Large and stable deposit base of a network of 136 small cooperative banks (the BCC members). Good franchise. Low efficiency. Weaker-than-average asset quality metrics. Relatively unsophisticated risk culture at BCC members' level. The stable outlooks on Iccrea Banca and its core subsidiary Iccrea Banca Impresa reflect the balanced risks to our ratings over the next 12 months. We expect the ratings to move in parallel with our view of the overall creditworthiness of the Gruppo Bancario Cooperativo Iccrea (GBCI). In particular, we expect the GBCI group to successfully progress in reaping the benefits of closer integration while maintaining a strong funding and liquidity position and its risk-adjusted capital (RAC) ratio above 5%. We factor in our expectation that the group
