For this reason it is essential that the EU decides as soon as possible. It is no coincidence that the heads of the Veneto banks are working with the European authorities in order to obtain the necessary approval to save and revitalize the banks. The hope is to close the negotiations by the summer.
This was reiterated by Fabrizio Viola, CEO of Popolare Vicenza and chairman of the executive committee of Veneto Banca, during the Forum Banca e Impresa del Sole 24 Ore.
“We are working very very intensely. There is no fixed date but a calendar of works. For the moment we work. Then there is the hope that times will be relatively short and that this work will lead to a concrete result”, said Viola.
To date, according to the European Central Bank, Veneto Banca and Pop Vicenza would need 6,4 billion euros to save themselves, a figure which however has not yet received confirmation from the European Commission.
"The time factor has its relevance - underlines the CEO of the Vicenza institute - even if we must not dramatize it". “If times remain within the framework of what was assumed – he continued – there shouldn't be a problem of time versus business continuity. I believe that the two banks can function adequately for a certain number of months without any problems, but given that there is also talk of relaunching them, it is essential that the certainty of the intervention materialize in the short term, also with a view to rebuilding relationships with customers ”. “.
However, for the relaunch of the bank "it is essential that the certainty of the intervention materialize in the short term to give our customers a certain story on which to build their story in the medium term".
Viola then referred to the relations with Cattolica Assicurazioni which exercised the right of withdrawal from the joint venture with Popolare di Vicenza and exercised the put option. The Vicenza institute, in turn, sold 6% of the insurance company, keeping 9% which it will not be able to sell before July due to a 90-day lock-up. Considering that Minali will assume the position of CEO of Cattolica from June 1st, the two top managers have a month to mend relations before the lock-up window opens. On the subject, the CEO explained that "contacts are open and the hope is that these may lead to a new bancassurance project"
Lastly, on the sale of the asset manager Arca, of which the two Veneto banks hold around 40% overall, Viola said "we are working and we hope for new developments in the short term".
