The paper introduces an important development in the area of corporate social responsibility in the banking sector, which has recently been accomplished in Italy. A new Italian bank (“Prossima s.p.a.”), incorporated in May 2007, articulates in its articles of association a number of innovative legal provisions that underscore its socially responsible features. To this end, deviation from profit maximization as a single corporate objective and formation of a designated organ (Committee) to guide the board of directors and set the framework for social banking are a landmark in terms of social banking and corporate governance. These provisions balance between shareholders expectations for profit on the one hand, and the interests of other stakeholders and the community at large on the other. The paper assesses the new social banking venture against the backdrop of current debate over corporate social responsibility and the evolution of a social norm that calls for greater corporate citizenship.

1. We publish here below the articles of association of a new bank incorporated in Italy in May 2007 and authorized by the Bank of Italy in October 2007, whose corporate scope is social banking[1]. This initiative is noticeable in size and in character. Noticeable in size, because the new bank (called «Prossima s.p.a.») is a fully owned subsidiary of «Intesa San Paolo», a major Italian player in the national banking industry. As such, it is initially capitalized from its very outset and shall operate nationally and internationally also through the existing network of «Banca Intesa San Paolo». Noticeable in character, because the new venture features a remarkable market response to increasing social demand for more responsible banking model both for the not for profit sector and the communities of the «unbanked» (and/or the «underbanked»). This new venture is thus interesting, from a legal perspective, under several aspects.   2. First of all, because it has been grounded on the Italian regulatory framework of joint stock companies (rather than on that of cooperatives, as it was the case, e.g., of the pre-existing Italian «Banca Popolare Etica»), whereby making it clear that the bank, notwithstanding its social orientation, is designed to operate as a viable and lasting economic venture for profit. At the same time, how­ever, the articles of association voluntarily and deliberately depart from profit maximization, by explicitly stressing – already in Article 6 – that the company shall necessarily reconcile between its economic and social performance. As stipulated by Article 6: A servizio delle finalità di cui all’articolo 4, la società effettua i propri impieghi nel pieno rispetto del principio di economicità d’azione e nel perseguimento sia di utili annuali di gestione sia di creazione e accumulazione di valore per la società e i soci avendo tra i suoi obiettivi prioritari l’offerta di favorevoli condizioni di accesso al credito alle imprese sociali e alle altre organizzazioni non profit che svolgano la propria attività in Italia e/o all’estero. La società destina inoltre una quota  dei propri impieghi a favorire l’accesso al credito – specie per il sostegno di iniziative di lavoro autonomo e/o imprenditoriale o per esigenze sanitarie e di accompagnamento o educative o per l’acquisto della prima casa – di tutti coloro che, in considerazione della loro razza, provenienza geografica, estrazione sociale, sesso, età o condizione hanno insufficiente accesso al credito. Essa si avvale del proprio patrimonio anche per partecipare a programmi, pubblici o privati, di sostegno, cooperazione e sviluppo e a fondi di garanzia o altri fondi rotativi per il finanziamento e lo sviluppo o partecipare a società di promozione e sviluppo, anche compartecipate da [continua..]