The Atlante fund is preparing to step aside. “Soon we will no longer be the reference shareholder” of the Veneto banks. The news was officially announced by Alessandro De Nicola, representing the fund, during the meeting of Popolare di Vicenza, held today in parallel with the meeting of Veneto Banca.
"Now we need new and huge recapitalizations that are no longer within the reach of private investors - said the representative of Atlante - It is very probable that Atlante will no longer be the reference shareholder of these banks in the short term, but if the merger takes place, it will have been a success".
We recall that the fund created to protect the banking system from the risk of bankruptcy now controls over 99% of the capital of Popolare di Vicenza and Veneto Banca. But the announcement was also an opportunity to take a few pebbles off your shoe. De Nicola did not mince words, pointing the finger at the "serious mismanagement of the past administrations which has produced very serious economic losses to all stakeholders”.
“The Atlante fund – he recalled – entered the bank in spring 2016, when no investor had come forward to put money into the bank. The bail in was avoided just in time – he concluded – which would have had a devastating impact and unpredictable effects on the entire sector at a national level'. Atlante's task is therefore over, now it will be up to "others" to take charge of the management of the two institutes.
Veneto banks: financial statements with billionaire losses approved
The shareholders' meetings of the two Veneto banks approved the 2016 financial statements. As regards Veneto Banca, direct deposits recorded a drop of 17,8% to 20.031 million euro, while the loss reached 1,5 billion euro. Value adjustments on loans and other assets amounted to 1.293 million euros (+58,7% on 2015), with 433,6 million in provisions for risks and charges mainly associated with legal risks on shares sold to shareholders.
Conversely, Popolare di Vicenza closed 2016 with a loss of 1,9 billion. "It was a very difficult year for the bank - commented the CEO, Fabrizio Viola - One of the most serious problems was the significant growth in non-performing loans, non-performing loans grew by 17% and probable defaults by 4%".
The two banks have presented industrial plans which envisage the merger of the two institutes.
Veneto banks: liability actions
The president of Banca Popolare di Vicenza, Gianni Mion, accepting the request received from many small shareholders, has decided to include the vote on the launch of a liability action also against the former CEO Francesco on the agenda of the meeting Iorio and the board led by Stefano Dolcetta. The vote ended with a rejection, which came mainly thanks to the No of the Atlante fund, which, as previously mentioned, controls 99,33% of the bank's capital. In fact, the 'yes' triumphed in the vote "per head" (in any case irrelevant), coming from 120 of the 126 members present, on their own or by proxy.
Some shareholders have also criticized the CEO of the Vicenza bank, Fabrizio Viola, for the compulsory indictment in the proceedings on the MPS affair. The manager was defended by the vice president of the institute, Salvatore Bragantini and by the president Gianni Mion: "If there is one person who is able to save Popolare di Vicenza it is Fabrizio Viola" declared Salvatore Bragantini.
Moving on to Montebelluna "The documents are almost ready, for the liability action it's a matter of weeks". This was stated by the president of Veneto Banca, Massimo Lanza, responding to the interventions of the shareholders "We will do the same and will continue to do - he added - to initiate liability actions against third parties".
Lanza also ensured that the bank "has not forgotten the shareholders that we were unable to include in the Public Transaction Offer (Opt). The regulation for the distribution of the 30 million fund for disadvantaged members will be ready in a few days"
Popolare di Vicenza: refunds and staff
“What happened is not easy to accept, nor is it easy to manage”. This was stated by the CEO of Banca Popolare di Vicenza, Fabrizio Viola, commenting on the institution's past events. "What gives me a shred of confidence - he added - is that around 94% of the fees paid for the transaction" with the shareholders "are still paid into the bank's current accounts".
A characteristic which, according to the CEO, represents a "small sign of confidence" in the bank's future.
As far as personnel are concerned, Viola reiterated that “the bank's management and all personnel are managing a very demanding situation especially on the deposit and funding side. For a month, however - he continued - the situation has normalized. It is necessary to continue to use conventional levers to reduce personnel, the bank is recovering and will relaunch itself also thanks to the work done with the unions. The cost of personnel is one of the costs that must be reduced. For a few weeks we have finished the work of reducing the management salary. And this job was due to sit at the union tables”, concluded the CEO of BpVi.
