The European Federation of Investors and Financial Services Users (BETTER FINANCE) addressed an open letter to the Board of Directors of UniCredit Group, expressing concerns over attempts to hinder the collective access of small shareholders to financial intermediaries, for which its subsidiary, Zagrebačka banka, is responsible. The bank has taken advantage of the anticipated increase in activity among small shareholders and investors — due to the expected issuance of VZAJEMNA INSURANCE shares — to reduce(!) the scope of its services or even partially withdraw them.
The questionable conduct of Zagrebačka banka follows a previous drastic price hike, which was specifically targeted at VZMD, its Croatian branch, and the civil society [registrski-racuni]"Share SUPPORT". This represents yet another case of pressure and attempts to obstruct a civil society non-profit organization by the financial industry.
Given the nature of VZMD and "Share SUPPORT" as well as considering the guidelines of the European Banking Authority (EBA), Zagrebačka banka should have conducted at least a risk assessment for individual cases and explored mitigating measures before making such decisions. However, according to VZMD, no such assessment was carried out, as emphasized by BETTER FINANCE. This renowned and influential international association is at present organizing an international conference "Towards a Savings and Investment Union" at the Royal Library of Belgium in Brussels. The event is attended by prominent figures, including EU Commissioner for Financial Services, Financial Stability, and Capital Markets Union, Maria Luís Albuquerque, President of the EU Insurance and Occupational Pensions Authority (EIOPA), Petra Hielkema, President of the EU Securities and Markets Authority (ESMA), Verena Ross, as well as numerous high-ranking representatives of financial institutions and other experts -
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In the letter, BETTER FINANCE calls on UniCredit’s Board of Directors to critically reassess the stance of its subsidiary bank towards VZMD and expresses its strong support for VZMD and "Share SUPPORT" in their ongoing efforts to protect investors' interests —including all relevant national and European authorities and institutions. At the same time, VZMD assures all participants of "Share SUPPORT" that — just as always in the past — they will ensure the proper protection of their interests.
BETTER FINANCE, headquartered in Brussels, represents over 5 million individual investors through 70 national shareholder and investor associations across Europe. VZMD is a founding and prominent member of the federation, and its President, Mr. Kristjan Verbič, has been repeatedly elected to BETTER FINANCE’s Board.
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