Banca Del Mezzogiorno – MedioCredito Centrale
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Banca del Mezzogiorno – MedioCredito Centrale (BdM-MCC) is an Italian
bank A bank is a financial institution that accepts Deposit account, deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital m ...
based in Rome, Lazio region. The bank is entirely controlled by Invitalia S.p.A., which in turn is owned by the Ministry of Economy. The bank was specialized in medium-term loan to companies, which developed into corporate and investment banking, and currently specialized in public sector, such as one of the manager of Fondo di Garanzia per le Piccole e Medie Imprese (a guarantee fund for SMEs) of the Ministry of Economic Development, and European Union's Joint European Resources for Micro to Medium Enterprises Calabria Fund. The bank lend medium-term loan from the fund to SMEs for Italian government and the European Union.


History

''Istituto Centrale per il Credito a Medio Termine a Favore delle Medie e Piccole Industrie'' was found in 1952 as a
statutory corporation A statutory corporation is a corporation, government entity created as a statutory body by statute. Their precise nature varies by jurisdiction, but they are corporations owned by a government or controlled by national or sub-national government ...
() and part of the Mediocredito initiative. Due to Legge Amato, On 11 March 1994 the bank became ''MedioCredito Centrale - Istituto Centrale per il Credito a Medio Termine S.p.A.'' (a limited company,
società per azioni (; abbr. S.p.A. or spa ) is a form of corporation in law of Italy, Italy, meaning 'company with shares' (although often translated as 'joint-stock company', which may or may not be a limited liability entity). It is more or less equivalent to ...
). The bank subscribed the capital increase of
Banco di Sicilia Banco di Sicilia was an Italian bank based in Palermo, Sicily. It was a subsidiary of UniCredit but absorbed into the parent company in 2010. History It was founded as ''Banco Regio dei Reali Domini al di là del Faro'' in 1849 and was renamed in ...
in 1997.


Capitalia era

In 1999
Banca di Roma 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 ...
, via subsidiary MedioCredito di Roma, acquired MedioCredito Centrale. As part of a reversed merger,
Banca Intesa 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 ...
(undisclosed) and
UniCredit UniCredit S.p.A. (formerly UniCredito Italiano S.p.A.) is an Italian multinational banking group headquartered in Milan. It is a systemically important bank (according to the list provided by the Financial Stability Board in 2022) and the world' ...
(0.06%) sold the minority interests in MedioCredito di Roma, for the shares of Mediocredito Centrale (0.7% and 0.03% respectively) in 2000. Banca di Roma owned 97.99% shares of Mediocredito Centrale as at 31 December 2000. In December 2001 MedioCredito Centrale absorbed its subsidiary Sofipa, despite Sofipa SGR was retained. During the year 2001 minority interests of 2.11% in the bank was acquired from Banca Intesa, UniCredit and other companies. At the same time MCC had a put option to sell the minority interests in
Unieuro Unieuro S.p.A. is the largest Italian retailer of consumer electronics and Household appliance, household appliances by number of Outlet store, outlets, with a network of 460 stores throughout Italy.acq5.com, "Unieuro Acquires Andreoli" (http:// ...
and Euroclass Multimedia Holding as part of the deal. On 24 May 2002 MedioCredito Centrale was renamed to ''MCC S.p.A.''. During 2002 MCC acquired 5.569% shares of sports club
S.S. Lazio (; ; ''Lazio Sport Club'') is an Italian professional sports club based in Rome, most known for its football activity. The society, founded in 1900, plays in the Serie A and have spent most of their history in the top tier of Italian footba ...
. (whole Capitala Group owned 5.702% shares of S.S. Lazio) Banca di Roma Group became
Capitalia Capitalia was an Italian banking group headquartered in Rome, in existence between 2002 and 2008. The bank was a listed company in Borsa Italiana (Milan Stock Exchange). The bank was acquired by UniCredit by issuing new shares of UniCredit for sh ...
Group on 1 July 2002. In December 2002, Capitalia sold 20.1% shares of MCC to other companies, for €241.2 million. MCC only hold 0.37% shares of S.S. Lazio at the end of 2003, which was sold to parent company Capitalia in June. (whole Capitalia Group owned 5.760%) At the end of year 2003 Capitalia just hold 73.90% shares of MCC, (by selling 3% shares each to Gianpaolo Angelucci and
Vittorio Merloni Vittorio Merloni (30 April 1933 – 18 June 2016) was an Italian entrepreneur and industrialist. He was the honorary chairman of Indesit (chaired by his son Andrea Merloni) and Fineldo (chaired by his daughter Antonella), the family holding comp ...
family ( Fineldo) and acquiring 100% shares of Cofiri from the families) but increased to 75.4% in January 2004 by acquiring 1.5% shares from
Parmalat Parmalat S.p.A. is an Italian dairy and food corporation which is a subsidiary of French multinational company Lactalis. It was founded by Calisto Tanzi in 1961. Having become the leading global company in the production of long-life milk us ...
for €22 million. In 2004 MCC also participated in the capital increase of sports club
S.S. Lazio (; ; ''Lazio Sport Club'') is an Italian professional sports club based in Rome, most known for its football activity. The society, founded in 1900, plays in the Serie A and have spent most of their history in the top tier of Italian footba ...
, which MCC owned 1.167% shares at the end of year 2004 (Capitalia Group owned 17.717%). In 2005 MCC absorbed Capitalia Leasing & Factoring, a sister company. At the same time some business was sold by MCC to Capitalia . Capitalia also re-acquired 3% shares of MCC from other parties during year 2005. However, Finanziaria Tosinvest (3%),
Fininvest Finanziaria d'investimento Fininvest S.p.A., also known as Fininvest, is an Italian holding company controlled by the Berlusconi family and managed by Silvio Berlusconi's eldest daughter Marina Berlusconi. Structure The Fininvest group is com ...
(3%), Toro Assicurazioni (3%),
Telecom Italia TIM S.p.A. (formerly Telecom Italia S.p.A.) is an Italian telecommunications company with headquarters in Rome, Milan, and Naples (with the Telecom Italia Tower), which provides fixed, public and mobile telephony, and DSL data services. It is ...
(3%), Fineldo (2.25%), Keryx (1%), Cinecittà Centro Commerciale (1%), Colacem (1%), Angelini Partecipazioni Finanziarie (1%), Italmobiliare (1%), M and M Holding (1%), Faber Factor International (0.75%), Finwellness (0.5%) and Matteo Arpe (0.1%,
CEO A chief executive officer (CEO), also known as a chief executive or managing director, is the top-ranking corporate officer charged with the management of an organization, usually a company or a nonprofit organization. CEOs find roles in variou ...
of Capitalia and MCC itself) remained as the minority shareholders of MCC, as at 31 December 2005. In 2006 Capitalia re-acquired the all remaining minority interests from aforementioned companies and person. The last annual report of MCC before the group was acquired by
UniCredit UniCredit S.p.A. (formerly UniCredito Italiano S.p.A.) is an Italian multinational banking group headquartered in Milan. It is a systemically important bank (according to the list provided by the Financial Stability Board in 2022) and the world' ...
, shown MCC had a shareholders' equity of €954,387,564, a total assets of €12,759,436.124 and a Tier 1 capital ratio of 7.50% as at 31 December 2006.


UniCredit era

In 2008 the bank was renamed to ''UniCredit MedioCredito Centrale S.p.A.'' The real estate business of MCC was transferred to sister companies UniCredit Real Estate. At the same time UniCredit Infrastrutture S.p.A. (project finance, which received the business from
UniCredit Banca MedioCredito 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 Oc ...
on 31 December 2005) was absorbed by MCC, but at the same time some MCC business was moved to UniCredit Corporate Banking. After the reorganization MCC was specialized in public sector only. After the deals, total assets of MCC were reduced to €7,224,544,134, shareholders equity was reduced to €731,332,532 and Tier 1 capital ratio was increased to 16.59% as at 31 December 2008. Another restructure of MCC was made during 2010, which the total assets of the bank was reduced to €1,160,941,655, shareholders equity was reduced to €174,023,376 and Tier 1 capital ratio was increased to 42.06% as at 31 December 2010. On 1 August 2011 the bank was sold to
Poste Italiane Poste Italiane (, , abbr. PT) is the Italy, Italian postal service provider. Besides providing postal services, Poste Italiane offers communications, Postal savings system, postal savings products, logistics, and Financial services, financial a ...
for €136 million, a price almost equal to share capital and share premium reserve of MCC as at 30 June 2011 (€138,062,413).


Poste italiane era

The bank was renamed to ''Banca del Mezzogiorno – MedioCredito Centrale S.p.A.'' circa 2012, which Mezzogiorno was another name for the southern Italy. The original Mediocredito del Sud was absorbed by MedioCredito Lombardo in 1999. Banca del Mezzogiorno became the only government owned bank in the sector of financing small and medium-sized firms in Italy, with the rest were privatized. The
Tier 1 capital Tier 1 capital is the core measure of a bank's financial strength from a regulator's point of view.By definition of Bank for International Settlements. It is composed of ''core capital'', which consists primarily of common stock and disclosed ...
of the bank had almost no change in the first 1½ years. (€138.418 million mid-2011, €135.840 million in end 2011, €137.095 million in mid-2012 and €141.952 million in end 2012). on 28 March 2012 the bank was one of the banks that were selected to manage Fondo di Garanzia per le Piccole e Medie Imprese (a guarantee fund for SMEs) of the Ministry of Economic Development in a 9-year contract. (other banks were Mediocredito Italiano, Artigiancassa,
Istituto Centrale delle Banche Popolari Italiane Nexi S.p.A. formerly known as Istituto Centrale delle Banche Popolari Italiane S.p.A. (ICBPI) is an Italian bank that specialises in payment systems such as Nexi Payments (formerly known as CartaSi). The bank was specialised as a central institut ...
and MPS Capital Services) On 30 March, Banca del Mezzogiorno, along with Artigiancassa, signed contracts with
Cassa Depositi e Prestiti Cassa Depositi e Prestiti S.p.A., also known as CDP S.p.A., is a prominent Italian development bank founded on November 20, 1850, in Turin. Its original duty was to finance public works like roads and waterworks during the reign of Victor Emman ...
, to provide back office for Kyoto Fund of the Ministry of the Environment. In December 2012 the bank became one of the fund manager for the
European Union The European Union (EU) is a supranational union, supranational political union, political and economic union of Member state of the European Union, member states that are Geography of the European Union, located primarily in Europe. The u ...
's Joint European Resources for Micro to Medium Enterprises (JEREMIE) in Calabria, for €42 million. In 2014 Poste italiane recapitalized Banca del Mezzogiorno for €232 million. In 2015 the bank was re-privatized partially, as the Ministry of Economy and Finance had sold 35% shares of Poste Italiane to the public.


Invitalia era

In August 2017 the ownership of the bank was entirely transferred to Invitalia S.p.A., a development agency owned by the Ministry of Economy and Finance. In 2020, following the bailout of Banca Popolare di Bari, Mediocredito Centrale took the control of Popolare di bari, which led in 2021 to a downgrade of MCC's rating by Moody's.


References


External links

* Banks established in 1952 Italian companies established in 1952 Banks of Italy Companies based in Rome Former UniCredit subsidiaries Capitalia Group Government-owned companies of Italy {{DEFAULTSORT:Banca del Mezzogiorno - MedioCredito Centrale