The shareholders' meeting of Banco Popolare yesterday confirmed the top management of the company for another three-year term: Carlo Fratta Pasini as president and Pier Francesco Saviotti as managing director. The majority list obtained 21.452 votes out of a total of 24.924. On the other hand, 2.418 votes (9,7%) went to the minority shareholder, which is worth the entry into the Board of Directors of Tommaso Zanini.
During the meeting, in addition to the 2013 accounts, the merger by incorporation project of Credito Bergamasco was also approved. The institute (which is held for 77,819% of the capital by the Scala family) was the last to be merged into the group according to the "Bancone" project launched in 2011 by Pier Francesco Saviotti.
The merger will be operational from 2014 June XNUMX. The objective is to simplify the structure and allow cost synergies through the elimination of administrative and control expenses, as well as the reduction of tax burdens. Also for the extraordinary part, the shareholders' meeting also approved the reduction of the revaluation reserves.
During his speech, Pier Francesco Saviotti reiterated the importance of the 1,5 billion capital increase which will start on Monday. For Banco, he underlined, it is "a courageous decision, which not only serves to align ourselves with the ECB's requests", but also to "have strong shoulders to be more proactive towards businesses and families". The Common Equity Tier 1 of the fully phased group will rise from 7,3% to 10,8%, against a request from the ECB equal to 8%.
