In a weak Piazza Affari, with the Ftse Mib which opened just below parity (-0,1%), the rise of cooperative banks stands out, among the best stocks: Banca Pop Emilia Romagna (+2,8%, to 8,265 euro), Banca Pop Milano (+2,09%, to 0,979 euro) and Banco Popolare (+1,6%, to 14,72 euro) are the three best stocks on the main Italian list at the start of the session. Ubi Banca also performed well (+0,9, to 7,27 euros) and Banca Popolare di Sondrio (+0,4%, to 4,272 euros).
The purchases come the day after the conversion into law of the decree on banks, which contains the popular revolution. The Government had placed its trust in the measure, approved by the Senate with 155 votes in favour, 92 against and no abstentions.
The text establishes that lenders with assets exceeding 8 billion of euros will have to become joint stock company e give up the per capita vote (the "one person, one vote" principle, regardless of the size of the shares in the capital). Article 1 provides that the transformation into a joint stock company must take place within 18 months of the entry into force of the implementation provisions of Bankitalia, still to be defined.
The text released by Montecitorio provides for a transitional regime: the assemblies called to decide on the transformation into a joint stock company will be able to introduce, with a majority lower than that now envisaged by the civil code, a ceiling of 5% of voting rights for a maximum of 24 months.
Le banks involved they are Ubi, Banco Popolare, Popolare Milano, Popolare dell'Emilia Romagna, Popolare Vicenza, Veneto Banca, Popolare Etruria, Credito Valtellinese, Popolare di Sondrio and Popolare di Bari.
