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. The idea behind Banca Etica consists in creating a place where savers, driven by the common desire of a more transparent and responsible management of financial resources, may meet socio-economic initiatives, inspired by the values of a sustainable social and human development.
Banca Etica has 60 local shareholder groups, which represent the meeting point where shareholders participate in the bank's social and cultural activity.
General Manager, COO
Balance Sheet 2014 (Italian)
Social Report 2013 (Italian)
Balance Sheet 2013
Johan Frijns, BankTrack