Reti Bancarie

Last updated
Reti Bancarie
Holding company
Founded 2003
Defunct 2006
Headquarters Lucca, Italy
Owner Banca Popolare di Lodi
Parent Banca Popolare di Lodi
Website Official website

Reti Bancarie S.p.A. was an intermediate holding company of Banca Popolare di Lodi Group (aka Bipielle; BPL). BPL's subsidiary reverse takeover listed company Banco di Chiavari e della Riviera Ligure in 2003. in 2006 it was absorbed into BPL.

Banca Popolare di Lodi was an Italian cooperative bank based in Lodi, Lombardy. The bank was absorbed into parent company Banco Popolare in 2011. However, the bank still operates as a division and a brand of the group.

A reverse takeover or reverse merger takeover is the acquisition of a public company by a private company so that the private company can bypass the lengthy and complex process of going public. The transaction typically requires reorganization of capitalization of the acquiring company. Sometimes, conversely, the private company is bought by the public listed company through an asset swap and share issue.

Banco di Chiavari e della Riviera Ligure (BCRL) was an Italian regional bank based in Chiavari, Liguria. it was acquired and absorbed into Banca Popolare di Lodi in 2003. Currently it is a division and a brand of Banco Popolare.

History

On 21 January 2003 BPL acquired the controlling interests (69.62% or 48,735,000 of 70 million shares) of Banco di Chiavari e della Riviera Ligure (BCRL) from Banca Intesa for €405 million, [1] [2] as well as absorbed their banking activities. BPL offered €7 per shares of BCRL to other shareholders. On 30 June 2003 BPL's sub-holding company Bipielle Retail (which BPL owned 55.46% plus an additional 34.45% through Bipielle Investimenti [3] ), owned 87.26% shares of BCRL. [3] In the same year BCRL reversed merger with Bipielle Retail, effectively listed the retail banks in Borsa Italiana. The registered office of the company also relocated to Lucca, Tuscany, as Reti Bancarie Holding S.p.A.. The company held the following retail banks: Banca Popolare di Crema (95.01%), Banca Popolare di Cremona (94.81%), Banca Popolare di Mantova (56.35%), Banca Valori (77.70%), Bipielle Società di Gestione del Credito (70% directly; 30% held by CR Lucca), Bipielle International Holding (90%; including Bipielle Bank (Suisse), Bipielle International UK and Bipielle Servizi), Cassa di Risparmio di Lucca (56.99%; including CR Livorno and CR Pisa) and Banca Caripe (51%). At the end of 2003 financial year the company had a shareholders equity of €1.316 billion [4] compare to €216 million as BCRL. After the reversed merger, BPL owned 79.23% shares of Reti Bancarie as at 31 December 1993. The company also reduced its share capitals from €36.4 million to about €17 million, or a net reduction of 37,352,597 shares (from 70 million to 32,647,403). [3]

Banca Intesa S.p.A. was an Italian banking group. It was formed in 1998. In the next year the banking group merged with another bank Banca Commerciale Italiana to became IntesaBCi. However, the name of the group was reverted to Banca Intesa in 2003. In 2007 Banca Intesa merged with another banking group Sanpaolo IMI to become Intesa Sanpaolo, one of few domestic systemically important bank of Italy.

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In May 2004 the company issued new shares in order to raise capitals to privatize the retail subsidiaries. Eventually 15,975,818 new shares (from 32,647,403 to 48,623,221) was issued for €40 each, which made the company recapitalized €639 million. BPL's ownership was diluted to 66.90% as at 31 December 2004. [5] Unipol Assicurazioni, through subsidiary Aurora Assicurazioni, owned 5.79% shares (2,816,000), which purchased from BPL for €173.4 million. [6] [7] [8] The insurance company also had rights to sell their product in the retail banks of Reti Bancarie exclusively for 5-year. [9] [10] Fondazione Cassa di Risparmio di Lucca owned 1.029% shares (500,550 for €20 million) as at 31 December 2004. [11] The bank foundation also signed an agreement with BPL in July 2004, that the investment had a minimum return rate of Euribor 6 months + 0.40%, as well as BPL would bought back the shares. [11] In 2005 the foundation exchanged their shares with BPL to buy back 9,216,581 shares of CR Lucca, as well as contribute to the recapitalization of CR Lucca, making Reti Bancarie owned 46.28% shares of CR Lucca only. However, the foundation also signed a put option with BPL which the foundation would sell all the shares of CR Lucca.

Euribor Euro interbank offered (interest) rate

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In finance, a put or put option is a stock market device which gives the owner the right, but not the obligation, to sell an asset, at a specified price, by a predetermined date to a given party. The purchase of a put option is interpreted as a negative sentiment about the future value of the underlying stock. The term "put" comes from the fact that the owner has the right to "put up for sale" the stock or index.

In 2006 BPL absorbed intermediate holding companies Reti Bancarie and Bipielle Investimenti. [12] Each shares of Reti Bancarie was exchanged with 5 shares of BPL. Aurora Assicurazioni sold their possession to Mediobanca. [13]

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References

  1. ↑ "2002 Report and consolidated financial statements" (PDF). Banca Intesa. 22 May 2003. Retrieved 19 February 2016.
  2. ↑ "Bilanci 2002" (in Italian). Banca Popolare di Lodi. Retrieved 19 February 2016.
  3. 1 2 3 "Bilanci 2003" (in Italian). Banca Popolare di Lodi. Retrieved 19 February 2016.
  4. ↑ "2003 RELAZIONE E BILANCIO BILANCIO CONSOLIDATO" (PDF) (in Italian). Reti Bancarie Holding. 30 March 2004. Retrieved 10 February 2016.
  5. ↑ "Bilanci 2004" (in Italian). Banca Popolare di Lodi. Retrieved 19 February 2016.
  6. ↑ "2003 CONSOLIDATED ACCOUNTS" (PDF). Unipol Assicurazioni. 23 June 2004. Retrieved 17 February 2016.
  7. ↑ "2004 CONSOLIDATED ACCOUNTS" (PDF). Unipol Assicurazioni. 15 July 2005. Retrieved 18 February 2016.
  8. ↑ "Nota integrativa al Bilancio chiuso al 31/12/2005" (PDF) (in Italian). Aurora Assicurazioni. 28 April 2006. Archived from the original on 24 June 2006.
  9. ↑ "Aurora Assicurazioni: siglato l'accordo commerciale con Reti Bancarie Holding" (in Italian). Unipol. 21 May 2004. Archived from the original on 2 March 2016. Retrieved 19 February 2016.
  10. ↑ "2003 CONSOLIDATED ACCOUNTS" (PDF). Unipol Assicurazioni. 23 June 2004. Retrieved 17 February 2016.
  11. 1 2 "Bilancio 2004" (PDF) (in Italian). Fondazione Cassa di Risparmio di Lucca. 15 February 2007. Retrieved 10 February 2016.
  12. ↑ "ISCRITTO PRESSO I REGISTRI DELLE IMPRESE DI LUCCA E LODI L'ATTO DI FUSIONE PER INCORPORAZIONE DI RETI BANCARIE E BIPIELLE INVESTIMENTI IN BANCA POPOLARE ITALIANA" (in Italian). BPL. 26 September 2006. Archived from the original on 17 October 2006.
  13. ↑ "Relazione e Bilancio al 31 dicembre 2006" (PDF). Aurora Assicurazioni (in Italian). Unipol Group. 22 March 2007. Archived from the original (PDF) on 2 March 2016. Retrieved 19 February 2016.
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