Completed the merger by incorporation of Cherry 106 at Banco delle Tre Venezie, made official by the deed signed by the parties. The respective shareholders' meetings, held on 14 September, had approved the merger project with large majorities, giving the go-ahead for the signing of the Deed. Thus comes to an end a process that began in June 2020, continued in April 2021 with the submission of the authorization request to the European Central Bank and the Bank of Italy, concluded with the relative authorization during the summer. Following the operation, the pre-existing BTV shareholders hold 49% of the share capital, while the former Cherry 106 shareholders now hold 51% of the post-merger BTV share capital. The relative majority shareholder with 40,7% is Giovanni Bossi, who will also assume the role of Chief Executive Officer.
“A very important step has been taken for the future of Banco delle Tre Venezie,” he says Gabriele Piccolo, President of BTV. “I was one of the promoters and founding partners of this reality, born in 2008, which went through the most difficult phases of the economic crisis unscathed, so much so that of the 16 Spa and Popolari banks present in the Veneto region in 2010, BTV remained, in 2019 , one of 5 survivors. With this operation, which preserves the skills acquired and the personnel, we aim to implement new business models which, combined with a high technological content, will ensure a second life for BTV capable of generating a significant increase in value for shareholders and for the territory. At this moment I want to thank all the Bank's resources, the Board of Directors and the Board of Statutory Auditors and all the Shareholders who have committed themselves to achieving this important goal".
“The merger foreshadows the birth of a highly specialized and innovative operator both in terms of business model and technological endowment, with a strong focus on environmental protection issues and in general on the entire ESG area – added Bossi -. The goal is to continue the banking activity in support of businesses and entrepreneurs in the Triveneto area, expanding the business with the support of the digitization of processes and intervention in sectors that require a rapid operator in intercepting market needs, able to offer quality, speed of response and personalized service. It will be given particular attention to private customers in the management of their assets, with a focus on product and service innovation. The acquisition and management of portfolios of non-performing loans is also central, concentrating investments on the unsecured, corporate and retail/consumer segments and on portfolio segments that are more difficult to deal with; lastly, through an intensive use of technology, the aim will be to increase the customer base, diversify funding sources and provide innovative investment services”.
