Lorenzo Bini Smaghi, a banker of international standing (he was on the board of the ECB and is currently president of the French giant Societè Génerale), is the new president of ChiantiBanca, one of the major cooperative credit banks in Tuscany and Italy. He was elected yesterday by the assembly of the bank of San Casciano Val d'Elsa which incorporated two other local banks.
The appointment of Bini Smaghi comes immediately after the reform of the CCBs desired by the Renzi government and opens up new scenarios in Tuscan banking. The first test for the Bini Smaghi presidency will be the choice or not of the way out envisaged by the reform for the CCBs that have assets exceeding 200 million euros (that of ChiantiBanca is 360 million) and want to remain independent without joining the big group Federcasse.
ChiantiBanca hasn't yet decided what to do but Bini Smaghi pointed out the difference in treatment between the banks that will join the big group and that will have 18 months ahead of seeing the implementing regulations and those that will exercise the way out that have only 60 days to complete their transactions and undergo the examination of the Bank of Italy.
The first choice of ChiantiBanca will open a window on the future because the bank of San Casciano wants to grow and it is not excluded that the conditions for new convergences with another very dynamic bank in the Florentine area such as Bcc di Cambiano, which is the most ancient Bcc of Italy and which makes no secret of wanting to stay on the path of independence already embarked on thirty years ago with the separation from Federcasse.
