BSM, Ente Cassa Members Oppose Sale of Majority Stake: "A Mistake to Deny Our Roots"
-
Loading... - Ethan Ford
- 11 Apr 2025
- 56 Views
- 0 Like
- 0 Comment
A group of members from the Ente Cassa di Faetano has raised concerns regarding the potential sale of a majority stake in Banca di San Marino to a foreign investor. As the shareholders' meeting approaches on April 12, the ECF Members' Committee for the Independence of BSM is urging reflection on the implications of such a decision, which they believe could jeopardize the economic sovereignty of San Marino.
The central issue at hand is the proposal to eliminate the requirement that the Cassa di Faetano must hold at least 51% of the Bank's capital. This condition has historically ensured that the Ente maintains a controlling role, safeguarding the collective interests of the community. The committee emphasizes that "the Bank of San Marino represents the last bastion of the cooperative credit system," highlighting its significance as a popular bank dedicated to serving the local population.
Members of the committee express concern that removing this constraint would diminish the Ente's influence, potentially paving the way for external speculation and undermining the bank's foundational purpose. They also note the timing of the proposed sale, coinciding with San Marino's efforts to establish an association agreement with the European Union, which adds to their apprehension.
In response to the situation, the committee suggests avoiding a hasty sale and instead proposes a "remunerative shareholders' loan with a five-year maturity." This approach would provide the necessary time to identify a high-quality investor while maintaining the bank's stability. They emphasize that Banca di San Marino has never relied on state aid and has consistently supported families and businesses throughout its century-long history.
The committee calls for attention and support from political leaders, the business community, and the broader Sammarinese society, concluding with a poignant appeal: "The sovereignty of San Marino also depends on the independence of its banking and financial system."
