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20/07/2010 |
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Press release
BANCA POPOLARE DI VICENZA GROUP: Board of Directors approves the "Group Restructuring Plan". |
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Vicenza, 20 July 2010 - The Board of Directors of Banca Popolare di Vicenza today approved the "Group Restructuring Plan" for a revision and simplification of its industrial model, which should lead to significant cost synergies.
The entire project is subject to approval by the Supervisory Authorities as required by law.
The plan is made up of three main stages:
1. The absorption of "Cariprato - Cassa di Risparmio di Prato SpA" by Banca Popolare di Vicenza, with the Cariprato brand being preserved locally.
2. The absorption of "Banca Nuova SpA" by Banca Popolare di Vicenza and subsequent spin-off of the business, suitably optimised, making up the new scope of the subsidiary bank.
3. The sale of the business by Banca Popolare di Vicenza to the Group's consortium companies (Servizi Bancari and Immobiliare Stampa).
The intention of the reorganisation is to achieve substantial advantages, including:
- a simplification of corporate governance of the Group;
- a reduction in operational complexity;
- standardisation of operating policies;
- optimisation of equity investments at Group level;
- an appreciable reduction in costs.
The geographical presence of the Group's branches will also be optimised by:
- assigning Central Italy to Banca Popolare di Vicenza with the reallocation of Cariprato's branches in Tuscany and Banca Nuova's in Lazio;
- focusing Banca Nuova on Southern Italy (including Sicily and Sardinia) developing the network prevalently in the Regions of Campania, Apulia and Basilicata.
A Regional Management will be set up in Tuscany, which will operate from the Palazzo degli Alberti (CariPrato's current head office), managing the commercial Areas and the related branches, reporting directly to the General manager of the Parent Bank, as well as looking after institutional relationships in Prato and its Region.
Moreover, representatives of the institutions and the local economy, that of Prato in particular, will form a Tuscany Regional Committee with consultative powers in the field of credit and loans; it will also look after donations.
Banca Popolare di Vicenza intends to preserve, as far as possible, the Cassa di Risparmio di Prato brand name in the Areas supervised by the "Tuscany Regional Management". Attention will therefore be given to those activities needed to support this decision and, in accordance with the Supervisory Authority, to specific initiatives involving external communication to customers and the territory in general.
This new Tuscany Regional Management will have a staff structure designed to guarantee effective handling of relationships with the territory and local institutions in Prato and in Tuscany.
A number of staff functions are currently being developed for the Regional Management and they will look after commercial planning and support, credit and loans and international business.
As regards Banca Nuova, following the reorganisation, the Parent Bank will integrate part of the subsidiary's structure as a result of the merger and subsequent spin-off.
This operation envisages, among other things, the assignment to Banca Popolare di Vicenza of 12 Banca Nuova branches in Lazio.
This will make it possible to focus Banca Nuova's mission as a Territorial Bank to look after the whole of Southern Italy (including Sicily and Sardinia), enhancing its commercial functions and credit management in particular.
The plan to reorganise the Banca Popolare di Vicenza Group envisages in its third stage the sale of certain businesses by Banca Popolare di Vicenza to the Group's consortium companies (Servizi Bancari and Immobiliare Stampa). The exact scope of the businesses to be sold is still being decided. The areas currently being considered are support functions for the property business, operational management and back office with respect to the main activity.
The reorganisation is expected to free up personnel, especially in the Central Departments, who will be reallocated within the Group. If necessary, some resources may be offered redundancy benefits on an individual, voluntary basis.
At the end of the reorganisation, the Bank will be slimmer, stronger and more efficient.
xxx
This communication prepared in accordance with art. 114 of D. Lgs. no. 58 of 24 February 1998 is available on the following websites: www.popolarevicenza.it and www.gruppopopolarevicenza.it.
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