The eagerly awaited assembly of Banca Popolare di Bari, the largest credit institution in the South, approved the 2018 budget proposed by the outgoing board of directors by a large majority and adopted the consequent decisions to cover the losses of 420 million.
Only about thirty of the 2 shareholders present at the meeting voted against the budget and against the renewal of the board of directors in which CEO Vincenzo De Bustis and, at least for now, the president Marco Jacobini remain confirmed, however he specified: "I am not attached to the chair but this is not the time to leave, even if I could do it in a forthcoming board of directors in about ten days". The Bari economist Gianfranco Viesti also remains on the board.
With 291 branches, a widespread presence in 13 regions, 3.300 employees and over 70 shareholders, Popolare di Bari is among the top 10 Popolari in Italy and the largest bank in the South, but it paid dearly for the acquisition of Tercas - the Teramo savings bank -, an operation recommended by the Bank of Italy itself but hampered by the EU Antitrust which prevented the intervention of the Interbank Fund, putting the Bari bank in difficulty. Now Popolare di Bari hopes to retaliate against the improvident decisions of the European Commission and in particular of the head of the Antitrust Vestager and has therefore launched a robust dispute against Brussels, supported by the European Court of Justice.
But the troubles are done and Popolare di Bari must immediately cover the 420 million losses of the last financial year which reduced the assets below the danger level. This is why the shareholders' meeting - on a proposal from the top management - approved two decisive measures: 1) the tranched covered synthetic securitization of performing loan portfolios for 400 million); 2) the sale for 55,5 million of the controlling stake of the Cassa di Risparmio di Orvieto.
With these two interventions, if the Supervision of the Bank of Italy gives its final go-ahead, Popolare di Bari expects to finally turn the page and it is at that point that – also by virtue of the facilitations provided for this purpose by the Growth Decree – it will be able trigger phase 2 of the bank's relaunch through a process of aggregation with other popular banks in the South. But obviously it will take one step at a time.
