Banca Agricola Popolare di Ragusa will no longer be called that. After 135 years, it is changing its name and, following the merger with Banca Popolare Sant’Angelo, the latter incorporated into the Ragusa bank by incorporation, it was decided to proceed with a re-branding. It will be called Banca Agricola Popolare di Sicilia. This is the news that comes from the top management of the bank after the approval of the merger, in the board of directors on May 31, and after obtaining, on June 27, the supervisory authorizations. On June 28, the documents functional to the holding of the assembly meetings of Bapr and Basa, called to deliberate on the prospective merger by incorporation, were deposited at the headquarters of Bapr.
The operation stands out “for respecting the path followed by BAPR in 135 years of history, offering the opportunity to broaden the operational horizon of the new entity, extending the strengthened “Ragusa model” to the whole of Sicily”. Upon completion of the merger by incorporation of BPSA and as a natural evolution of the path undertaken, Banca Agricola Popolare di Ragusa will take on the new name of BAPS – Banca Agricola Popolare di Sicilia.
Arturo Schininà, president of the Board of Directors, commented: “The merger by incorporation of Banca Popolare Sant’Angelo into Banca Agricola Popolare di Ragusa combines history and innovation: the Bank will maintain the corporate form of a popular institution, consolidate the link with stakeholders and provide ever greater opportunities for the development of the territories of reference. In this direction, the new territorial extension, the renewed market positioning and the relational evolution will also develop in a re-branding of the Bank, which will take on the new name Banca Agricola Popolare di Sicilia (BAPS), an increasingly modern bank at service of all Sicilians”.
The merger between Banca Agricola Popolare di Ragusa and Banca Popolare Sant’Angelo is an operation of great importance for the Sicilian banking panorama, but it is still awaiting approval from the Presidency of the Council regarding the golden power. This regulatory instrument allows the government to exercise special powers to protect strategic sectors of the national economy.
From the documents filed for the merger by incorporation of Banca Popolare Sant’Angelo into its larger sister company based in Ragusa, it emerges that both banks have exceeded 300 million in net turnover and have an average overall number of employees in excess of 250. These parameters they make the operation fall under the golden power legislation, which requires specific approval from the Presidency of the Council.
Last May 31st, the two banks presented a joint request to the Presidency of the Council to obtain the necessary authorization. According to financial sources, the green light could arrive by mid-July, possibly also through the silent consent mechanism, if there are no explicit objections within a certain period.
The merger, which has already received the approval of the Sicilian Region, will lead to the creation of a new banking entity with a widespread presence throughout Sicily, counting more than 100 branches.
