Unione di Banche Italiane is a co-operative company: according to the Art. 2515 of the Italian Civil Code it is defined as a joint stock company with variable share capital. 

UBI banca is a public company with a diffuse shareholder base and there is no shareholder exercising control.

The specific nature of “popular” banks lies in the circumstance that each member of the co-operative has one vote whatever the number of share held and no one can hold more than 0.5% of the share capital, except for collective investment entities, where the limit is set by the rules of each individual entity. The exceeding shares must be sell within one year from the notification made by the bank.

According to Consob regulations, it is obligatory to inform the Bank and Consob itself if share capital in listed companies exceed 2%.

A particular feature of the shareholders of ‘popular’ banks is the distinction between registered shareholders and other shareholders: only registered shareholders, and that is those who have been admitted by a resolution of the Management Board, are recorded in the register of shareholders and have the right to take part in General Meetings and exercise their right to vote. All the other shareholders have only the right to a share in the profits,  in proportion to the number of shares owned, through the distribution of the dividend.