The Merger of Banca Popolare (A)

Case Solution

Guido Stein Martinez, Marta Cuadrado, Enrique Cano

Riccardo Paderi, Director of Organization and Operations, was in a meeting with other directors of the bank. They had been summoned to a three-day extraordinary meeting in the west of the country just days before. They had been hearing comments about the possible merger for a few months now, and if this were the case, no one would have expected the merger to take place so soon, and certainly not before the end of the fiscal year. The numbers danced and warnings of layoffs and branch closings became a topic of conversation among employees. Early in the morning Massimo carefully read the press release from the Autorità Economica Nazionale (AEN). Banca Popolare del Sur had just been suspended from trading. The bank, which was taken over by Grupo Banca Popolare in the late 1990s, closed its doors after more than a century of banking activity. The article outlined the reasons why the country’s third-largest bank decided to merge in August and not wait until next year. Massimo has printed the schedule prepared by the bank for the implementation of the process: Figure 1 Estimated calendar August 10, 2010 The Board of Directors of Banca Popolare del Norte approves the operation. September 2, 2010 The Board of Directors of Banca Popolare del Norte approves the merger project. September 3, 2010 Communication to the market / AEN of the merger project. October 20, 2010 General Meeting of Banca Popolare del Norte. November 13, 2010 Regulatory and regulatory approval (approx.). December 2010 Completion of the legal merger.

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