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Banca Popolare Etica Scarl

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Banca Popolare Etica Scarl

Overview:

The principles which inspired Banca Etica's incorporation, and which today distinguish and characterise its everyday work, are stated in article 5 of its Articles of Association:
The Company adopts the following principles of Ethical Finance:
ethically oriented finance is aware of non economic consequences of economic actions;
access to finance, in all its forms, is a human right;
efficiency and soberness are components of ethical responsibility;
profit produced by the ownership and exchange of money must come from activities oriented towards common well-being and shall have to be equally distributed among all subjects which contribute to its realisation;
maximum transparency of all operations is one of the main conditions of all ethical finance activities;
the active involvement of shareholders and savers in the company's decision making process must be encouraged;
each organisation which accepts and adheres to the principles of ethical finance undertakes to inspire its entire activity to such principles.

History:

Banca Etica is the first institution of ethical finance in Italy. The bank's solid roots are to be found in the world of the third sector organisations, of voluntary work and of international cooperation.
The first experience of ethically oriented finance In Italy is represented by the MAG co-operative societies (self-management mutual associations): their traditional aim is to raise savings among their members and to finance "socially oriented projects".
In the 1990s the MAGs had to review their organisation, as a consequence of new legal rules. This forced them to seriously consider the possibility of incorporating the first "ethically oriented" bank in Italy. In order to create such a bank, many social co-operative societies and voluntary organisations where involved.
In December 1994, the entire MAG movement and 21 non profit-making organisations* founded "L'Associazione Verso la Banca Etica" (literally: The Association Towards Banca Etica). In June 1995, it was reorganised into a co-operative company, with the purpose of gathering 6,5 million Euro, the necessary amount to incorporate a popular bank according to Italian law.
Following an important fund raising campaign in December 1998, the Italian Central Bank granted Banca Popolare Etica the authorisation to start operating as a bank and thus to begin its financing activity.
This is the first time that a banking institution, with the purpose of operating exclusively in sustainable and alternative finance, has filed a request and obtained such an authorisation.
The ambitious project had become reality and, on the 8th of March 1999, Banca Etica opened its first branch office in Padova.

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