Annual Report
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ANNUAL REPORT 2008 ANNUAL REPORT 2008 Banco Popolare Società Cooperativa Registered and Head offices: Piazza Nogara, 2 - 37121 Verona Share capital as at 31 December 2008: euro 2,305,734,627.60 fully paid Tax code, VAT no. and enrollment no. in the Verona Enterprise Registry: 03700430238 Member of the Interbank Fund for Deposit Protection and of the National Guarantee Fund Parent company of the Banking Group Banco Popolare Registered in the Banking Groups Registry 2 CORPORATE BOARDS, MANAGEMENT AND AUDITING COMPANY AS AT 31 DECEMBER 2008 Supervisory Board Chairman Carlo Fratta Pasini Deputy Vice Chairman Dino Piero Giarda Vice Chairman Maurizio Comoli (*) Directors Marco Boroli (*) Giuliano Buffelli (*) Guido Duccio Castellotti Costantino Coccoli (*) Pietro Manzonetto (*) Maurizio Marino (*) Mario Minoja (*) Gian Luca Rana (*) Claudio Rangoni Machiavelli (*) Fabio Ravanelli (*) Alfonso Sonato (*) Angelo Squintani (*) (*) Independent directors under art. 6 of the Corporate Governance Code adopted by Banco Popolare Management Board Chairman Vittorio Coda Chief Executive Officer with Vice-Chairman functions Pier Francesco Saviotti (I) Directors Franco Baronio Alfredo Cariello Luigi Corsi (II) Domenico De Angelis Maurizio Di Maio Enrico Fagioli Marzocchi (III) Maurizio Faroni Massimo Alfonso Minolfi Roberto Romanin Jacur (II) Andrea Sironi (II) (IV) (I) Mr. Pier Francesco Saviotti was appointed on 7th December, to replace the resigning CEO, Mr. Fabio Innocenzi (II) Independent directors under art. 6 of the Corporate Governance code adopted by Banco Popolare (III) Mr. Enrico Fagioli Marzocchi resigned as of 1st February 2009 (IV) Mr. Andrea Sironi was appointed on 14th October, to replace the resigning director, Ms.Emma Marcegaglia Board of Advisors Standing Marco Cicogna Luciano Codini Giuseppe Bussi Alternate Aldo Bulgarelli Attilio Garbelli General Manager Massimo Alfonso Minolfi (**) (**) Appointed “single” General Manager as of 1st February 2009, after changing the previous organizational structure that envisaged a Corporate General Manager and a Retail General Manager, namely, Messrs. Massimo Alfonso Minolfi and Franco Baronio Manager in charge of preparing corporate financial reports Gianpietro Val Auditing firm Reconta Ernst & Young S.p.A. 3 4 TABLE OF CONTENTS Notice to convene ........................................................................................................................................................... 7 REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR FY 2008 Group Structure ............................................................................................................................................................. 12 Group Geographical Network ........................................................................................................................................ 14 Group financial highlights and ratios ............................................................................................................................. 16 Report on Group operations .............................................................................................................................................. 19 Economic backdrop ....................................................................................................................................................... 20 Noteworthy events for the year ...................................................................................................................................... 22 Banking activities ........................................................................................................................................................... 28 Retail ........................................................................................................................................................................... 30 Corporate .................................................................................................................................................................... 44 Finance ....................................................................................................................................................................... 50 Results ........................................................................................................................................................................... 58 Credit intermediation ................................................................................................................................................... 65 Financial assets ............................................................................................................................................................ 70 Equity investments ....................................................................................................................................................... 71 Shareholders’ equity and solvency ratios ...................................................................................................................... 72 Consolidated income statement ................................................................................................................................... 72 Rating and stock performance ..................................................................................................................................... 76 Risk management .......................................................................................................................................................... 79 Planning, auditing and service activities ......................................................................................................................... 88 Human resources ........................................................................................................................................................ 88 Internal audit ............................................................................................................................................................... 94 Compliance ................................................................................................................................................................. 95 Technological and administrative services .................................................................................................................... 96 Technological projects and investments ....................................................................................................................... 96 Communications ....................................................................................................................................................... 105 Performance of the main Companies of the Group ....................................................................................................... 107 Mutuality and public interest initiatives ........................................................................................................................ 133 Disclosure pursuant to Bank of Italy/Consob/Isvap document n. 2 of 6th February 2009 ................................................. 144 Operational outlook .................................................................................................................................................... 144 Statement of the Chief Executive Officer and of the Manger in charge of preparing financial reports ............................. 147 Independent Auditors’ Report .......................................................................................................................................... 151 Consolidated financial statements ................................................................................................................................... 155 Consolidated Balance sheet ......................................................................................................................................... 157 Consolidated Income statement ................................................................................................................................... 158 Statement of Changes in consolidated Shareholders’ equity .......................................................................................... 159 Consolidated statement of cash flows ........................................................................................................................... 161 Notes to the consolidated accounts ................................................................................................................................. 163 Chapter A – Accounting policies .................................................................................................................................. 164 Chapter B – Notes to the consolidated Balance sheet .................................................................................................... 195 Chapter C – Notes to the consolidated Income statement .............................................................................................. 260 Chapter D – Segment reporting ..................................................................................................................................... 280 Chapter E – Risks and associated hedging policies ....................................................................................................... 284 Chapter F – Consolidated