Native name | Credito Italiano S.p.A. |
---|---|
Formerly | Banca di Genova |
Company type | subsidiary |
Industry | Financial services |
Founded |
|
Defunct |
|
Successor |
|
Headquarters |
|
Owner | UniCredito Italiano (100%) |
Parent | UniCredito Italiano |
Subsidiaries | Adalya Banca Immobiliare |
Website | www |
Credito Italiano, often referred to by the shorthand Credit, was a significant Italian bank based in Milan. It was established in 1895, succeeding the Banca di Genova established in 1870 in Genoa. In 1998 it merged with Unicredito to form Unicredito Italiano, later known as UniCredit.
Soon afterwards, UniCredit created a new subsidiary of the same name to run the retail network of Credito Italiano. On 1 July 2002, that subsidiary received the assets of sister banks to become UniCredit Banca. [1] [2]
The Banca di Genova was founded on 28 April 1870, [3] with an initial capital of 3 million lire. Its shareholders included local nobility (Pallavicino and Balbi), bankers (Quartara, Polleri) and merchants (Lagorio, Dodero, Bacigalupo). In 1872, it opened the first trans-Atlantic banking business with Buenos Aires.
In 1895, in the aftermath of a major financial crisis in Italy, the Bank of Genoa was reorganized with support from Italian and foreign (French, German and Swiss) financiers, including the banks Manzi & Co. (Rome) and Kuster & Co. (Turin). Under the leadership of Giacomo Castelbolognesi, a partner at the Banca Manzi, it was combined with Milan-based Banca Vonwiller and renamed as Credito Italiano, [4] : 14 headquartered in Milan with a paid-in capital of 14 million lire.
In 1901, Credit in turn acquired the Banca Manzi, and in 1905 the Banca Meuricoffre in Naples. Its headquarters moved to Piazza Cordusio, and it opened a branch office in London in 1911. By 1913 its equity capital reached 75 million lire, and its savings and demand deposits grew very rapidly. It became a major source of funding for Italian industry in the prosperous years 1896-1913, especially iron and steel, electric power, sugar-beet refining, urban transportation, and chemicals.
At the start of the First World War, the executive directors of Credito Italiano and of Banca Commerciale Italiana, the other dominant Italian universal bank which had also benefited from the support of German financiers, were officially in favour of neutrality. [5] However these banks were the subject of a campaign by both Italian nationalists, spearheaded by L'Idea Nazionale and Liberals grouped around Francesco Saverio Nitti. Both these political initiatives had links with business rivals Gio. Ansaldo & C. and Banca Italiana di Sconto. [5]
Following World War I, Credito Italiano acquired the "Banca del Monferrato", "Banca di Legnano", "Credito Varesino and the Swiss Banca Unione di Credito (1919), and in 1920 it joined the "Compagnia Finanziaria Nazionale" (1920); and established "Banca Italo-cinese", the "Banca Italo Viennese" and "Tiroler Hauptbank" (1920). In 1921 it opened offices in Paris and Berlin and later contributed to the establishments of Banca Italo Egiziana (1924) and National Bank of Albania (1925).It was highly profitable in the boom years 1922 – 1925, thanks to the success of Italian industry. Decline set in after 1925.
As a result of the great depression, it went bankrupt and was nationalized, but became active again with funding from Istituto per la Ricostruzione Industriale (1933–1990s).
Italian government introduced a law that forced bank to separate short term loan and medium loan business in 1936. Credito Italiano, along with two other "bank of national interests", BCI and Banco di Roma, had formed Mediobanca in 1946.
In the 1990s the bank became a private company, as Italian government sold the stake of the bank. The bank also acquired Banca Popolare di Spoleto (about 50%) in 1992 and Banca Cattolica di Molfetta (35%) in 1994.
In 1995 the bank acquired a majority interests in Credito Romagnolo (and its subsidiary Banca Popolare del Molise) and Carimonte Banca (and its subsidiary Banca Popolare di Rieti), which was merged into Rolo Banca, [6] except Banca Popolare di Rieti was spin off from Carimonte.
In late 1998 Credito Italiano was merged with Unicredito, which Unicredito was absorbed into Credito Italiano, and Credito Italiano was renamed into UniCredito Italiano. [7] [8] The original shareholders of Unicredito would owned about 38.46% shares of UniCredito Italiano. [9]
In the same year Banca Popolare di Spoleto (July), Banca Cattolica di Molfetta (October) were sold, as well as Banca Popolare del Molise and Banca Popolare di Rieti were merged into Rolo Banca and UniCredit in June 1998 and 1999. In December 1999, Credito Italiano was reestablished as a subsidiary (instead of a division within the company). [10]
On 1 July 2002, Credito Italiano, as a subsidiary, was renamed to UniCredit Banca, which received the retail bank assets from Rolo Banca, Banca CRT, Cariverona Banca, Cassamarca, Cassa di Risparmio di Trento e Rovereto and Cassa di Risparmio di Trieste. On 1 January 2003 UniCredit Private Banking and UniCredit Banca d'Impresa were spin off from UniCredit Banca. In 2010 the bank was completely absorbed into UniCredit.
UniCredit S.p.A. is an Italian multinational banking group headquartered in Milan. It is a systemically important bank and the world's 34th largest by assets. It was formed through the merger of Credito Italiano and Unicredito in 1998 but has a corporate identity stretching back to its first foundation in 1870 as Banca di Genova. UniCredit is listed on the Borsa Italiana and Frankfurt Stock Exchange and is a constituent stock of the Euro Stoxx 50 index of leading shares.
Banca Intesa S.p.A. was an Italian banking group, formed in 1998 by merger of Cassa di Risparmio delle Provincie Lombarde (Cariplo) and Banco Ambrosiano Veneto. The next year, the banking group merged with Banca Commerciale Italiana to become IntesaBCi, but the name of the group was reverted to Banca Intesa in 2003.
Banca di Roma was an Italian bank based in Rome, formed in 1992 by merger of Banco di Santo Spirito and Banco di Roma. From 2008 it was a subsidiary of UniCredit under the name UniCredit Banca di Roma S.p.A.. In 2010 the subsidiary was absorbed into the bank, but retained as a registered trademark.
Crédit Agricole FriulAdria S.p.A. formerly known as Banca Popolare FriulAdria S.p.A., or known as FriulAdria in short, is an Italian bank, which is part of Crédit Agricole Italia, the Italian arm of French banking group Crédit Agricole.
Banca dell'Umbria 1462 S.p.A. or previously known as Cassa di Risparmio di Perugia was an Italian savings bank. The bank became a subsidiary of UniCredit in 1999 and ceased to exist in 2005. However, its former owner Fondazione Cassa di Risparmio di Perugia, still operated as a charity organization. The foundation and the S.p.A. were split in 1992 from the original statutory corporation of the bank due to Legge Amato.
Banca Cassa di Risparmio di Torino S.p.A., also known as Banca CRT or Caritorino, was an Italian savings bank based in Turin, founded in 1827 and merged into Unicredito in 1997. In 1998, Unicredito merged with Credito Italiano to form UniCredito Italiano, later known as UniCredit. In 2002, Banca CRT was absorbed into the parent company.
Cassa di Risparmio di Carpi was an Italian retail bank based in Carpi, in the Province of Modena, Emilia-Romagna. The bank section was absorbed into UniCredit in 2005, while its charity section, still operates as Fondazione Cassa di Risparmio di Carpi.
Carimonte Banca was an Italian bank based in Bologna, Emilia–Romagna region. The bank was formed on 12 July 1991 by the merger of Banca del Monte di Bologna e Ravenna and Cassa di Risparmio di Modena. On 31 December 1995 was merged with Credito Romagnolo to form Rolo Banca.
Rolo Banca 1473 S.p.A. was an Italian bank based in Bologna, Italy. It was formed by the merger of Credito Italiano subsidiaries Credito Romagnolo, and Carimonte Banca. The intermediate holding company of the bank was Credit Carimonte, a 51–49 joint venture of Credito Italiano and Carimonte Holding.
UniCredit Banca S.p.A. was the retail banking division of UniCredit Group. On 1 July 2002, Rolo Banca, Banca CRT, Cariverona Banca, Cassamarca, Cassa di Risparmio di Trento e Rovereto and Cassa di Risparmio di Trieste were merged into Credito Italiano S.p.A., with Credito Italiano was renamed into UniCredit Banca S.p.A.. On 1 January 2003 UniCredit Private Banking and UniCredit Banca d'Impresa were spin off from UniCredit Banca
Cassa di Risparmio di Fermo S.p.A. (Carifermo) is an Italian savings bank based in Fermo, Marche region.
UniCredit Banca Mediocredito S.p.A. (UBMC) was an Italian commercial bank. The bank was dismantled on 31 December 2015, but the bank license was retained, which became 2S Banca, a company that specialized in securities service activities. On 4 October 2006 2S Banca was sold to Société Générale Security Services, a subsidiary of Société Générale for €579.3 million.
Fondazione Cassa di Risparmio di Verona, Vicenza, Belluno e Ancona, also known as Fondazione Cariverona is an Italian banking foundation based in Verona, Veneto region. The foundation was created in 1991.
Casse di Risparmio dell'Umbria S.p.A., known as Casse dell'Umbria, is an Italian retail bank based in Terni, Umbria. The bank is a subsidiary of Intesa Sanpaolo.
Banca Popolare di Puglia e Basilicata S.C.p.A. is an Italian cooperative bank based in Altamura, in the province of Bari, Apulia region.
Banca Popolare del Molise was an Italian bank based in Campobasso, Molise.
Credito Romagnolo nicknamed Rolo was an Italian bank based in Bologna, Emilia-Romagna. In 1995 it was acquired by Credito Italiano. In 1996 Credito Romagnolo Group were merged with Group Carimonte Banca to form Rolo Banca.
Cassa di Risparmio di Verona, Vicenza, Belluno e Ancona, also known by the shorthand Cariverona, was an Italian savings bank headquartered in Verona. It was formed in 1825 from a division of the Monte di Pietà di Verona, itself founded in 1490.
Cassa di Risparmio della Marca Trivigiana, also known as Cassamarca in short, was an Italian savings bank headquartered in Treviso, Veneto. The history of the bank goes back to 1496 when the charitable institution Monte di Pietà di Treviso was founded. The savings bank was established by the Monte in 1907, following a first bank spinoff in 1822 that ended up being absorbed in 1872 by the Cassa di Risparmio delle Provincie Lombarde.
Cassa di Risparmio di Trieste was an Italian savings bank headquartered in Trieste that operated between 1842 and 2002.