 | |
Native name | Credito Fondiario S.p.A. |
|---|---|
| Company type | private Società per Azioni |
| Industry | Financial services |
| Founded | 1898 |
| Headquarters | , |
Key people | Piero Gnudi (was Chairman) |
| Services | Non-performing loans |
| Website | Official website |
Credito Fondiario is an Italian bank based in Rome, Italy. The bank is specializing in management of non-performing loans. Chairman of the board of directors was Piero Gnudi. [1]
The bank was found in 1898 as Credito Fondiario Sardo (Sardinian Land Credit). [2] In 1965 the bank became Credito Fondiario S.p.A., which was owned by Banco di Roma, Banca Commerciale Italiana and Credito Italiano. [3]
In 1992 Credito Fondiario e Industriale – Fonspa – Istituto per i Finanziamenti a Medio e Lungo Termine S.p.A., which specialized in housing mortgage at that time, was allowed to enter the market of crediting industrial companies, [4] following the criteria in decree N°902/1976. [5]
The bank was owned by UniCredit [6] and Banca Commerciale Italiana [7] for 24.92% each in 1999. In 2000 Fonspa was sold to Morgan Stanley Real Estate Funds. [8] In 2006 Morgan Stanley acquired the bank from the fund via subsidiaries. [9] [10] The bank was renamed to Fonspa Bank.
It was sold to Tages Holding in 2013, and returned to use the name Credito Fondiario. As of 2016 [update] , the bank was owned by Tages Holding (46%), Tiber Investments (28%), own staffs and other shareholders (26%). [11]
The bank acquired €302 million gross book value of bad debts from Banca Popolare dell'Etruria e del Lazio in 2015. [12] The bank was also planned to take over another bank which was also under special administration by the state at that time: Banca delle Marche in 2014. [13] However, Banca delle Marche was bailed out by Italian National Resolution Fund instead on 22 November 2015. Credito Fondiario, as a creditor to Banca delle Marche for €1.8 billion, also sold the collateral in order to recover the loan in May 2015. [14] The takeover plan was called off due to the European Commission's investigation regarding possible state aid (which was not allowed) by Credito Fondiario's partner in the plan: Fondo Interbancario di Tutela dei Depositi. [15]
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