There was no shortage of discontent over the maxi-devaluation of 22,80% of the shares and the losses of 968 million euro due to the adjustments and write-downs that occurred in 2014, but in the end the assembly of Veneto Banca, which was attended by today 6 of the 90 members approved the budget with 92% of the yeses and confirmed the outgoing board of directors for one more year.
It will therefore be the current top management, led by President Favotto and General Manager Consoli, who will steer Veneto Banca towards the transformation into a joint stock company which will take place by December of this year.
More uncertain is the chapter on mergers on which Favotto and Consoli have given the floor to the advisor represented by Rothschild. But those who were present at the meeting noticed a certain coldness towards the hypothesis of marriage with the cousins of Banca Popolare di Vicenza, with respect to which the new Veneto Banca Shareholders' Association did not remain silent about its dissent led by the former president of the Court of Treviso, Giovanni Schiavon.
The alternative design that seems to be advancing on the other hand, according to what was perceived by the shareholders' meeting, is that of a "stand-alone" project based on a capital increase open to new shareholders and on the formation of a hard core capable of bank safe from hostile takeovers. However, the unknown factor remains the approval of the ECB under whose supervision Veneto Banca is also included in the list of the 11 largest banks with assets exceeding billions which, by virtue of the recent Renzi reform, must abandon the per capita vote and transform themselves into a joint stock company.
To the discontent expressed by various shareholders for the maxi-devaluation of the shares, the top management of the Montebelluna bank finally responded by assuring that the situation is destined to stabilize with the 2015-7 industrial plan which should bring Veneto Banca back towards growth in profitability and the budget improvement.
