From January XNUMX, Banca di Cambiano, the oldest mutual bank in Italy, became a joint-stock company, with the name Banca Cambiano 1884 SpA and represents the first case at national level of a way out envisaged by the law on cooperative credit for mutual banks that hold assets exceeding 200 million euro. This is what was announced at the press conference held today in Florence by the bank's top management.
The path took place with a complex corporate operation, which obtained the consent of the European Central Bank and the Bank of Italy and brought back the unanimous vote of the Shareholders and ended with the transfer to Banca Agci SpA of all the active and passive assets of the Cambiano effective from 1.1.2017.
The transferring company, the former BCC of Cambiano, took on the corporate name of Ente Cambiano scpa which maintains the prevailing mutuality nature and is configured, as required by law, as the parent bank, and therefore included under the supervision of the Bank of Italy, with 92,58% of the capital of the new bank SpA The registered office and general management have moved to Florence, while the central operating structure will remain in Castelfiorentino.
The choice of the way out, underlined the chairman Paolo Regini and the general manager francesco Bosio, was made "in coherence with the position assumed by Cambiano since the end of the 70s of the last century when it detached itself from the federative structures of non-profit cooperative credit sharing the management lines, strategies and related costs. The evolution of the regulations, the increased operational dimensions required and the market dynamics have progressively seen the validity of the choice of secondment adopted confirmed. The long dating of the independent position of Cambiano, which has led to consequent organizational and strategic choices, is the basis of the industrial choice made with the way out. A coherence that manifested itself by choosing the way out made possible by the cooperative credit reform law”.
“The desire to keep the flag of independence high it was and is the first, but not the only, reason that prompted the BCC of Cambiano, having the necessary requisites, to choose the path of autonomy by refusing to re-enter the new national group dominated by Federcasse, or in other similar structures arising by other components of the CCB system, as envisaged by the reform. In any case, joining a Group would have brought Cambiano into a mechanism substantially devoid of autonomy which is instead in the DNA of our bank. But together with the choices of the heart and fidelity to the original values, which are represented by the ever-living union represented by efficiency and solidarity, it was the bet on the future, as was the winning one at the end of the 70s with the exit from Federcasse Toscana and by the structures of the BCC movement which brought Cambiano towards SpA” commented the Chairman Paolo Regina.
“A challenge, continued the General Manager Francis Bosio, which we have undertaken with not indifferent determination and commitment, also given the reduced timescale imposed, which has led to this result that makes us proud. A result that determines the strengthening of the brand and of the market positioning of a financially solid bank and which will continue to grow step by step even in new markets, with an eye to profitability and credit quality. The adaptation of the management balance to the logic of a joint stock company bank and the possibility of accessing the capital market are the objectives of the new bank and will translate into advantages for all interested parties such as shareholders, employees, customers, families, companies, savers and communities in the operating areas who will be able to appreciate the news that comes from a bank with an ancient heart, but one that knows how to bet on the future”.
During the press conference it was repeatedly emphasized that in the new guise of SpA, Cambiano will not change its identity, made up of constant attention to the moral values and behavioral transparency of banking, but the "tradition-innovation" and "sociality-market" mix possible in the new corporate context will open up other opportunities for growth, without however pursuing the deceptive finance of derivative products or the alchemy of subordinated bonds, which Cambiano has never had and will never have, but aiming to be more and more and better a bank well established in the territory at the service of the real economy.
“This has always been and will always be a friendly bank, a bank that knows how to listen and that knows how to support those who deserve credit and those looking for a safe haven for their savings,” Bosio reiterated.
This is the message translated into the visuals of the new Communication Campaigns and the new coordinated image presented, where concepts such as Stock Exchange/Market/Shares/ find form in familiar, concrete, real and everyday images and truly in the spirit of the Bank.
The new Banca Cambiano 1884 SpA sees confirmed in the role of President Paolo Regini, General Manager Francesco Bosio, Deputy General Manager Giuliano Simoncini, who held the same positions in the BCC of Cambiano, while the former General Manager of Agci Bruno Chiecchio becomes Deputy Manager vicar general.
Banca Cambiano SpA has 350 employees, 41 branches, of which 25 in the province of Florence, including the 3 former Agci in Bologna, Turin and Rome. The 2016 financial year represents the 134th carried out under the name of the Banca di Credito Cooperativo di Cambiano and recorded a net profit over a period of € 5 million with total deposits estimated at € 2,565 billion which confirm, despite the current difficulties , the figure for 2015 while economic investments can be estimated at € 2,131 billion with an increase of approximately 5,2%. Data of absolute positivity that brilliantly celebrate a cycle and represent the values of a tradition and the foundations of the new perspective of growth and consolidation in the new corporate form.
