Banca Esperia launches the first charitable trust
Banca Esperia, the private bank owned by Mediobanca and Mediolanum, has become the first Italian bank to set up a charitable trust, as opposed to more traditional charitable instruments such as foundations. The Esperia charitable trust’s mission is enshrined in its deed of constitution, allowing it to become one of the first such funds in Italy to attain the status of non-profit organization (“onlus”), and so benefit from the tax breaks provided by the Italian regulations for organizations of this kind. The mission of Esperia Philanthropy onlus (the charitable trust’s name) is the “exclusive pursuit of social solidarity initiatives, by donating money to non-profit-making organizations”. The trust fund will be replenished by Banca Esperia, and will also be open to donations from third-party benefactors, who may indicate a specific use for their contribution. In this way it will be possible to participate actively in developing projects with exclusive guarantees in terms of efficiency and security, while at the same time taking advantage of the relevant tax benefits.