Veneto Banca

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Veneto Banca
Formerly called
  • Banca Popolare di Montebelluna
  • Banca Popolare di Asolo e Montebelluna
Società per Azioni
Industry Financial services
Founded 1877
Headquarters
  • 1 Piazza G.B. Dall'Armi, Montebelluna, Italy (legal)
  • 250 via Feltrina Sud, Montebelluna, Italy (de facto)
Number of locations
Decrease 550 branches (2015)
Services Retail and corporate banking
Increase (€881.902 million) (2015)
Total assets Decrease €33.349 billion (2015)
Total equity Decrease €2,007,931 thousands (2015)
Owner Atlante (97.64%)
Number of employees
5,703 (2015 average)
Parent Atlante
Subsidiaries Banca Intermobiliare
Capital ratio Decrease 7.23% (CET1)
Website
Footnotes / references
in consolidated basis[1]

Veneto Banca S.p.A. is an Italian bank headquartered in Montebelluna, Italy. The bank changed from cooperative society to limited company in December 2015. Following a failed stock market listing in June 2016 it was taken over by the bail-out fund, Atlante.[2]

According to a research by Ricerche e Studi, the bank was ranked 16th by total assets, using 2014 data.[3] The banks was one of the fourteen largest banks of Italy, which were supervised by European Central Bank directly.

History[edit]

Established in 1877 as Banca Popolare di Montebelluna, in the 1960s the bank started its expansion acquiring some local cooperative banks and savings banks, such as Banca Popolare di Intra. An intense development stage starts in 2000, with the expansion in North-West and Southern Italy and the acquiring of banks in Eastern Europe.

In 2001–2002 Veneto Banca acquired 29 branches of Nuova Banca Mediterranea from Banca di Roma, which were immediately injected to Banca Meridiana (ex-Banca Popolare del Levante). Banca Meridiana was merged with Banca Apulia, another subsidiary of Veneto Banca in 2010.

The banks was one of the fourteen largest banks of Italy, which were supervised by European Central Bank directly. The bank passed the stress test by recapitalization in 2014.[4]

Due to Decree-Law N°3/2015, the bank changed from a cooperative limited partnership (Italian: Società cooperativa per Azioni) to Società per Azioni in December 2015, affecting the calculation of voting rights (every shareholders had one vote regardless how many shares he had in cooperative society).[5] The Decree-Law required People's Bank with more than €8 billion total assets, had to registered as limited company instead. Veneto also bought back €14,725,910.40 shares (€7.3 per share) as part of the demutualization.[6] The bank also planned to recapitalize €1 billion in early 2016 (due to CET1 ratio was below ECB requirement of 10%), as well as planning to list in Borsa Italiana in mid-2016. As at 31 March 2016 the bank had a net assets per share of about €15.5, or €3 in nominal value. However, due to low demand of the new shares, the bank priced the new share at €0.5 to €0.1 per share.[7]

The stock market listing failed to generate interest, with only one institutional investor[citation needed] taking up the offer and existing shareholders buying just 2.2%[8] (some of the excised rights of withdrew). As a result, the newly created bail-out fund, Atlante, which had underwritten the share issue, became the majority shareholder. The bank's CET1 ratio was increased to over 11%.[2]

Atlante subscribed €988,582,329.50 out of €1 billion new shares of the bank,[9] making the private sector led bail out fund owned 97.64% stake of the bank.

Subsidiaries[edit]

Former subsidiaries[edit]

References[edit]

  1. ^ "2015 Bilancio" (in Italian). Veneto Banca. 18 March 2016. Retrieved 16 April 2016. 
  2. ^ a b "Italy's bailout fund to take over Veneto Banca after IPO flop". Daily Mail. 24 June 2016. 
  3. ^ "LE PRINCIPALI BANCHE ITALIANE" (PDF) (in Italian). Ricerche e Studi. 10 November 2015. Retrieved 21 February 2016. 
  4. ^ "AGGREGATE REPORT ON THE COMPREHENSIVE ASSESSMENT" (PDF). European Central Bank. October 2014. Retrieved 26 March 2015. 
  5. ^ "REGISTRATION IN THE COMPANIES REGISTER OF THE RESOLUTION FOR TRANSFORMATION INTO A JOINT-STOCK COMPANY METHODS AND TERMS FOR EXERCISING THE RIGHT OF WITHDRAWAL" (PDF). Veneto Banca. 23 December 2015. Retrieved 20 March 2016. 
  6. ^ "VENETO BANCA: EXERCISE OF RIGHT OF WITHDRAWAL COMPLETED" (PDF). Veneto Banca. 22 January 2016. Retrieved 30 May 2016. 
  7. ^ "OFFERTA DELLE AZIONI DI VENETO BANCA, DEFINITA LA "FORCHETTA DI PREZZO" PER AZIONE: MINIMO 0,10 EURO, MASSIMO 0,50 EURO" (PDF) (in Italian). Veneto Banca. 31 May 2016. Retrieved 25 June 2016. 
  8. ^ "RISULTATI PRELIMINARI DELL'OFFERTA IN OPZIONE DI VENETO BANCA" (PDF) (in Italian). Veneto Banca. 23 June 2016. Retrieved 9 August 2016. 
  9. ^ "COMUNICATO STAMPA" (PDF) (in Italian). Quaestio Capital Management SGR. 30 June 2016. Retrieved 9 August 2016. 

External links[edit]