Banca Popolare di Sondrio
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| Sector | Banking |
Banca Popolare di Sondrio is the parent company of the eponymous banking group. It is listed in the FTSE Italia Mid Cap index of the Milan Stock Exchange.[1]
Banca Popolare di Sondrio: from its founding to its development in the territory
Founded in Sondrio in 1871, Banca Popolare di Sondrio was one of the first cooperative banks established in Italy. Its founding was inspired by the cooperative credit movement promoted by Luigi Luzzatti.
The bank's operations began with the branches in Sondrio, at the headquarters, and with those of the Morbegno branch. The branches expanded to twelve between 1881 and 1962, and then became eighteen by 1970. Economists Fabio Besta and Ezio Vanoni are among the many members who have been part of the bank in the past.
The presence of Banca Popolare di Sondrio in the territory favored the economic development of Valtellina, whose economy was characterized by peripheral features and a low concentration of employment.
Banca Popolare di Sondrio: operations in the 2000s
In 2017, a merger operation between the two banks was proposed by Credito Valtellinese. This proposal was rejected by Banca Popolare di Sondrio, believing that the bank intended to continue its activities independently.
In October 2017, Banca Popolare di Sondrio made an acquisition offer for Cassa di Risparmio di Cento. On October 31 of the following year, the bank completed the related due diligence. Subsequently, a contract was signed with Fondazione CariCento and CR Cento for the acquisition of the majority of the capital. The operation included an initial phase with a cash purchase (amounting to 6.5 million euros) and another phase with a share exchange with Fondazione Cassa di Risparmio di Cento. The latter would acquire a 2% stake in the capital of Banca Popolare di Sondrio. The operation was halted in October 2019 by the European Central Bank due to risks related to non-performing loans. Subsequently, Banca Popolare di Sondrio announced the sale of a portfolio of bad debts worth approximately 1 billion euros, and then sold an additional 0.5 billion of non-performing loans in October. Later, in February 2020, the acquisition of Farbanca was also halted due to a denial received from the Supervisory Authorities.
Banca Popolare di Sondrio becomes a joint-stock company
Banca Popolare di Sondrio changed its corporate form in January 2022, the month in which it became a joint-stock company following the Shareholders' Resolution dated December 29, 2021.
Related topics
Notes
- ↑ Banca Popolare di Sondrio, su it.wikipedia.org.