(Finance) – The operation to increase the group’s shareholding Unipol in the capital of Banca Popolare di Sondrio from 9.5% up to the limit of 20%, “was carried out quickly and therefore apparently prepared for some time with purchase methods outside the market and manifestly without respecting the protection needs of small shareholders“. This was stated in a note on Committee for Autonomy and Independence of Banca Popolare di Sondrio which “is not hostile to the growth of an important shareholder to this extent even if it considers with concern the ways in which it was carried out”.
The Committee “trusts that Unipol agrees on the need to preserve the identity of a very profitable, very well managed bank, and with a unique management and business model, whose value would be largely lost if it were incorporated into reality with completely different histories and management models”.
At the same time, it is said “concerned that this operation is preliminary to bank aggregation operations as part of the press has interpreted” and the Committee’s recommendation and commitment is to “urge, in addition to the presence in the share capital of the financial component (investment funds) and the major shareholder component, with the risk of further senseless aggregations banking institutions, also the strengthening of a third significant component of the share capital which aims to respect the principles of the Articles of Association, in the interest of all shareholders, including minor shareholders, and of the territories where the bank is present”.
Recommendation which “is addressed above all to the “Together for Popolare” Association, which brings together and already represents 4% of the share capital, so that increases its presence in the share capital to at least 10% in order to also strengthen the presence in the capital of minor shareholders and private shareholders who want to support the autonomy and independence of BPS, as well as defend its identity and history”.