Banca di Credito Popolare, Bankitalia imposes commissioners to restore healthy and prudent management

Bank of Italy Eurocoin indicator increases again in March

(Finance) – Bank of Italy has adopted an early intervention measure against Banca di Credito Popolare (BCP) based in Torre del Greco (NA). This can be read in a note from the credit institution, which explains that the appointment of Francesco Fioretto and Dino Donato Abate has been arranged as commissioners temporarily alongside the board of directors currently in office, starting from 10 May 2024.

The two commissioners will assist the corporate bodies in the “implementation of initiatives functional to the full restoration of operations based on principles of sound and prudent management“. The management of Banca di Credito Popolare remains entrusted to the corporate bodies, with the institution continuing its activity.

Last May 6th the shareholders’ meeting approved the budget 2023closed with total assets that stood at 3.5 billion euros, up 3% compared to 3.4 billion in 2022. Revenues from core activities exceeded approximately 86 million with the interest margin which stood at 76.6 million (+11.42%) and the intermediation margin amounted to 96.9 million, increasing by 23.20%.

The year was characterized by one-off and non-recurring interventions accounting and depreciation reclassification of some securities in the portfolio, which redetermined the opening balances of assets, liabilities and shareholders’ equity for the 2023 financial year; for this reason the 2023 budget closed with a negative net result of 16.6 million euros and a net worth of 166 million euros.

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