On 1 July 2003 two major Italian cooperative bank groups (Banca Popolare di Bergamo Credito Varesino scrl and Banca Popolare Commercio e Industria scrl) merged, forming Banche Popolari Unite scrl (BPU Banca), the first Italian cooperative bank.

BPU Banca inherited from BPB-CV its subscription to the Global Compact Principles and it is committed to keep on with their implementation. In May 2004 it published its first Social Report at a group level for fiscal year 2003, summing up the experience that banks of the former groups have been making since year 2001. The Social Report supplements the Annual Report to give a more comprehensive view of the business, through a number of social and environmental criteria.

In his address to stakeholders Chairman Emilio Zanetti refers to an exhortation by Cardinal Tettamanzi (Milan Archbishop) to "transform financial activity from simple economic exchange, designed to increase short term profits to the maximum, into a network of relationships designed for humankind, in which financial exchange is just a means", and he declares a commitment to a daily effort to build with every interlocutor a long-lasting relationship based on shared ethical values. In this perspective the social report becomes an important instrument to affirm the values that guide the corporate business mission and to understand how they are implemented to take managing decisions.

According to its ethical perspective BPU Banca has a special commitment to address the Global Compact Principles in the human rights and labour standard fields. This comes out from many actions undertaken in recent years:
- the choice to abstain "once and for all from the provision of all banking and financial services relating directly to operations connected with export, import and transit of armament material" (see box "No to arms" on page 13);
- the commitment to see that the objective of the industrial plan also translate into opportunities, for the local communities to which the single banks belong, under the social and occupational point of view (see Trade Union Agreement on pages 42-43);
- the attention paid to Human Resources in protecting individual rights, granting equal opportunities and a healthy and safe workplace, supplying services, easy terms and social activities (on pages 44 to 49 and especially Clematis Onlus on page 48);
- the Welcome Project for social inclusion of immigrants (on page 55);
- a long-lasting engagement with national NGOs (such as CESVI) operating in developing countries to accomplish the primary human right - life - for children and people affected by poverty, war and disease;
- a number of solidarity actions towards religious and lay organizations that bring dignity and hope to people in trouble(on page 61-62).

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BPU Banca communicates with stakeholders on CSR issues mainly through its annual Social Report. The support to the Global Compact is declared in this document as well as in any other institutional documents referring to the Group''s values and mission.

An e-mail address (bilanciosociale@bpubanca.it) is available for stakeholders to get information and share opinion about the topics in the Social Report. A new section of the web site (www.bpubanca.it) dedicated to CSR issues will be shortly available.