More than 10 shareholders have already registered for the highly anticipated shareholders' meeting of Banca Popolare di Milano (Bpm) on Saturday 15 October, which effectively opens the hot autumn of Italian banks and which is called to decide on the transformation into a joint stock company, as foreseen by the recent reform of cooperative banks, and above all on the merger with Banco Popolare.
Given the importance of the stakes, Saturday's event will in all probability set the participation record, bringing the final bar beyond the 10 already registered: in fact, the 47 members have until Wednesday 12 to register.
It will be the last time the head will vote because, after the transformation into a joint stock company, each shareholder will count on the basis of the number of shares held, as every good rule of economic democracy requires.
More than on the transformation into a joint stock company, made mandatory by the reform under penalty of losing the banking license, it is the merger with Banco Popolare di Verona that enlivens the eve of the Bpm assembly. The pensioners of the Lisippo Association for Bpm (250 members) and of the Pact for the Bpm (800 members) are against and will vote No in the assembly, but in favor of the wedding, which would give life to the third Italian banking group, there are the internal unions (representing 6 employees) and which, if they succeed in fully mobilizing the members, should tip the balance in favor of the Yes, to which the funds are also in favour.
The merger, which would bring the current number one of BPM, Giuseppe Castagna, to the helm of the new group and the Veronese Fratta Pasini to the presidency, would be the first generated by the reform and the first subject to ECB supervision, which has already given its approval , and it will certainly be the first appointment of a vibrant autumn for Italian banks that have to deal not only with the other meetings of the major Popolari that will turn into joint stock companies but with the very thorny cases of Monte dei Paschi and the two banks in Veneto in difficulty (Popolare di Vicenza and Veneto Banca) as well as with the complicated sale of the 4 Good banks and, finally, with the new plan and the consequent capital increase of Unicredit
