The Tuscan Bcc di Cambiano, the oldest cooperative credit bank in Italy and the third in the country in terms of total assets, will be the first Bcc to transform itself into a joint stock company, making use of the way out envisaged by the Renzi reform for those with net assets exceeding 200 million euros. After that of the ECB, yesterday the definitive go-ahead from the Bank of Italy arrived at the Castelfiorentino headquarters.
To quickly become a joint-stock company, the Bcc of Cambiano will contribute its assets and merge with Banca Agci, the bank of lay cooperatives which is already a joint-stock company. Now all that is missing is the approval of the two corporate meetings expected in the next few weeks. The new bank, which will be led by general manager Francesco Bosio, will be called Banca Cambiano and will have a net worth of 233 million euros.
After leaving Federcasse thirty years ago, the Bcc of Cambiano has once again chosen the path of independence to maintain and defend, through the joint stock company, its way of banking focused on people's trust and on supporting the real economy of small and medium-sized businesses and households and its traditional link with the territory of a large part of Tuscany, which will now be enriched by the presence of Banca Agci in Turin, Bologna and Rome. But joining the joint stock company will allow the bank to strengthen its positioning and brand, more efficient management and easier access to the capital market.
