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What is the proper relationship between a banking institution and the bank his shareholder? It is easier to say how not to be. This book presents a “case history” model on the relationship between the Fondazione Cassa di Cuneo,(The Foundation Cassa di Cuneo), the Banca Regionale Europea,( European Regional Bank and since now BRE), and UBI Banca Group.
The subjects are of primary importance: the foundation is among the top ten in Italy, the bank is the first among the banks headquartered in the Piedmont and Ubi Bank is among the top five banking groups.
The BRE is among the strongest banks in the system.
The balance sheet sounds, a good profitability with a small suffering. But in March 2010 a resolution of no confidence against the President of the bank and the President of the foundation appoint the chairman of the supervisory board, with whom there is a conflict of interest,as member of the board of directors of UBI Bank.

Why? No one knows how to explain it and the business community in Cuneo is compact in deploring the decision.

Then you discover that the foundation’s President is the owner of a company in difficulty and the recapitalization of this company is done by a company headed by the chairman of the supervisory board, which is now a business partner, who is catapulted into the role of a banker with a national status.

The legitimate questions regarding compliance with the code of ethics, asset management, relationship with the bodies that appoint the General Council and the foundation has not been giving any plausible answers but it is calling everyone together in defense of the institution which is seen as something “ untouchable “.

In fact, with the same ruling class of the last century which makes itself appointed and re-appointed, the foundation was created as a self-power and take precedence over local institutions and parties. The circle closes and you return to a national perspective. In light of this and other experiences, it makes sense that foundations exert influence in the governance of banks? And the politicians, which in the story have played an ancillary role to the foundation, will rediscover their role and their dignity?

The Author :

Carlo Benigni was responsible for external relations of the Cassa di Risparmio di Cuneo,(Savings Bank of Cuneo), (1978-94),of the Banca Regionale Europea,( European Regional Bank, BRE), (1995-2011), of which he directed the magazine ‘Rivista’, and the Foundation Cassa di Cuneo (2002 -2009). It is part of the Scientific Committee of the Graduate School of Management, Groupe ESC Clermont. It is national president of the Federation of Italy-Israel Associations.

The Book ,( in italian):

Carlo Benigni

Il caso Fondazione Cassa di Risparmio di Cuneo

Donzelli Editore
Collana : Saggi. Storia e scienze sociali
pp. X-172 │ € 22,50
ISBN 88-6036-723-5

Why do we chose to talk about a Bank Foundation in Italy ?

Westphalia XXI with around 15.000 high-end readers each day is focused on the relation between the State Actors (as after the Pax of Westphalia),and the Non State Actors.
We consider amazing the Dr. Carlo Benigni´s contribution to show and to explain an almost internationally unknown trend inside the dynamics of real power in Italy.
Italy is considered one of the top seven interesting political experiments in the world ,( together with Greece, the USA,Russia,China,Spain,TurkeY),when we talk about the relations between the NSA´s and the SA´s and how they affect the social good.
For this reason it is important to understand this trend and Benigni is offering one of the most interesting contribute for that and we consider the 88 Italian Fondazioni Bancarie , ( banking foundations), as a kind of Non State Actors because they are almost the unique “entity” with an astonishing amount of money that is used to “influence” the political landscape. How ?
They can decide where to channel money to fund projects and consequently to support local leaders or if the foundation refuses it to put in danger their political future. Money that at the moment due the crisis neither the State nor the Private Sectors has.
In a few words : they are a private subject with a strategic and decisive public role.

Prosumerzen Intelligence Unit

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