Banking Foundations

A complex procedure for the privatization of the public banking system in Italy is under way and has brought about the establishment of the so called "Banking Foundation", which is composed of a foundation and of a bank.

The purpose of this Foundation is to assure the placement of state owned bank shares on the stock market in order to privatize, at least partially, the state owned banks, by temporarily controlling the totality of their shares.

The Banking Foundation is structured in such a way that permits it to achieve its purpose. The Foundation is the owner of the bank and the bank in turn has a purely instrumental role in attaining the aims and social programs of the Foundation characterised as non profit.