Banco Popolare
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Banco Popolare Società Cooperativa was an Italian bank, formed in 2007 from the merger of Banco Popolare di Verona e Novara (BPVN) and
Banca Popolare Italiana 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. History Banca Popolare di ...
(BPI). The bank merged with
Banca Popolare di Milano Banca Popolare di Milano S.p.A. also known as Bipiemme or just BPM is an Italian bank based in Milan, Lombardy. The bank is a wholly owned subsidiary of Banco BPM. Banca Popolare di Milano S.c. a r.l., an urban area cooperative bank, was founded ...
on 1 January 2017. The bank was ranked fourth by total assets (among retail and commercial bank), according to Ricerche e Studi using 2015 data. The bank was a cooperative partnership. However, Italian Law N°3/2015 required all Popular Banks (''Banca Popolare'') with total assets above €8 billion, to transform into
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 ...
(company limited by shares). In 2016 it was announced that the bank would be merged with
Banca Popolare di Milano Banca Popolare di Milano S.p.A. also known as Bipiemme or just BPM is an Italian bank based in Milan, Lombardy. The bank is a wholly owned subsidiary of Banco BPM. Banca Popolare di Milano S.c. a r.l., an urban area cooperative bank, was founded ...
. At the same time the new bank would be registered as S.p.A. Banco Popolare was a component of
FTSE MIB The FTSE MIB (Milano Indice di Borsa) (the S&P/MIB prior to June 2009) is the benchmark stock market index for the Borsa Italiana, the Italian national stock exchange, which superseded the MIB-30 in September 2004. The index consists of the 40 mo ...
index of
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 ...
(Italian stock exchange). The group had branches in 19 out of 20 regions of Italy, except in Abruzzo (the subsidiary Banca Caripe was sold in 2011). Moreover, the bank was absent in several provinces of Italy, such as South Tyrol (the equity investment in Südtiroler Sparkasse was sold in 2007), and the province of Sondrio, Lombardy. Moreover, the bank only presented in one out of eight provinces of Sardinia and one out of five provinces of Calabria (only in Reggio Calabria).


History


Banco Popolare di Verona e Novara

Banco Popolare di Verona e Novara, Società Cooperativa a responsabilità limitata (known as just Banco Popolare; P.I. 0323127 023 6) was formed in 2002 by the merger of Banco Popolare di Verona – S.Geminiano e S.Prospero and
Banca Popolare di Novara Banca Popolare di Novara was an Italian cooperative bank based in Novara, Piedmont. The bank was absorbed into parent company Banco Popolare in 2011 (Banco Popolare itself was merged in 2017 to form Banco BPM). However, the former company still op ...
. From 2002 to 2004 the group made multiple deals with insurer
Cattolica Assicurazioni Società Cattolica di Assicurazione – Società Cooperativa known as Cattolica Assicurazioni is an Italian insurance company. According to Ricerche e Studi, a subsidiary of Mediobanca, the group had a €5,382,471,000 (in 2014 financial year) gro ...
on
Credito Bergamasco Credito Bergamasco (Creberg) was an Italian bank based in Bergamo, Lombardy. The bank was acquired by Banca Popolare di Verona – Banco S. Geminiano e S. Prospero S.c.a.r.l. in 1997. The bank remained as a list company in Borsa Italiana until 201 ...
and other joint ventures. The partnership with the insurer ended in 2007, which after the merger with BPI, the new banking group changed to partner with
Fondiaria-Sai Fondiaria-Sai S.p.A. was an Italian financial services company based in Turin, founded in 2002 by the merger of La Fondiaria Assicurazioni and Società Assicuratrice Industriale. In 2014 the company was merged by incorporation of Unipol Assicura ...
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 ...
(
Popolare Vita The Italian People's Party ( it, Partito Popolare Italiano, PPI), also translated as Italian Popular Party, was a Christian-democratic political party in Italy inspired by Catholic social teaching. It was active in the 1920s, but fell apart be ...
, ex-BPV Vita).


Banco Popolare

Banco Popolare Società Cooperativa (P.I. 0370043 023 8) was formed by the merger of Banco Popolare di Verona e Novara (BPVN) and
Banca Popolare Italiana 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. History Banca Popolare di ...
(BPI). After the deal a new holding company was formed, with Banco Popolare di Verona – S.Geminiano e S.Prospero,
Banca Popolare di Novara Banca Popolare di Novara was an Italian cooperative bank based in Novara, Piedmont. The bank was absorbed into parent company Banco Popolare in 2011 (Banco Popolare itself was merged in 2017 to form Banco BPM). However, the former company still op ...
,
Banca Popolare di Lodi 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. History Banca Popolare di Lo ...
,
Credito Bergamasco Credito Bergamasco (Creberg) was an Italian bank based in Bergamo, Lombardy. The bank was acquired by Banca Popolare di Verona – Banco S. Geminiano e S. Prospero S.c.a.r.l. in 1997. The bank remained as a list company in Borsa Italiana until 201 ...
and
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 ...
were the main subsidiaries. 64% of the shareholders of the new bank were former shareholders of BPVN, with the rest being the former holders of BPI. Banco Popolare also sold
Banca Popolare di Mantova Banca Popolare di Mantova S.p.A. was an Italian cooperative bank based in Mantua, Lombardy. Including the headquarters, the bank operated at 17 locations. History The company was relocated from Pescopagano, Basilicata (as Banca Operaia di Pescopa ...
to
Banca Popolare di Milano Banca Popolare di Milano S.p.A. also known as Bipiemme or just BPM is an Italian bank based in Milan, Lombardy. The bank is a wholly owned subsidiary of Banco BPM. Banca Popolare di Milano S.c. a r.l., an urban area cooperative bank, was founded ...
in 2008. In June 2009 the company became the first Italian bank to receive
state aid State aid in the European Union is the name given to a subsidy or any other aid provided by a government that distorts competitions. Under European Union competition law the term has a legal meaning, being any measure that demonstrates any of the ...
from the
Government of Italy The government of Italy is in the form of a democratic republic, and was established by a constitution in 1948. It consists of legislative, executive, and judicial subdivisions, as well as a Head of State, or President. The Italian Constitutio ...
due to the ongoing
financial crisis A financial crisis is any of a broad variety of situations in which some financial assets suddenly lose a large part of their nominal value. In the 19th and early 20th centuries, many financial crises were associated with banking panics, and man ...
. It sold €1.5 billion in
convertible bond In finance, a convertible bond or convertible note or convertible debt (or a convertible debenture if it has a maturity of greater than 10 years) is a type of bond that the holder can convert into a specified number of shares of common stock in ...
s to the state. On 1 January 2011 the group sold
Banca Caripe Banca Caripe S.p.A. was an Italian saving bank based in Pescara, Abruzzo Region. There were 13 branches of the bank outside the Province of Pescara in Abruzzo and Marche regions, out of 48 total. In 2016 the bank was absorbed by the parent company ...
to Banca Tercas, the bank only section in Abruzzo. In the same year most of the subsidiaries were absorbed into the parent companies, but remained as a brand and as internal bank divisions and departments. The incorporation of
Credito Bergamasco Credito Bergamasco (Creberg) was an Italian bank based in Bergamo, Lombardy. The bank was acquired by Banca Popolare di Verona – Banco S. Geminiano e S. Prospero S.c.a.r.l. in 1997. The bank remained as a list company in Borsa Italiana until 201 ...
was completed in 2014. In 2015 Banca Italease was absorbed. It became the leasing division of the bank. In 2015 the equity stake in ARCA SGR was sold to
Banca Popolare dell'Emilia Romagna BPER Banca S.p.A., formerly known as Banca Popolare dell'Emilia Romagna S.C., is an Italian banking group offering traditional banking services to individuals, corporate and public entities. The company is based in Modena and is a constituent of ...
and Banca Popolare di Sondrio for €95.5 million. In 2016 it was announced that the bank would be merged with
Banca Popolare di Milano Banca Popolare di Milano S.p.A. also known as Bipiemme or just BPM is an Italian bank based in Milan, Lombardy. The bank is a wholly owned subsidiary of Banco BPM. Banca Popolare di Milano S.c. a r.l., an urban area cooperative bank, was founded ...
. The new bank would be ranked as the joint-third among the retail and commercial banks of Italy (both the proposed new bank and
Banca Monte dei Paschi di Siena Banca Monte dei Paschi di Siena S.p.A. (), known as BMPS or just MPS, is an Italian bank. Tracing its history to a mount of piety founded in 1472 () and established in its present form in 1624 (), it is the world's oldest or second oldest bank ...
had total assets of around €170 billion according to 2015 data). The bank also claimed that the new bank would be ranked as the third in terms of branches (above 8%) and more specifically the first in Lombardy (above 15.5% where BPMilano, BPMantova and BPL were located), the third in Veneto (above 9.5% where BPV was located) and the third in Piedmont (above 12.5% where BPN was located). As part of the deal Banco Popolare would also recapitalize €1 billion in order increases its capital quality. Both banks had below 1 P/B ratio (which Banco Popolare had a higher discount), making the share capital of the new bank roughly composed of 54% shareholders of Banco Popolare and 46% BPM. As part of the merger and demutualization, Banco Popolare had set an exit price of €3.156 per shares for shareholders who did not vote or against the merger in the extraordinary shareholders' meeting in October 2016, which was calculated by the mean of the share price of the previous six months, although it was still above the market price at that time.


References


External links

* {{Authority control Banks established in 2007 Banks disestablished in 2016 Italian companies established in 2007 2016 disestablishments in Italy Companies based in Verona Defunct cooperative banks of Italy