Banca Adriatica S.p.A. trading as UBI Banca Adriatica and formerly known as Nuova Banca delle Marche S.p.A. was an Italian bank based in

Jesi Jesi, also spelled Iesi (), is a town and ''comune'' of the province of Ancona in Marche, Italy. It is an important industrial and artistic center in the floodplain on the left (north) bank of the Esino river before its mouth on the Adriatic ...

, Marche region. It has operations in several regions in central Italy, but concentrated in Marche region, which 73% of the branches were located in that region as of 2016. The bank was formed on 22 November 2015 by the spin off of the good assets of the original Banca delle Marche S.p.A.. Banca delle Marche was formed in 1994 by the merger of the

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 ...

s of Marche region. The bank faced capital shortfall and was nationalized by Italian National Resolution Fund in 2015 as Nuova Banca delle Marche, with toxic assets of the bank was spin off from the new

legal person In law, a legal person is any person or 'thing' (less ambiguously, any legal entity) that can do the things a human person is usually able to do in law – such as enter into contracts, sue and be sued, own property, and so on. The reason for ...

. The bank was bought by

UBI Banca Unione di Banche Italiane S.p.A., commonly known for its trading name UBI Banca, was an Italian banking group, the fifth largest in Italy by number of branches. It was formed on 1 April 2007 from the merger of the Banche Popolari Unite (trading ...

on 18 January 2017 for a nominal fee, renaming to Banca Adriatica. In the same year it was merged into UBI Banca.

Predecessors

The history of the bank could be traded back to some savings banks in Marche region in the town of

(found 1844), in the Province of Macerata (found in 1929 by a merger of savings banks of ldC.R. Macerata (found 1846), C.R. Camerino (found 1844), C.R. Recanati (found 1867) and C.R. Tolentino (found 1873)) and in the town of Pesaro (found in 1841).

History

Banca delle Marche was founded in 1994 by the merging of two banks: Cassa di Risparmio della Provincia di Macerata (C.R. Macerata) and Cassa di Risparmio di Pesaro (C.R. Pesaro);

Cassa di Risparmio di Jesi Cassa di Risparmio di Jesi S.p.A. formerly Cassa di Risparmio di Jesi was an Italian savings bank based in Iesi ( it, Jesi), in the Province of Ancona, the Marche region. The bank had a successor heFondazione Cassa di Risparmio di Jesi which st ...

(C.R. Jesi) joined in 1995. In 1990s

Cassa di Risparmio delle Provincie Lombarde Cassa di Risparmio delle Provincie Lombarde known as Cariplo SpA, was an Italian bank. On 2 January 1998 the bank merged with Banco Ambrosiano Veneto to form Banca Intesa. The company became a short-lived sub-holding company in late 1990s, which w ...

(Cariplo) was a minority shareholders of the bank for 5.13% (as in 1996), which Cariplo was a minority shareholder of CR Jesi in 1992; Cariplo's stake was diluted to 4.60% in 2001, then the stake was sold by

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 ...

, the successor of Cariplo to Banca delle Marche as treasury shares in 2002, for €45 million. In 1997 Banca delle Marche acquired a controlling interest in

Cassa di Risparmio di Loreto Cassa di Risparmio di Loreto S.p.A. also known as Carilo was an Italian savings bank based in Loreto, in the Province of Ancona. It was one of the 7 saving banks in Marche region in 1990s. 3 out of 7 saving banks were predecessors of Banca delle M ...

and Mediocredito Fondiario Centroitalia (Banca Marche owned 41.18% shares before the deal), the ''pro forma'' market share of the group in the loan of Marche region, was 26.7% (based on 1996 data), while before the acquisition, the bank already had a market monopoly of 53.6% in the deposits of the Province of Macerata (''pro forma'' 55.0% after the acquisition), comparing to

Banca Popolare di Ancona Banca Popolare di Ancona S.p.A. is an Italian bank based in Jesi, in the Province of Ancona, Marche. it is a subsidiary of UBI Banca. History The former cooperative bank was found in 1891 in Jesi as Banca Popolare Cooperativa di Jesi. In 1956 the ...

(14%),

Banca di Roma UniCredit Banca di Roma S.p.A. was an Italian bank based in Rome, Lazio region. It was a subsidiary of UniCredit Group. In 2010 the subsidiary was absorbed into the bank, but retained as a registered trademark. In 2008 the bank had 1533 branches: ...

(6.38%) and

Banca Nazionale del Lavoro Banca Nazionale del Lavoro S.p.A. (BNL) is an Italian bank headquartered in Rome. It is Italy's sixth largest bank and has been a subsidiary of BNP Paribas since 2006. History Founded in 1913 as Istituto Nazionale di Credito per la Cooperazione, ...

(5.60%). The ''pro forma'' market share of the deposits in the Province of Ancona was 32.3%, which ahead Banca Popolare di Ancona (13.03%),

Unicredito Unicredito was an Italian holding company, formed by the owner of banks: the banking foundations of Cassa di Risparmio di Verona, Vicenza, Belluno e Ancona (Cariverona Banca) and Cassa di Risparmio della Marca Trivigiana (Cassamarca), in a ratio of ...

(11.04%) and Banca di Roma (9.78%). On 1 July 2003

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 ...

purchased 7% shares of the bank for €92.1 million. The banking foundations also had a

put option In finance, a put or put option is a derivative instrument in financial markets that gives the holder (i.e. the purchaser of the put option) the right to sell an asset (the ''underlying''), at a specified price (the ''strike''), by (or at) a s ...

to sell an additional 8% shares to Sanpaolo IMI. However, the foundations did not excise the option. In 2007 the shares held by Sanpaolo IMI was transferred to

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 ...

after a merger with Banca Intesa. Intesa Sanpaolo did not take part in the capital increase of Banca delle Marche in 2012, making the stake diluted.

Insolvency

On 24 October 2011, the board of directors proposed a capital increase of a minimum of €180,677,922.70 to a maximum of €212,562,262.00. After the capital increase (of €179,573,391), as at 31 December 2012, the bank had a Tier 1 capital ratio of just 5.62% in consolidated balance sheets, with a shareholders' equity of €959.503 million. According to a ranking by Ricerche e Studi, a subsidiary of

Mediobanca Mediobanca is an Italian investment bank founded in 1946 at the initiative of Raffaele Mattioli (at that time CEO of Banca Commerciale Italiana, the largest commercial bank in Italy which promoted its incorporation together with Credito Italiano) ...

, Banca delle Marche was the 19th largest bank in Italy by total assets as at 31 December 2012. On 15 October 2013 it was under special administration (A.S.) by a decree of the Ministry of Economy and Finance, after a temporary administration by the

Bank of Italy The Bank of Italy (Italian: ''Banca d'Italia'', informally referred to as ''Bankitalia''), (), is the central bank of Italy and part of the European System of Central Banks. It is located in Palazzo Koch, via Nazionale, Rome. The bank's curre ...

in August. On 4 August 2014 Credito Fondiario credited Banca delle Marche for €1.8

billion Billion is a word for a large number, and it has two distinct definitions: *1,000,000,000, i.e. one thousand million, or (ten to the ninth power), as defined on the short scale. This is its only current meaning in English. * 1,000,000,000,000, i.e ...

, which Credito Fondiario also planned to subscribe the new shares of Banca Marche, partnering with Italian

deposit insurance Deposit insurance or deposit protection is a measure implemented in many countries to protect bank depositors, in full or in part, from losses caused by a bank's inability to pay its debts when due. Deposit insurance systems are one component of ...

fund the

Fondo Interbancario di Tutela dei Depositi Fondo Interbancario di Tutela dei Depositi (FITD) is an Italian deposit guarantee fund founded in 1987. The fund became a mandatory scheme by the EU Deposit Guarantee Schemes Directive (94/19/EEC). However, the cooperative banks (BCC) of Italy had ...

(FITD). The plan was approved by the Bank of Italy on 3 December 2014. However, the plan was scrapped due to

European Commission The European Commission (EC) is the executive of the European Union (EU). It operates as a cabinet government, with 27 members of the Commission (informally known as "Commissioners") headed by a President. It includes an administrative body o ...

's investigation on state aid. After Banca Marche failed to repay the loan, Credito Fondiario sold the collaterals in May–June 2015, which fully reimbursed the loan, with an excess amount was return to Banca Marche in June. Another capital injection of more than €2 billion to Banca Marche, Banca Etruria, Carife, and CariChieti by FITD was planned in late 2015, (€1.2 billion maximum for Banca Marche) subject to the permission from the Bank of Italy and

European Central Bank The European Central Bank (ECB) is the prime component of the monetary Eurosystem and the European System of Central Banks (ESCB) as well as one of seven institutions of the European Union. It is one of the world's Big Four (banking)#Intern ...

. Eventually they were bail-out by

talian Talian may refer to: *Talian dialect, a dialect spoken in Brazil *Talian, Iran Talian ( fa, طاليان, also Romanized as Tālīān and Ţālīān) is a village in Baraghan Rural District, Chendar District, Savojbolagh County, Alborz Province, ...

National Resolution Fund ( it, Fondo Nazionale di Risoluzione) on 22 November instead, for about €3.7 billion in total (€840 million for purchasing new shares of Banca Marche and an additional €1.206 billion to cover the previous loss of Banca Marche). The rescue of the four banks were in line with EU

Bank Recovery and Resolution Directive A bank is a financial institution that accepts 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 markets. Because ...

, which was in force in Italy in late 2015. The Bank of Italy was the assigned "national resolution authority" of this

mechanism Mechanism may refer to: *Mechanism (engineering), rigid bodies connected by joints in order to accomplish a desired force and/or motion transmission *Mechanism (biology), explaining how a feature is created *Mechanism (philosophy), a theory that a ...

. As the plans were following the directive, they were approved by the

. Banca Marche assets and liabilities would split into good and bad bank, while the old bank would be liquidated, which the shareholders and subordinated bond holders would receive nothing due to bail-in. Among the former shareholders of the bank, as at 31 December 2015 Fondazione Carima had a net assets of €74,227,538, decreased from €154,175,111 year-to-year, while Fondazione CR Pesaro had a net assets of €65,594,243, decreased from €169,830,262 year-to-year. Fondazione CR Jesi suffered the most, which decreased from €76,388,622 to €10,989,510 year-to-year, all majority due to the write-down of the stake of old Banca delle Marche. On 3 May 2016, Decree-Law No.59/2016 was announced, which the retail investors of the bond of the 4 banks would be refunded (up to €100,000, same as

) if they purchased the bond on or before 12 June 2014. The decree-law was a response to the criticism of the bail-in of all junior investors of the bank, which Italian bank often sold risky bond of themselves to their depositors. The refund scheme: ''Fondo di solidarietà'', would be managed by FITD.

Nuova Banca Marche / Banca Adriatica

On 22 November 2015 the bank was split into a bad and good bank, which the good bank was called Nuova Banca delle Marche. The new bank had a provisional share capital of €1.041 billion and an estimated Tier 1 capital ratio of 9%. While the bad debts were transferred to a single "bad bank"

REV - Gestione Crediti Rev or Rév may refer to: Abbreviations Rev. * Rev., an abbreviation for revolution, as in Revolutions per minute * Rev., an abbreviation for the religious style The Reverend * Rev., the abbreviation for Runtime Revolution, a development environ ...

, which was shared with Carichieti, Carife and Banca Etruria. The transfer of the bad debt was completed in early 2016. In March 2016 a plan to absorb Medioleasing into Nuova Banca delle Marche was announced. On 1 August it became effective. Focus Gestioni SGR, the asset management subsidiary of the bank, was also entered voluntary liquidation. On 12 January 2017,

made a binding bid of a nominal €1 for Nuova Banca Marche, Nuova CariChieti and Nuova Banca Etruria. The banking group also requested conditions that the balance sheets of the three banks would be cleaned up before the completion of the deal (which was done by selling NPLs to Atlante II and Credito Fondiario) as well as recapitalized for another €713 million (was estimated €450 million), by the National Resolution Fund. On 18 January the bid was accepted. On 10 May, the transaction was completed, which Nuova Banca Marche was renamed to Banca Adriatica. On the same day, a plan to merge the 3 banks into UBI Banca was also announced. On 23 October 2017, the merger was completed.

Shareholders

;2001 ;2002 ;2003 ;2007 ;2008 ;2009 ;2010 ;2012 ;2015–2017 ;2017–

Subsidiaries

, Medioleasing and Focus Gestioni SGR were subsidiaries of the group as at 2014. Mediocredito Fondiario Centroitalia, which was absorbed into Banca delle Marche in 2003, was a merger of Mediocredito delle Marche and Istituto di Credito Fondiario delle Marche, Umbria, Abruzzo e Molise in 1992. The bank also formed a joint venture company in

bancassurance Bancassurance is a relationship between a bank and an insurance company that is aimed at offering insurance products or insurance benefits to the bank's customers. In this partnership, bank staff and tellers become the point of sale and point of ...

with

CGU plc CGU plc was a large insurance group, created by the merger of Commercial Union and General Accident in 1998. The company was listed on the London Stock Exchange. It merged with Norwich Union in 2000 to form CGNU plc, later renamed Aviva plc. ...

(via subsidiary now known as Aviva Italia Holding) in 1999.Case No IV/M.1627 : CU Italia / Banca delle Marche / JV
/ref>

Sponsorship

The bank was a sponsor of sports team Associazione Sportiva Volley Lube and

Fabriano Basket Fabriano Basket was an Italian professional basketball club based in Fabriano, Marche. Established in 1966, it played in the professional first and second divisions from 1979 to 2008, the side disappeared in June 2008 when it sold its right to pl ...

; the venue

PalaRossini Banca Marche Palace ( or PalaRossini) is an indoor arena, indoor sports arena, located in Ancona, Italy. The capacity is 6,500 people. It has hosted some matches of the 2010 FIVB Men's World Championship. References

Indoor arenas in Ita ...

was named after the bank.

References

External links

* {{Authority control Banks established in 1994 Re-established companies Banks established in 2015 2015 establishments in Italy Banks disestablished in 2017 Italian companies disestablished in 2017 Defunct banks of Italy Companies based in le Marche Iesi Banca Intesa Sanpaolo IMI acquisitions Intesa Sanpaolo Former UBI Banca subsidiaries Bank failures Italian companies established in 1994