After more than one year of negotiation with the Italian Government and the relevant Authorities, the reform of the Italian BCC is now officially binding law, as the Decree containing the provisions on the reorganization of the system was converted into law last night by the Italian Senate.
Here are the main points:
- starting from now is a 18 months period for the implementation of the reform;
- the 367 Italian BCCs will constitute a banking group, which will be SSM significant;
- the group's central body will be a bank in the form of joint stock company;
- the central body will be owned mainly by the cooperative local banks, but part of its shares will be open to the market (non listed);
- the central body will have powers of direction and intervention on the BCCs;
- however each BCC will remain a fully fledged cooperative and will keep their banking licence;
- BCCs will be autonomous in the conduct of business, as long as they are financially sound;
- the powers of intervention the central body and the relationship with each BCC will be defined in contractual agreements to be authorized by the Bank of Italy;
- the group will represent the third largest Italian banking entity and the first in terms of Italian capital.
- Federcasse, the national association of the BCCs, is satisfied of the contents of the reform and of the work carried out with the Government and the Authorities.
Read the entire press release HERE.