Come the details on the plans that Banca Popolare di Vicenza and Veneto Banca they have been allocated to savers who have suffered losses as part of the default of the two former cooperative banks.
The two Venetian institutions have separately launched a transaction offer aimed at their shareholders who in the recent past have been affected by the cancellation of the value of their securities.
Both banks have established an indemnity equal to 15%, which has been accompanied by commercial offers reserved for those who decide to join the transaction. However, there is one condition: recognition will only be paid to those who choose to renounce the promotion of legal actions.
In both cases, the offer will be valid only in the event of acceptance corresponding to at least 80% of the shares included in the scope of the transaction, but this condition cannot be renounced.
The offer of Banca Popolare di Vicenza
Banca Popolare di Vicenza is offering 9 euros per share to "zeroed" shareholders in exchange for the waiver of disputes with the bank. According to the note released today, the transaction offer is aimed at 94 shareholders. The operation will begin tomorrow, 10 January and will end on 22 March. The price offered represents 14,4% of the maximum price reached by the share (62,5 euros). The shareholders to whom the initiative is aimed, explains the note, have been identified according to objective criteria, which mainly include natural persons, partnerships, foundations, non-profit organizations and non-profit organizations.
As previously mentioned, the validity of the offer will be subject to acceptance by at least 80% of the shares involved, ie shares purchased from 1 January 2007 to 31 December 2016, net of sales. The threshold of 80, however, can be renounced by the bank, which reserves the right to extend the subscription period until 30 June 2017 "in the presence of justified reasons, in particular to encourage wider participation".
Those who decide to accept the proposal will be able to count on "exclusive commercial conditions that will allow them to benefit from increased returns" on term deposits and "substantial concessions on certain banking products and services", such as mortgages and current accounts.
On 10 January, the start day of the offer, shareholders will receive an explanatory letter containing the details of the operation. It will be possible to express one's interest until 15 March 2017 by going to the branch or through the bank site and will be able to sign the settlement agreement by 22 March. A toll-free number (800-595470) has also been activated for information on the initiative.
Satisfied with the CEO's comment Fabrizio Viola: “We are doing our best. The Bank wants to demonstrate with concrete facts the break with the recent past. We promptly wanted to implement everything that the current situation allows us to do in order to be able to reposition the relationship with Shareholders and Customers on a plan of effective collaboration. We trust that our effort in undertaking this new path will be understood and appreciated”.
I hope for more than 80% acceptance of the offer”, commented the president of Popolare di Vicenza instead, Gianni Mion during the press conference to present the settlement offer addressed to the bank's shareholders. “I am hoping for a large turnout because this will allow the resumption of dialogue with customers and creates the premise for finding investments to relaunch the bank”, Mion said, noting that he knows “very well that everyone would like full repayments, but I think that on the part of the bank the transaction offer is very generous and binding”. Mion also recalled that among the problems to be faced there is that of the costs on which a plan is being prepared.
Veneto Banca's offer
Veneto Banca will promote "a settlement offer with a flat-rate and all-inclusive indemnity equal to 15% of the theoretical loss suffered as a result of the purchases of Veneto Banca Shares (net of sales made and dividends received) which took place in the period between the 1st January 2007 and 31 December 2016, at any bank of the Group". Also in this case, the shareholder will have to give up taking legal action against the institute.
The initiative is aimed at approximately 75.000 shareholders, equal to approximately 85% of the total. In the next few days, the press release reads, “shareholders who meet the necessary requirements will receive a letter with the details of the Offer which they will be able to adhere to until 15 March 2017 by going to their branch. From 10 January, for any requests for clarification, the toll-free number 800 199 892 will also be active. All information will be available at the branches” and on the institute website.
The outcome of the offer will come in April. In the event of a positive result, "the payment of the economic recognition will take place within 5 working days from the date of communication".
Veneto Banca also provides for "favorable" commercial conditions for members. In detail, “Veneto Banca and the Italian banks of the Group will also make available an important Commercial Proposal “PerTe” Line, which provides for the application of preferential conditions and favorable returns on a series of products: residential mortgages, term deposits and current accounts".
"With the transaction offer and the commercial proposal that accompanies it - says the president of Veneto Banca, Massimo Lanza –, the Board of Directors and the Management wanted to give a strong and tangible signal to the Shareholders who have suffered serious consequences due to the past mismanagement of our Group, against which we are proceeding with a detailed liability action". “They are clear and concrete proposals, the only ones that can quickly alleviate the inconvenience caused to so many families” – declared President Lanza. “Our offers – underlines the Chairman – represent a decisive turning point in the path of reconciliation with the Shareholders and for the very future of the Bank, which is once again supporting and relaunching the economy of the reference territories”.
