BANCA POPOLARE ETICA - SOCIETA' COOPERATIVA PER AZIONI (IN FORMA ABBREVIATA BANCA ETICA O BPE)

Banca Popolare Etica – Società Cooperativa per Azioni (Banca Etica or BPE) is an Italian cooperative bank headquartered in Padua that operates under Italian banking law and supervision by the Bank of Italy and the European Central Bank as a less significant institution. Established in 1999 as a licensed bank after a preceding ethical finance initiative, it focuses on retail and corporate banking services for individuals, social enterprises, cooperatives, NGOs, and SMEs, offering current accounts, payments, cards, savings products, and lending, with credit selection guided by social and environmental criteria and public disclosure of financed organizations. The bank maintains a limited branch network in Italy and operates in Spain through Fiare Banca Etica, a Spanish branch integrated into the group, providing local services (including Spanish IBANs) while deposits remain covered by the Italian Interbank Deposit Protection Fund up to the standard statutory limit per depositor. Governance follows a cooperative model (one member, one vote), with share capital subscribed by members; shares are not listed, are subject to redemption constraints and regulatory capital requirements, and dividend distribution, if any, depends on annual results and resolutions of the shareholders’ meeting. Banca Etica forms part of a wider group that includes Etica SGR, an Italian asset management company focused on socially responsible investment funds distributed through the bank; the group publishes non-financial reporting and sectoral exposure data consistent with its screening methodology, which excludes financing to arms and other controversial activities. The bank provides online and mobile banking, remote onboarding subject to KYC/AML checks, and standard European payments; its niche positioning, cooperative ownership structure, and small physical footprint imply operational and funding characteristics that differ from larger commercial banks, including limited secondary market liquidity for shares and potential waiting periods for redemption, while deposits and payment services follow Italian and EU regulatory frameworks.