The plan drawn up to resolve the crisis of Banca Popolare di Vicenza and Veneto Banca has been completed today.
Following the decisions of the European authorities and in accordance with the Decree Law of 25 June 2017, the Ministry of Economy and Finance, acting on the proposal of the Bank of Italy, put the two banks into compulsory administrative liquidation.
The Bank of Italy appointed the respective winding-up bodies which, implementing the Ministry’s indications and with the support of the Italian Government, have made arrangements for the sale of the two banks’ assets and liabilities to Intesa Sanpaolo SpA, which has taken over the banks’ customer relationships, avoiding an interruption in services. The banks’ non-performing loans are not part of the sale and will subsequently be transferred to a state-owned asset management vehicle. Shareholdings and subordinated liabilities will remain within the scope of the liquidation proceedings.
The intervention ensures the protection of all depositors and senior creditors. The Decree Law contains relief measures for retail junior bondholders.
Clients will not be affected by this transition: offices and bank branches will keep their normal business hours and will remain fully operational; all banking transactions will proceed without variation but under the responsibility of Intesa Sanpaolo SpA.
Banca Intermobiliare and Farbanca, which were not acquired by Intesa Sanpaolo SpA, will continue to operate as usual and in an orderly manner, ensuring the continuity of existing customer relationships, with a view to their subsequent divestment.