Banco Popolare
Encyclopedia
Banco Popolare is an Italian
cooperative
bank
, formed in 2007 from the merger of Banco Popolare di Verona e Novara (BVPN) and Banca Popolare Italiana (BPI). In June 2009 the company became the first Italian bank to receive state aid from the Government of Italy
due to the ongoing financial crisis. It sold €1.5 billion in convertible bond
s to the state.
Italy
Italy , officially the Italian Republic languages]] under the European Charter for Regional or Minority Languages. In each of these, Italy's official name is as follows:;;;;;;;;), is a unitary parliamentary republic in South-Central Europe. To the north it borders France, Switzerland, Austria and...
cooperative
Cooperative banking
Cooperative banking is retail and commercial banking organized on a cooperative basis. Cooperative banking institutions take deposits and lend money in most parts of the world....
bank
Bank
A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...
, formed in 2007 from the merger of Banco Popolare di Verona e Novara (BVPN) and Banca Popolare Italiana (BPI). In June 2009 the company became the first Italian bank to receive state aid from the Government of Italy
Politics of Italy
The politics of Italy is conducted through a parliamentary, democratic republic with a multi-party system. Executive power is exercised collectively by the Council of Ministers, which is led by the President of the Council of Ministers, referred to as "Presidente del Consiglio" in Italian...
due to the ongoing financial crisis. It sold €1.5 billion in convertible bond
Convertible bond
In finance, a convertible note is a type of bond that the holder can convert into shares of common stock in the issuing company or cash of equal value, at an agreed-upon price. It is a hybrid security with debt- and equity-like features...
s to the state.