The shareholders of Arca SGR defined the new shareholding structure: the new governance is aimed at better guaranteeing the independence of the company allowing continued development and growth by focusing on performance excellence, product innovation, process efficiency and the distribution model identified in the Participation Association Agreement.
The new platform will allow Banche Popolari to offer asset management products and services in line with European best practice. With this in mind, the Extraordinary Shareholders' Meeting of Arca SGR, held in February of this year, approved the new Articles of Association which reduce the maximum shareholding limit of a single Shareholder to 20%. The adoption of the new Statute, which sees the main Groups of Cooperative Banks with a share close to 20%, has resulted in:
– the withdrawal of the UBI Banca Group, which held 26,71%;
– the adjustment of the stake of the Banco Popolare Group, which passes from 28,28% to 19,9% and of the Banca Popolare dell'Emilia Romagna Group, which passes from 20,18 to 19,9%;
– The increase of the Veneto Banca Group, which passes from 2% to 19,9%;
– The increase of the Banca Popolare di Vicenza Group, which will pass from 10,9% to 19,9%, when the sale of the business units of BPVi SGR to Arca SGR is completed;
– The increase of the Banca Popolare di Sondrio Group from 5,87% to 12,9%. Among the minor shareholders, note the growth of Banca Popolare di Marostica which passes from 1,2% to 2%, of Banca Popolare di Ragusa which passes from 0,1% to 0,25%, as well as the entry as a new shareholder, with a share of 0,2%, of Banca di Piacenza.
Chief Executive Officer Ugo Loser comments that "the completion of the reorganization confirms the willingness of the cooperative banks for the relaunch and independence of Arca SGR as the aggregating platform of the sector's asset management system, also making it possible to strengthen the leadership in supplementary pensions"
