Did it make sense to group and then divide the BCCs?
I would like to include myself in the interview with the Hon. Luigi Marattin regarding the Government’s decision to bring the active limit of Popular Banks from 8 to 16 billion. Now, as we all know, per capita voting in company law is defined as “one person, one vote” regardless of the shares held by each shareholder. In short, we are talking about cooperatives.
Here’s what he writes wikipedia.it: “In April 2016, Italian cooperative credit was the subject of a profound organizational reform, with the approval and subsequent conversion into law of Legislative Decree 18 of 14 February 2016. The reform is essentially based on the establishment of cooperative banking groups (figure completely new in the Italian and European banking panorama) which the mutual banks are obliged to join, while maintaining the distinctive characteristics of local cooperative banks (defined territorial operations, principle of one-person voting, obligation to allocate at least 70% of net profits annual reserves, cooperative governance, etc.). The role of the parent companies of the new cooperative banking groups (at least 60% of whose capital is held by the mutual banks themselves) is to act as “coordination and management” of the participating BCCs, as well as defining forms of “cross guarantee” in order to prevent and manage any critical situations, in accordance with the provisions of European banking legislation. After a long and complex process, 2019 was the year of the operational start of two cooperative banking groups of national importance: one headed by ICCREA Banca (headquartered in Rome), to which over 117 mutual banks belong, the other headed by Cassa Centrale Banca (headquartered in Trento), to which 77 mutual banks belong. The Raiffaisen banks (all except those of Renon and San Martino in Passiria, which joined Cassa Centrale), have benefited from different regulations on the basis of amending rules of the reform launched by the Government Italian in November 2018, opting for the establishment of an IPS (Institutional Protection Scheme) as an alternative to the establishment of its own cooperative banking group”.
As also specified by the Hon. Marattin the Government was led by President Matteo Renzi, with this measure, however, it must be remembered that all BCC shareholders will no longer be able to sell their relevant shares (except in exceptional cases and with the approval of the competent authorities). And here are the questions: did it make sense to group and then divide the BCCs? If the members of the mutual banks can no longer sell their shares, Aren’t ICCREA Banca and CASSA CENTRALE Banca at risk of possible politicisation? Have they basically become two holding companies? But who really controls the members or the share capital of the BCCs? The continuous “mergers or aggregations” between BCCs could lead to a disconnect with territoriality and customers? CASSA CENTRALE Banca currently owns an 18% stake in ICCREA Banca (which will be reduced to less than 10% within the year) could this create or allow a possible conflict of interest to remain? In the near future who will benefit from their transformation into a joint stock company? Has the purpose of the statutes really been achieved? Was this reform really necessary? I have some doubts. And you?