Banco Popolare, green light for the large bank model and end of the duality: more profits, deposits and loans

Banco Popolare closes its accounts for the first half on a positive note and starts the race towards the big bank model. In the first six months of the year, Banco, led by Pier Francesco Saviotti, achieved a leap in consolidated profits net of Italease of 27% compared to the same period of 2010, reaching 191 million euro. Funding in the first six months of 2011 grew by 3% (107 billion) and gross loans (100,6 billion) by 2,1%. Since the beginning of the year bad debts and substandard loans have grown by 6%. The exposure in Greek debt securities amounts to 60 million euros. Core tier 1 ratio is 6,5%.
The Management Board has given the green light to the merger by incorporation project of all the banks in the area, with the exception of Credito Bergamasco and to the proposal to overcome the dual governance model to return to the traditional model based on the board of directors.