Even the last of the large cooperatives, Popolare di Sondrio, abandoned the cooperative regime and became a joint stock company in implementation of what was foreseen seven years ago by the Renzi Reform, long advocated by the Bank of Italy and originally conceived by Mario Draghi when at the end of the '90 was the director general of the Treasury.
The extraordinary meeting of Popolare di Sondrio approved by a very large majority (2.517 yes, 38 no and 39 abstentions) the historic decision that closes one era and opens another, the one for which the absurd per capita vote disappears (a vote for each head regardless of the number of shares held by each shareholder) and count the shares. Even Popolare di Sondrio thus becomes contestable and it is not improbable that Bper, 20% owned by Unipol, which is already a partner of the Valtellinese bank, will soon decide to take over the leadership or at least to increase its shareholding by launching a new phase of the bank risk.
Popolare di Sondrio has tried in every way to escape the constraint imposed by the Renzi Reform for cooperative banks with assets exceeding 8 billion which requires them to abandon the cooperative regime and the consequent per capita vote to become a joint stock company like all listed companies on the stock exchange.
So far the Renzi reform has allowed the wrongdoings of the Veneto banks to be brought to light and has given more transparent governance to the Popolari which have turned into joint stock companies, without prejudice to the principle whereby the small Popolari can remain cooperatives.
We will soon see what the future of Popolare di Sondrio will be, but its capital solidity and strong roots in the territory let us imagine a development horizon that the new governance will facilitate.
