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Banca Cassa di Risparmio di Firenze S.p.A. known as Banca CR Firenze, was an Italian
savings bank A savings bank is a financial institution whose primary purpose is accepting savings account, savings deposits and paying interest on those deposits. History of banking, They originated in Europe during the 18th century with the aim of providi ...
. Once a
listed company A public company is a company whose ownership is organized via shares of share capital, stock which are intended to be freely traded on a stock exchange or in Over-the-counter (finance), over-the-counter markets. A public (publicly traded) comp ...
, the group now part of
Intesa Sanpaolo Intesa Sanpaolo S.p.A. is an Italian international banking group. It is Italy's largest bank by total assets and the world's 27th largest. It was formed through the merger of Banca Intesa and Sanpaolo IMI in 2007, but has a corporate identity s ...
since 2007.


History

Cassa di Risparmio di Firenze (The Saving Bank of Florence) was found on 30 March 1829. The bank was the central saving bank of the
Grand Duchy of Tuscany The Grand Duchy of Tuscany ( it, Granducato di Toscana; la, Magnus Ducatus Etruriae) was an Italian monarchy that existed, with interruptions, from 1569 to 1859, replacing the Republic of Florence. The grand duchy's capital was Florence. In th ...
. However, some bank such as saving bank from
San Miniato San Miniato is a town and ''comune'' in the province of Pisa, in the region of Tuscany, Italy. San Miniato sits at an historically strategic location atop three small hills where it dominates the lower Arno valley, between the valleys of Ego ...
, had gained independent from Florence after their establishment.


Casse Toscane

In 1992, due to
Legge Amato Legge is a surname. Notable people with the surname include: *Alexander Legge (1866–1933), US businessman, president of International Harvester * Anthony Legge (1939–2013), British archaeologist specialized in zooarchaeology *Arthur Kaye Legge ...
, the banking operation and the ownership were separated into a
società per azioni ''Società'' (Italian: ''Society'') was an Italian communist cultural magazine published in Italy between 1945 and 1961. History and profile ''Società'' was founded as a quarterly magazine in Florence in 1945. The founders were Ranuccio Bianchi ...
and banking foundation
Ente Cassa di Risparmio di Firenze Ente Cassa di Risparmio di Firenze is a foundation originated from Cassa di Risparmio di Firenze. The foundation was the minority shareholders of Banca CR Firenze S.p.A. (until 2015) as well as the 5th largest shareholders of Intesa Sanpaolo, for 2. ...
. In 1992 the bank also formed a common holding company Casse Toscane for the Saving Bank of Florence,
Livorno Livorno () is a port city on the Ligurian Sea on the western coast of Tuscany, Italy. It is the capital of the Province of Livorno, having a population of 158,493 residents in December 2017. It is traditionally known in English as Leghorn (pronou ...
,
Pisa Pisa ( , or ) is a city and ''comune'' in Tuscany, central Italy, straddling the Arno just before it empties into the Ligurian Sea. It is the capital city of the Province of Pisa. Although Pisa is known worldwide for its leaning tower, the cit ...
, Pistoia–Pescia,
San Miniato San Miniato is a town and ''comune'' in the province of Pisa, in the region of Tuscany, Italy. San Miniato sits at an historically strategic location atop three small hills where it dominates the lower Arno valley, between the valleys of Ego ...
and Banca del Monte di Lucca. Ente Cassa di Risparmio di Firenze was the largest shareholders of the holding company. However, after 1996, the holding company contained only Florence, Pistoia–Pescia and San Miniato, as 4 members banks withdrew to form
Casse del Tirreno Cassa di Risparmio di Lucca Pisa e Livorno S.p.A. was an Italian saving bank based in Lucca. It was a subsidiary of Banco Popolare and currently a sub-division (under BPL) and brand of the group Banco BPM. History Cassa di Risparmio di Lucca Cas ...
. In 1998, the shares of Pistoia–Pescia and San Miniato also sold back to their banking foundations. But a year later, Florence Saving Bank bought 51% shares of Pistoia–Pescia Saving Bank. The significant interests of the saving banks of
Civitavecchia Civitavecchia (; meaning "ancient town") is a city and ''comune'' of the Metropolitan City of Rome in the central Italian region of Lazio. A sea port on the Tyrrhenian Sea, it is located west-north-west of Rome. The harbour is formed by two pier ...
and
Orvieto Orvieto () is a city and ''comune'' in the Province of Terni, southwestern Umbria, Italy, situated on the flat summit of a large butte of volcanic tuff. The city rises dramatically above the almost-vertical faces of tuff cliffs that are compl ...
was also acquired in late 1990s. After multiple deals, Banca CR Firenze reached 51% ownership of Civitavecchia and 51.575% of Orvieto in 2000.


Listed company

In November 1999 the ''ente'' sold some of the shares of the bank to
Sanpaolo IMI Sanpaolo IMI S.p.A. was an Italian banking and insurance conglomerate, based in Turin. It employed about 44,000 people and had about 7 million customers. On 24 August 2006 a merger with Banca Intesa was announced, which on 1 December 2006 was app ...
and
BNP Paribas BNP Paribas is a French international banking group, founded in 2000 from the merger between Banque Nationale de Paris (BNP, "National Bank of Paris") and Paribas, formerly known as the Banque de Paris et des Pays-Bas. The full name of the grou ...
. In 2000 the bank became a listed company in
Borsa Italiana Borsa Italiana, based in Milan, is the Italian stock exchange. It manages and organises domestic market, regulating procedures for admission and listing of companies and intermediaries and supervising disclosures for listed companies.italy24.ils ...
, with the ''ente'' owned 50% shares only. At the end of 2000, Ente CR Firenze owned 43.18%, Sanpaolo IMI owned 19.09%,
BNP Paribas BNP Paribas is a French international banking group, founded in 2000 from the merger between Banque Nationale de Paris (BNP, "National Bank of Paris") and Paribas, formerly known as the Banque de Paris et des Pays-Bas. The full name of the grou ...
owned 6.99%, ''Ente'' of Pistoia & Pescia Saving Bank owned 3.95%,
Banca Carige Banca Carige S.p.A., historically known as Cassa di Risparmio di Genova e Imperia (Ca.Ri.Ge.) is an Italian bank based in Genoa, with more than 500 bank branches in Italy. The predecessor of the bank, a mount of piety, was founded in 1483 in G ...
0.82% and Cassa di Risparmio di Padova e Rovigo owned 0.82%, 25.15% held by public. However Ente CR Firenze also owned 2.57% shares of Sanpaolo IMI as the 6th largest shareholder, made the ente directly and indirectly held 43.67% interests on Banca CR Firenze SpA, but not voting rights. In 2000 the group acquired Cassa di Risparmio di Mirandola, which reached 99.962% ownership in 2005. In June 2001 the group acquired a minority share holding of Cassa dei Risparmi di Forlì, which reached 12.75% in December 2005. In August 2001 Credito Fondiario Toscano was absorbed into the group. In December 2001 the group increased the shares holding of Findomestic Banca from 35% to 50%. In 2003 the bank acquired Cassa di Risparmio della Spezia (
Carispezia Crédit Agricole Carispezia S.p.A. formerly known as Cassa di Risparmio della Spezia S.p.A., or Carispezia in short, is an Italian savings bank, which is part of Crédit Agricole Italia, the Italian arm of French banking group Crédit Agricole. ...
) from
Banca Intesa 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 become IntesaBCi. However, the name of the group was reverted to Banca Intesa in 2 ...
and
Fondazione Carispezia Crédit Agricole Carispezia S.p.A. formerly known as Cassa di Risparmio della Spezia S.p.A., or Carispezia in short, is an Italian savings bank, which is part of Crédit Agricole Italia, the Italian arm of French banking group Crédit Agricole. ...
by cash and shares exchange. The ownership ratio reached 80% in 2006. In March 2006 the group acquired Romanian bank Banca Daewoo S.A. and renamed into Banca CR Firenze Romania S.A.. In 2006 Mirandola was absorbed into Banca CR Firenze.


Privatization by Intesa Sanpaolo

However, in July 2007 the group was being acquired by
Intesa Sanpaolo Intesa Sanpaolo S.p.A. is an Italian international banking group. It is Italy's largest bank by total assets and the world's 27th largest. It was formed through the merger of Banca Intesa and Sanpaolo IMI in 2007, but has a corporate identity s ...
. Before the completion of the acquisition and privatization in 2008, The ''ente'' was a significant shareholder for 41.925% shares, with
Intesa Sanpaolo Intesa Sanpaolo S.p.A. is an Italian international banking group. It is Italy's largest bank by total assets and the world's 27th largest. It was formed through the merger of Banca Intesa and Sanpaolo IMI in 2007, but has a corporate identity s ...
was the second largest shareholder of 18.570% shares, followed by
BNP Paribas BNP Paribas is a French international banking group, founded in 2000 from the merger between Banque Nationale de Paris (BNP, "National Bank of Paris") and Paribas, formerly known as the Banque de Paris et des Pays-Bas. The full name of the grou ...
(6.547%), Fondazione Carispezia (3.909%), Foundation of Pistoia & Pescia Saving Bank (renamed from ''Ente'' to ''Fondazione'' in late 1990s) (3.680%) and Società Finanziaria di Banche Romagnole (1.088%), about 24.281% shares were held by the public. After the merger the "ente" became the 7th largest shareholder of Intesa Sanpaolo (3.378%), due to the swap ratio of 1.194 Intesa Sanpaolo ordinary shares for each Banca CR Firenze share, while Intesa Sanpaolo owned 89.71% shares of Banca CR Firenze. That made "Ente" owned about 13.3% interests on Banca CR Firenze directly and indirectly, but not in voting rights. The merger also triggered the demerging of Banca CR Firenze's subsidiaries, which CR Orvieto (located in Umbria region) and 4 former Banca CR Firenze branches was sold to
Banca Popolare di Bari Banca Popolare di Bari S.C.p.A. (BP Bari) is an Italian bank based in Bari, Apulia region. The bank covers most of mainland Italy (13 of 18 regions), except Piedmont and Liguria, and all the autonomous regions of Italy: Aosta Valley, Trentino – S ...
in 2009, as well as Findomestic Bank was sold to
BNP Paribas BNP Paribas is a French international banking group, founded in 2000 from the merger between Banque Nationale de Paris (BNP, "National Bank of Paris") and Paribas, formerly known as the Banque de Paris et des Pays-Bas. The full name of the grou ...
from 2009 to 2011. However Intesa Casse del Centro, previously under directly ownership of Intesa Sanpaolo (96.07% ownership), was sold to Banca CR Firenze, made Banca CR Firenze had an access to the saving banks of the Province of Viterbo,
Ascoli Ascoli may refer to: Places in Italy *Ascoli Satriano, a town and ''comune'' in the province of Foggia in the Apulia region *Province of Ascoli Piceno, a province of the Marche region **Ascoli Piceno, a city which is the seat of the province above ...
,
Città di Castello Città di Castello (); "Castle Town") is a city and ''comune'' in the province of Perugia, in the northern part of Umbria. It is situated on a slope of the Apennines, on the flood plain along the upper part of the river Tiber. The city is north of ...
,
Spoleto Spoleto (, also , , ; la, Spoletum) is an ancient city in the Italian province of Perugia in east-central Umbria on a foothill of the Apennines. It is S. of Trevi, N. of Terni, SE of Perugia; SE of Florence; and N of Rome. History Spolet ...
,
Rieti Rieti (; lat, Reate, Sabino: ) is a town and ''comune'' in Lazio, central Italy, with a population of 47,700. It is the administrative seat of the province of Rieti and see of the diocese of Rieti, as well as the modern capital of the Sabina re ...
,
Foligno Foligno (; Southern Umbrian: ''Fuligno'') is an ancient town of Italy in the province of Perugia in east central Umbria, on the Topino river where it leaves the Apennines and enters the wide plain of the Clitunno river system. It is located so ...
, Terni and Narni. (4 from Umbria, 2 from Lazio, 1 from Marche) Soon later the intermediate holding company Casse del Centro was dissolved. In 2010 Intesa Sanpaolo spin off with French banking group
Crédit Agricole Crédit Agricole Group (), sometimes called La banque verte ( en, The green bank) due to its historical ties to farming, is a French international banking group and the world's largest cooperative financial institution. It is France's second lar ...
, which
Carispezia Crédit Agricole Carispezia S.p.A. formerly known as Cassa di Risparmio della Spezia S.p.A., or Carispezia in short, is an Italian savings bank, which is part of Crédit Agricole Italia, the Italian arm of French banking group Crédit Agricole. ...
was sold to the French banking group, as well as 11 former Banca CR Firenze branches was sold to Crédit Agricole's subsidiary in Italy, Cariparma. In 2012 the local saving banks were reorganized by selling relevant branches to matching subsidiaries, both within Banca CR Firenze and within Intesa Sanpaolo.2012 Annual report
Banca CR Firenze
On 26 November 2012 subsidiary
Casse di Risparmio dell'Umbria 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 (via Banca CR Firenze). The headquarter of the bank was next to Fondazione Cassa di Ris ...
was formed by the merger of Foligno, Città di Castello, Terni e Narni and Spoleto saving banks, with CR Spoleto was renamed to CR Umbria. On 23 July 2012 CR Pistoia e Pescia was renamed to
Cassa di Risparmio di Pistoia e della Lucchesia Cassa di Risparmio di Pistoia e della Lucchesia (literally ''The Savings bank of Pistoia and Lucchesia''; known as Caripistoia, Caript or just CRPT in short) is an Italian regional bank based in Pistoia, Tuscany. The bank was a subsidiary of Banca ...
. On 12 November 2012 Ascoli Piceno was sold back to Intesa Sanpaolo after Banca CR Firenze acquired 100% shares. On 1 October 2012 Banca CR Firenze Romania S.A. was merged with Banca Comercialà Intesa Sanpaolo Romania S.A., which Banca CR Firenze hold 8.18% of B.C. Intesa Sanpaolo Romania immediately after the deal. In 2015 subsidiaries CR Viterbo, Rieti and Civitavecchia were closed down. The shares of the saving banks were exchanged with the shares of Intesa Sanpaolo. In the same year
Ente Cassa di Risparmio di Firenze Ente Cassa di Risparmio di Firenze is a foundation originated from Cassa di Risparmio di Firenze. The foundation was the minority shareholders of Banca CR Firenze S.p.A. (until 2015) as well as the 5th largest shareholders of Intesa Sanpaolo, for 2. ...
also excised a put option to sell the minority stake (10.26%) in the bank to Intesa Sanpaolo for €182.5 million. After the deal the former owner of Banca CR Firenze, would just owned about 2% shares of Intesa Sanpaolo directly as well as the same ratio indirectly in Banca CR Firenze. In November 2015 Casse dell'Umbria was sold back to the parent company by reduction of the share capital and reserve of Banca CR Firenze.


Current wholly owned subsidiaries

As of 31 December 2015 *
Cassa di Risparmio di Pistoia e della Lucchesia Cassa di Risparmio di Pistoia e della Lucchesia (literally ''The Savings bank of Pistoia and Lucchesia''; known as Caripistoia, Caript or just CRPT in short) is an Italian regional bank based in Pistoia, Tuscany. The bank was a subsidiary of Banca ...
, Tuscany region, 74.88% * Infogroup S.c.p.A., Florence, 65.45%


See also

*
Cassa di Risparmio di Lucca Pisa Livorno Cassa di Risparmio di Lucca Pisa e Livorno S.p.A. was an Italian saving bank based in Lucca. It was a subsidiary of Banco Popolare and currently a sub-division (under BPL) and brand of the group Banco BPM. History Cassa di Risparmio di Lucca Cass ...


References


External links

* {{Authority control Banks established in 1829 Italian companies established in 1829 Banks disestablished in 2018 Italian companies disestablished in 2018 Defunct banks of Italy Companies based in Florence Companies formerly listed on the Borsa Italiana Former Intesa Sanpaolo subsidiaries Intesa Sanpaolo acquisitions 1829 establishments in the Grand Duchy of Tuscany