The first meetings of the large cooperative banks after the Renzi reform which obliges them to transform themselves into joint stock companies and to abandon the anti-historic per capita vote (one person and one vote, regardless of the size of the shareholdings) will be remembered as the meetings of the turning point and of wedding dreams that could soon come true.
Yesterday there was a new atmosphere at both the Banca Popolare di Milano and Banco Popolare shareholders' meetings, all projected towards the future, and the first wedding rehearsals were staged.
"We are back to a normal bank," said the chairman of the supervisory board of Bpm, Piero Giarda, proudly in front of three thousand shareholders. Not only because, after the tribulations of the past, Bpm returns to the dividend but because today "Bpm is stronger and better equipped to face the transformations induced by the competitive climate".
And in Verona, the CEO of Banco Popolare, Pierfrancesco Saviotti revealed surprisingly, but not so much, that there would be no better choice for his bank than marriage with the Bpm: "An integration with the Bpm is a dream but not you never know: we don't put limits. It's not impossible, but it's not easy."
He was echoed by the managing director of Bpm, Giuseppe Castagna. “After the assembly we will examine various opportunities and look to the future with serenity. We would like to be part of a project that creates an important bank, based in Milan".
It is too early to say whether Bpm and Banco Popolare will get married but one thing is certain: the reform is already bearing fruit, the era of armored banks is over and the season of aggregations and mergers is already starting .
