Another field day is coming for Veneto Banca and Banca Popolare di Vicenza. Today the boards of directors of the two institutes will meet to present the final results of the settlement offer which closed on 28 March.
At the expiry of the term, Pop Vicenza had announced a membership quota of 71,9 per cent, while Veneto Banca had spoken of 73 per cent. In neither of the two cases, therefore, was the minimum threshold of 80 per cent initially foreseen reached. A failure that however the institutes have decided not to consider, positively evaluating the results obtained.
After 28 March, the boards of Veneto Banca and Popolare Vicenza had taken two weeks to complete as quickly as possible the checks necessary to have certain and definitive data regarding the outcome of the transaction.
Once the results of the transaction and the related economic impacts on the two institutes are known, the management will be able to concentrate on drafting the industrial plans, which will have to concentrate on cutting costs and returning to profitability.
All this is preparatory to accessing the precautionary recapitalization, i.e. state aid, for which the two banks have been judged to possess the necessary requisites by the ECB.
"The hope is that by 30 June we will have the certainty of the precautionary recapitalization operation to start a significant collection recovery process", said Fabrizio Viola, CEO of Popolare Vicenza and chairman of the strategic committee of Veneto Banca.
