It is true that one swallow does not make spring, but two continuous rises on the stock market while the general index falls (+2,01% on Monday 17 August and +3,1% yesterday) and above all a move by the Amber fund, which holds 6,2 .XNUMX% of the Valtellinese bank, they suggest. They make think that with the Banca Popolare di Sondrio (2.300 employees, 262 branches, a profit of 139 million euros in the last financial year) the last stronghold of the major Popolari could fall shortly, which so far have not wanted to transform themselves into joint stock companies, despite the dictates of the Renzi reform of 2015 and the recommendations of the Supervisory Authorities. After the green light to the spa in Popolare di Bari, Banca Popolare di Sondrio – one of the oldest Popolari, having been established in 1871 – has remained the only one of the banks required by law to transform itself into a joint stock company that has not yet done so. But how long will his resistance last? The Stock Exchange senses possible changes and believes that the defense of the cooperative regime and of the per capita vote (one vote per person regardless of the shareholding held) will not last long.
To corroborate the reflections and also the purchases of the Stock Exchange – where the share of the Lombard bank yesterday reached its highest level since March – there is above all the novelty – revealed by the Sun 24 Hours - of the Amber bottom, which with its 6,2% of the capital is the first shareholder of Banca Popolare di Sondrio and recently presented an appeal to the Council of State to obtain the revocation of the suspension of the transformation into a spa and, indirectly, to urge him to thus give the definitive green light to the possibility that the Popolare di Sondrio assembly decides on the transformation into a spa.
Amber is convinced that in this way, as has happened in other Popolari which have become joint stock companies, all the potential of the bank would be released, more value would be created and above all it could pave the way for banking alliances, made more necessary after Intesa Sanpaolo's takeover bid victory over Ubi Banca.
The Stock Exchange believes it and it will soon be clear if it was right.
