion of the three points in order to contain the duration of the meeting.
The actions of the members.
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