Because in Crt Palenzona he was also torpedoed for Banca del Fucino
What is happening in the Piedmontese foundation Crt and why at the center of the tensions (which led Palenzona to resign) is also the investment in the Banca del Fucino. Facts, names and insights
There is also the Banca del Fucino dossier at the basis of the tensions at the top of the Turin CRT Foundation which also and above all sees the president Fabrizio Palenzona at the center of the controversy: the general secretary of the CRT, Andrea Varese, wanted by Palenzona, has in fact beendistrusted or by the board of directors of the Cassa di Risparmio di Torino (also a shareholder of Unicredit and Generali) and the president resigned.
CRT, WHAT DOES THE TORPEDOMENT OF VARESE MEAN
Varese's farewell is the culmination of conflicts that have developed in recent months between the collegiate bodies and Palenzona. The last act, the vote of no confidence in Varese, originates from the choice of the general secretary to communicate to the Ministry of Economy – which is responsible for supervising foundations of banking origin – the existence of an alleged "hidden pact" between some members of the council of direction, the «parliament» of the CRT, Corriere della Sera writes today: “ The aim of the agreement was to orient the appointments within the 22-member body which is an expression of the various territorial and institutional souls of the foundation. Two names chosen by the president of Piedmont, Alberto Cirio, and the mayor of Turin, Stefano Lo Russo, will pay the price: Enzo Ghigo and Gianfranco Morgando", the first from the centre-right and the second from the centre-left.
THE SCAZZI AT THE TOP OF RCS AND THE ATARAXIA OF THE MEF UNPLEASABLE IN PALENZONA
However, four members of the board of directors – Davide Canavesio, Caterina Bima, Antonello Monti and Anna Di Mascio – would not have appreciated Varese's decision to turn to the Mef without first consulting the board which also includes Maurizio Irrera and Marco Giovannini. Hence the motion against the secretary who, having acknowledged the no-confidence vote, took a step back. The affair angered Crt 's number one, Fabrizio Palenzona, who interpreted it as an attack on his work and his presidency. On the other hand, the letter reporting the alleged "hidden pact" to the Treasury also bore his signature as well as Varese's. In short, the letter was a boomerang, given that the Mef governed by the Northern League minister Giancarlo Giorgetti – according to a reconstruction by the newspaper L a Stampa – does not intend to intervene in these internal matters of the credit extraction body. A setback for Palenzona who is credited with high-level relations with the centre-right and in particular with the League.
ARMOUS IN CRT ABOUT THE INVESTMENT IN THE BANCA DEL FUCINO
But other discontent had been brewing for some time within the Turin Foundation. “Some councillors, including policy-makers, complained about the excessive centralization of decision-making by the president and the lack of sharing of resource allocation strategies. The criticism was aimed in particular at some investments such as those in the Banca del Fucino or the Banca di Asti, considered not to be in line with the territorial mission of the institution. Another investment that would have raised doubts would be the one in the Enosis vineyards in the Alessandria area”, writes Il Corriere della sera .
THE MANAGEMENT OF BANCA DEL FUCINO
As emerges from the company's profile, as of 30 September Banca del Fucino had 462 employees and a share capital of over 224.3 million. President is Mauro Masi and CEO Francesco Maiolini; vice presidents of the board of directors are Francesco Orlandi and Gabriella Covino. The other members of the board are Giulio Gallazzi, Marco Bertini, Fabio Scaccia, Salvatore Paterna, Bernardino Lattarulo, Manuela Morgante, Susanna Levantesi, Luigi Alio, Fabio D'Alessandro.
THE SHAREHOLDERS OF THE BANCA DEL FUCINO
In the long and varied list of members, the Enpam Foundation (doctor's social security institution), Toto Holding, Domenico Arcuri, Confidi, the Axa medical Care LLC and other LLCs in the medical sector, several pharmacies and a clinical analysis laboratory, E.CO stand out. .MAP – Mutual cooperative body for assistance and social security for tobacconists and local tax depot managers, Enpaia – separate management of agricultural experts, the San Michele Arcangelo Foundation, the National Communications Foundation, various real estate companies.
WHO IS GIULIO GALLAZZI
As we have seen, Giulio Gallazzi also sits on the Banca del Fucino board, who also joined the Tim board at the end of 2022, voted unanimously, replacing Luca De Meo, who had resigned three months earlier. Founder (in 2001) and president of Sri Group, one of the major shareholders of Banca del Fucino, Gallazzi qualified as a non-executive and independent director and was reconfirmed by the meeting last April – as was Massimo Sarmi – when there was the clash between Tim and Vivendi. As Tag43 informs, Gallazzi was also a board member of Ansaldo STS (2014-2016), of Banca Carige, of ASTM SpA, he teaches in some European business schools and is also an advisor to entities, foundations and non-profit organizations for the evaluation of investments for territorial development and social value. His CV also includes some awards such as the Internalization Business Award (2010) from the British government and the Golden Panda (2013), awarded by the Italian Chamber of Commerce in China.
GALLAZZI'S ROLE IN BANCA DEL FUCINO
On Gallazzi's path there are also records of acquaintances and affairs with Luigi Bisignani . As in the case of Bisignani's last active srl, namely Four Consulting Srl, which also included Gallazzi among the passing shareholders (who purchased a minority share on 2 August 2017 through Sri Group-Npv Europe Srl, and then resold it a few months later). According to what was reported by Domani , for the current owner of Four Consulting srl, Alessandro Bondanini, “the transfer of Sri Group-NPV Europe was due to Gallazzi's plan to acquire Genoa and take care of the stadium. Gallazzi says that 'they were skills that we didn't have and Bondanini could have helped us'. An idea that never materialised, and so the definitive separation was reached."
THE AFFAIR WITH CASSA DI VOLTERRA
But let's go back to the common thread that unites Palenzona and Pignataro also in the credit sector. In fact, if Palenzona entered the capital of Banca del Fucino with the Crt Foundation, it should not be forgotten that the credit institution did the same with Cassa di Volterra as well as the Bolognese financier. Last 11 August it was Cassa Toscana itself that communicated, at the end of the shareholders' meeting, that the new share capital of the institute amounts to 101,364,400 and the shareholder structure is made up of Fondazione Cassa di Risparmio di Volterra 49, 9%, DGB Bidco (ION Group) 32.0%, Crédit Agricole Italia SpA 7.6%, Banca del Fucino SpA 5.3%, Net Insurance SpA (Poste Vita) 3.2%, Fondazione Cassa di Risparmio di San Miniato 1.9%. Cecilia Neri, Giuseppe Soda and Laura Pagani have been added to the new board – in which Alberto Mocchi (president) and Massimo Arisi have been confirmed.
It must be said that in recent years Pignataro has gone on a shopping spree in our country with investments of around 5 billion starting from Cedacri and then moving on to Cerved and List and without forgetting, in the banking sector, Illimity Bank (for a 9.8% stake ) and the purchase of 2% of Montepaschi's capital during the latest 2.5 billion increase. Finally, it is the story of these days, the green light from the Council of Ministers to the acquisition for 1.35 billion of Prelios, the business services and real estate management company, chaired by Palenzona and controlled by the American fund Davidson Kempner.
But Palenzona's presidency in the CRT lasted about a year.
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/economia/connessioni-palenzona-pignataro/ on Tue, 23 Apr 2024 08:49:16 +0000.