Finest 2012 Workshop Program - Roma Tre...

2012 Autumn workshop Competing for survival in the banking

industry

19-‐20 November 2012

University of Rome III, Faculty of Economics

Sponsored by

Universita’ di R o m a T r e

F nestFinancial Intermediation Network of European Studies

RELAZIONI CON I MEDIATel. +39-045-8675048/867/120/[email protected]

INVESTOR RELATIONSTel. +39-045-8675537investor.relations@bancopopolare.itwww.bancopopolare.it (IR section)

Comunicazione ai sensi dell'art. 85-bisdella Delibera Consob n. 11971/99 esuccessive modifiche

Verona, 5 novembre 2012 - Si comunica che la richiesta di conversione di n. 17obbligazioni convertibili “Banco Popolare 2010/2014 4,75% convertibile confacoltà di rimborso in azioni” ISIN IT0004584659 ha dato luogo il 1° novembre2012 all’emissione di n. 17 azioni Banco Popolare per un incremento del capitalesociale di Euro 3,60 per ogni azione emessa, per complessivi Euro 61,20.Con riferimento a quanto sopra, in data odierna è stata effettuata l’iscrizione alRegistro Imprese di Verona dell’attestazione prevista dall’art. 2444, 1° comma,del codice civile.

Pertanto, in conformità alla normativa in oggetto, si riporta di seguito la nuovacomposizione del capitale sociale.

tabella 1: capitale sociale

Capitale sociale attuale Capitale sociale precedente

euro n. azioni val.nom.unitario


Totaledi cui:

4.294.149.487,23 1.763.730.759 - 4.294.149.426,03 1.763.730.742 -

Totale azioni ordinarie(godimento 1/1/2011,numero cedola incorso: 6)

4.294.149.487,23 1.763.730.759 - 4.294.149.426,03 1.763.730.742 -

tabella 2: conversione

N.titoli convertiti/esercitati N.titoli residui in circolazione

Obbligazioni convertibili “BancoPopolare 2010/2014 4,75%convertibile con facoltà di rimborso inazioni”

71.459 161.942.602

2

FINEST Financial Intermediation Network of European Studies

The Financial Intermediation Network of European Studies (FINEST) acts as a research and discussion forum for Banking and Financial Intermediation researchers and practitioners throughout Europe. FINEST operates as an open research network facilitating research and other analytical synergies among academic staff involved in various European Universities as well as policymakers and financial sector practitioners.

The FINEST is a private non-‐profit association (network) of researchers from various universities, central banks, financial authorities, other research institutes and practitioners who are interested in exploring all aspects of banking and finance. The FINEST is currently hosted by the University of Rome III, Italy.

All those that wish to cooperate with FINEST activities can join the Network. Membership can be asked by individual researchers from universities, central banks, financial authorities, other research institutes and practitioners who are interested in exploring all aspects of banking and finance.

Activities

1. Working papers. The working paper series gives the possibility to share the research effort among all interested researchers dealing with banking and Financial Intermediation issues. At the same time, working papers will be highly viewed in the academic environment. Working papers will be reviewed following a double-‐blind review system.

2. Research Projects. FINEST promotes research groups, surveys and observatories on specific complex areas of Banking and Financial Intermediation in Europe with the aim to originally contribute to international research on these issues.

3. Conferences. FINEST organizes periodical (e.g. annual or bi-‐annual) conferences on a specific Banking and Financial Intermediation issue.

4. Workshops. FINEST promotes workshops to present high quality papers providing authors with a deep and open discussion before the paper submission to top academic journals.

5. Summer schools. FINEST organizes short summer courses on issues related to banking and financial intermediation in Europe for undergraduate and postgraduate students in accounting, economics, finance and management.

Contact: Financial Intermediation Network of European Studies (FINEST) University of Rome III, Via S. D’Amico 77, 00145 Rome, Italy, 4 floor, Room 15 phone: +390657335717 fax: +390657335797 e-‐mail: [email protected]

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Workshop Organizers Franco Fiordelisi, University of Rome III, Italy Philip Molyneux, Bangor University, U.K. Keynote speakers Salvatore Rossi, Deputy General Director and Member of the Governing Board, Bank of Italy Giovanni Sabatini, General director, Italian Banking Association, Italy Anjan Thakor, Olin Business School, Washington University in St. Louis, US FINEST President Franco Fiordelisi, University of Rome III, Italy FINEST Steering Committee Alessandro Carretta, University of Rome Tor Vergata, Italy Philip Molyneux, Bangor University, U.K. Amine Tarazi, University of Limoges, France John O.S. Wilson, University of St. Andrew, U.K. FINEST Working Papers Editorial Board Barbara Casu, Cass Business School, City University, U.K. Santiago Carbó Valverde, University of Granada, Spain Olivier de Jonghe, Tilburg University, Netherlands Meryem Duygun Fethi, University of Leicester, U.K. Claudia Girardone, Essex University, U.K. Roman Matousek, University of Sussex, U.K. Stefano Monferrà, University Parthenope of Naples, Italy Fotios Pasiouras, University of Surrey, UK, and Technical University of Crete, Greece Daniele A. Previati, University of Rome III, Italy Andrea Sironi, Bocconi University, Italy Enrico Sette, Banca d’Italia, Italy Thomas Weyman Jones (Chief Editor), Loughborough University, U.K. FINEST Advisory Board Viral V. Acharya, Stern School of Business, New York University, U.S. Thorsten Beck, The European Banking Center, Tilburg University, Netherlands Allen Berger, Moore School of Business, The University of South Carolina, U.S. Elena Carletti, European University Insitute, Italy Vincenzo Chiorazzo, , Associazione Bancaria Italiana, Italy John A. Doukas, Old Dominion University, U.S. Gianni De Nicolò, International Monetary Fund, U.S. Robert DeYoung, KU School of Business, Kansas University, U.S. Bill B. Francis, Lally School of Management, Rensselaer Polytechnic Institute, US Giorgio Gobbi, Banca d’Italia, Italy Ifthekar Hasan, Fordham School of Business, Fordham University, U.S. Luc Laeven , International Monetary Fund, U.S. David T. Llewellyn, Loughborough University, U.K. Ike Mathur, Southern Illinois University at Carbondale, U.S. Loretta J. Mester, Federal Reserve Bank of Philadelphia, U.S. Steven Ongena , The European Banking Center, Tilburg University, Netherlands George Pennacchi, College of Business, University of Illinois at Urbana-‐Champaign João A. C. Santos, Federal Reserve Bank of New York, U.S. Anjan Thakor, Olin Business School, Washington University in St. Louis, U.S. Gregory F. Udell, Indiana University, U.S.

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Notes on the Keynote Speakers and Panelists Salvatore Rossi is currently Member of the Governing Board, Deputy General Manager of the Bank of Italy. From 2007 and 2011, he acted as managing director for economic research and international relations. Between 2000 and 2007, he was Head of the Banca d’Italia Economic Research Department. In this role, he served as representative of the Bank in committees and working groups at public and private institutions in Italy and the main international organizations. He is a member of the Foundation Board of the International Center for Monetary and Banking Studies in Geneva, the executive committees of the Italian Economic Society and the Einaudi Institute for Economics and Finance and the Eurosystem IT Steering Committee. He was visiting researcher at the IMF and the MIT. He is the author of many essays on the international economy, economic history and policy, and industrial economics.

Giovanni Sabatini is General Manager of the Italian Banking Association (appointed July 2009). He graduated in Economics and Business from the LUISS university in Rome and later returned there in the capacity of lecturer (in addition to a spell at the "Sapienza" University of Rome). He has been Co-‐Manager of CONSOB (the Italian Stock Exchange Authority) as well as overseeing its Issuers Information Division since June 2008. From June 2006 to June 2008 he was the Head of the Banking and Financial System -‐ Legal Affairs Department of the Italian Ministry of Economy and Finance. At this time Giovanni Sabatini was also the Ministry's representative on the High Council of the Bank of Italy. From September 2004 to May 2006 he headed the Intermediaries Division and before that he was in charge of the Markets Division (September 1986-‐May 2001). From May 2001 to September 2004 he was CEO of Monte Titoli SpA and Chairman of ECSDA (the European Central Securities Depositories Association). In January 2010, he was named Chairman of the Italian Stock Exchange Council.

Anjan Thakor is the John E. Simon Professor of Finance at the Olin Business School at the Washington University in St. Louis, U.S. Prior to joining the Olin Business School, he was Professor of Banking and Finance at the Ross School of Business, University of Michigan, where he also served as chairman of the Finance area. He has served on the faculties of Indiana University, Northwestern University, and UCLA. He widely published in top international journals, such as Journal of Finance, Journal of Financial Economics and Review of Financial Studies. In a recent study of articles published in the top seven finance journals since 1959, Anjan Thakor was placed at number four in the rankings of most prolific authors. Anjan Thakor also ranked number 11 among those published in the larger selection of 26 finance journals

* * *

Arnoud Boot is Professor of Corporate Finance and Financial Markets at the University of Amsterdam and director of the Amsterdam Center for Law & Economics. He is chairman of the Bank Council of the Dutch Central Bank (DNB), and a member of the Dutch Social Economic Council (SER) and the Advisory Scientific Committee of the European Systemic Risk Board in Frankfurt. He is also Research Fellow at the Centre for Economic Policy Research in London and at the Davidson Institute of the University of Michigan. He held visiting appointments at several universities as the Stockholm School of Economics and Cornell University. His research focuses on corporate finance and financial institutions. His publications have appeared in top academic journals, such as the Journal of Finance, American Economic Review, Review of Financial Studies, Journal of Financial Intermediation, the Economic Journal and the International Economic Review.

Elena Carletti is Professor of Economics at the European University Institute (Italy), joint Chair Economics Department and Robert Schuman Centre for Advanced Studies. Her research interests focus on Financial Intermediation, Financial Crises and Regulation, Financial Markets, Competition Policy, Corporate Governance, Financial Development and Access. She widely published in top international journals, such as Journal of Money Credit and Banking, Journal of Financial Economics, Journal of Economic Theory, Review of Financial Studies, Journal of Accounting and Economics

Giorgio Gobbi is an economist at the Bank of Italy since 1990. He is currently the Head of the Financial Structure and Intermediaries Division in the Structural Economic Analysis Department. His research interests include bank competition and bank structural issues, small business lending, corporate finance and consumer finance. His work has been published in international academic journals, including the Journal of Finance, the Review of Finance, the Journal of Banking and Finance, and the Journal of Financial Services Research.

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Workshop Theme:

Competing for survival in the banking industry

The financial crisis has shown that there is an urgent need of rethinking the banking business. The banking industry has been facing one of the most difficult periods over the last century. Banks are challenged by difficult credit market conditions (e.g. low interest margins; poor creditworthiness of potential borrowers, and high volatility), turbulent financial market conditions (e.g. low market values of bank stock, which creates a challenge for banks to raise equity), and an increasingly constraining regulatory environment that is producing a large number of regulations that may well have a host of unintended consequences. How can banks function effectively in this environment? What strategies make sense for European banks? The conference is intended to foster discussion among academics, policymakers, and practitioners about the evolving challenges facing banks.

Program

MONDAY, 19 NOVEMBER 2012 14.30-‐15.30: Registration 15.30-‐16.00: Welcome address Carlo Travaglini, Dean of the Faculty of Economics, University of Rome III, Italy (TBC) Franco Fiordelisi, President of the Financial Intermediation Network of European Studies 16.00-‐17.00: Keynote speeches Salvatore Rossi, Deputy General Director and Member of the Governing Board, Banca d’Italia Giovanni Sabatini, General director, Italian Banking Association, Italy Anjan Thakor, Olin Business School, Washington University in St. Louis, US 17.00-‐17.20: Coffee Break 17.20-‐18.20: Roundtable: “Financial Intermediation Research: linking theory and practice. The academic prospective” Moderator: Franco Fiordelisi, President of FINEST Panelists: Arnoud Boot, University of Amsterdam, Netherlands Philip Molyneux, Bangor University, UK (TBC) Anjan Thakor, Olin Business School, Washington University in St. Louis, US

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18.20-‐19.20: Roundtable: “Financial Intermediation Research: Linking Theory and Practice. The Practitioners perspectives” Moderator: Stefano Monferrà, University of Naples Parthenope, Italy Panelist:

- Gregorio De Felice, Chief Economist, Intesa Sanpaolo, Italy - Sergio Sorrentino, Responsabile Direzione Audit, Banco Popolare, Italy - Zeno Rotondi, Head Italy Research, Unicredit, Italy - Simone Freschi, MPS Capital Service Banca per le Imprese SPA, Italy

19.20-‐19.40: Launch of FINEST 2013-‐14 initiatives 19.45-‐20.00: Shuttle service to gala dinner 20.00-‐23.00: Gala Dinner 23.00: Shuttle service to the hotel

TUESDAY, 20 NOVEMBER 2012 08.30-‐09.00: Welcome & Registration Session 1: chairman: Alessandra Ferrari, University of Reading, U.K. 09.00-‐09.40: Competition and Risk in Japanese Banking Roman Matousek, University of Sussex, UK 09.40-‐10.20: Corporate Culture and CEO Turnover Franco Fiordelisi, University of Rome III, Italy 10.20-‐11.00: Discussion Arnoud Boot, University of Amsterdam, Netherlands 11.00-‐11.30: Coffee Break Session 2: chairman: Giorgio Di Giorgio, LUISS University, Italy 11.30-‐12.10: How Do Banks Adjust Their Capital Structure? International Evidence Olivier De Jonghe, Tilburg University, Netherlands 12.10-‐12.50: Credit Supply During a Sovereign Crisis Enrico Sette, Banca d’Italia,

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12.50-‐13.30: Discussion Elena Carletti, European University Institute, Italy 13.30-‐14.30: Lunch Session 3: chairman: Nikolas Papanikolaou, (Luxemburg School of Finance, Luxembourg) 14.30-‐15.10: Bank Regulatory Capital Adjustment and Ultimate Ownership Structure: Evidence from European Commercial Banks Amine Tarazi, University of Limoges, France 15.10-‐15.50: Relationship Lending and Credit Quality During Financial Crisis Gabriele Sampagnaro, University Naples Parthenope, Italy 15.50-‐16.30: Small Banks and Local Economic Development Philip Molyneux, Bangor Business School, United Kingdom 16.30-‐17.30: Discussion: Anjan Thakor, Olin Business School, Washington University in St. Louis, US Giorgio Gobbi, Banca d’Italia, Italy 17.30-‐17.45: Concluding remarks

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The FINEST is a private association (network) of researchers from various European universities, central banks, financial authorities, other research institutes and practitioners who are interested in exploring all aspects of banking and finance.

The FINEST is hosted by the University of Rome III, Italy. The FINEST is widely supported by various academic research centers as:

v Institute for European Finance, Bangor University, U.K.

v Centre for Responsible Banking and Finance, University of St. Andrew , U.K.

v The Institute of Finance, University Leicester, U.K.

v Centre for Banking Research, Cass Business School, U.K.

v Laboratoire d’Analyse et de Prospective Economiques, Université de Limoges, France

v Essex Finance Centre, Essex University, U.K. v Credifact, Italian Factoring Association, Italy

All those that wish to cooperate with FINEST activities can join the Network. Membership can be asked by individual researchers from universities, central banks, financial authorities, other research institutes and practitioners who are interested in exploring all aspects of banking and finance.

For further details, please visit: www.finest.uniroma3.it/membership.

In 2012, FINEST activities have been sponsored by:

Contact:

Financial Intermediation Network of European Studies (FINEST)

University of Rom

e III

Faculty of Economics

Via S. D’Amico 77

00145 Rome, Italy

4 floor, Room 15

phone: +390657335717

fax: +390657335797

e-‐mail: finest@unirom

a3.it










Totaledi cui:

4.294.149.487,23 1.763.730.759 - 4.294.149.426,03 1.763.730.742 -


4.294.149.487,23 1.763.730.759 - 4.294.149.426,03 1.763.730.742 -




71.459 161.942.602

!

!

!!

2012$Autumn$workshop$Competing!for!survival!in!the!banking!

industry$$

$19220$November$2012$

University$of$Rome$III,$Faculty$of$Economics$$$$

Sponsored$by$!

!!

! !

! !

Universita’ di R o m a T r e !

! !

F nestFinancial Intermediation Network of European Studies










Totaledi cui:

4.294.149.487,23 1.763.730.759 - 4.294.149.426,03 1.763.730.742 -


4.294.149.487,23 1.763.730.759 - 4.294.149.426,03 1.763.730.742 -




71.459 161.942.602

Finest 2012 Workshop Program - Roma Tre...

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