Banca Teatina S.p.A. formerly known as Nuova Cassa di Risparmio di Chieti S.p.A. was an Italian savings bank headquartered in Chieti Scalo,

Chieti Chieti (, ; , nap, label= Abruzzese, Chjïétë, ; gr, Θεάτη, Theátē; lat, Theate, ) is a city and ''comune'' (municipality) in Central Italy, east by northeast of Rome. It is the capital of the province of Chieti in the Abruzzo region. ...

, Abruzzo region. The bank was formed on 22 November 2015 to replace the old Cassa di Risparmio della Provincia di Chieti S.p.A. which was under special administration from 2014 to 2015. 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. Cassa di Risparmio della Provincia di Chieti S.p.A. was the successor of the bank that known as "Cassa di Risparmio della Provincia di Chieti", which was under legal reconstruction in 1990s. The former legal entity of "Cassa di Risparmio della Provincia di Chieti" became Fondazione Cassa di Risparmio della Provincia di Chieti, which was the majority shareholder of the S.p.A. before its failure in 2015.

History

Cassa di Risparmio della Provincia di Chieti was found in 1938 by the merger of Cassa di Risparmio Marrucina (found 1862) and Cassa di Risparmio di Guardiagrele. In 1992, Due to , the

statutory corporation A statutory corporation is a government entity created as a statutory body by statute. Their precise nature varies by jurisdiction, thus, they are statutes owned by a government or controlled by national or sub-national government to the (in ...

was split into a "company limited by shares" Cassa di Risparmio della Provincia di Chieti S.p.A. (in short Carichieti S.p.A.), and a banking foundation Fondazione Cassa di Risparmio della Provincia di Chieti ("Fondazione Chieti" in short). The foundation was the owner of Carichieti S.p.A. for 80%, with

Cariplo 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 ...

owned 20%. Cariplo also owned 20% shares of Abruzzo savings banks

Caripe Caripe is a town in Caripe Municipality in the mountainous north of the state of Monagas in eastern Venezuela. The official name of the town is Caripe del Guácharo 'Caripe of the Oilbird', referring to a colony of nocturnal birds which lives i ...

and Tercas.

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 ...

, as the successor of Cariplo, still owned a minority interests in the bank until 2014 bankruptcy.

Insolvency

The company was under special administration (A.S.) from 2014. The last annual report of the bank, shown the bank had a shareholders' equity of €200 million and a Tier 1 capital ratio of 8.80% as at 31 December 2013. The administrator from 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 ...

had made asset quality review, forcing the bank to make more provision to their

non-performing loan A non-performing loan (NPL) is a bank loan that is subject to late repayment or is unlikely to be repaid by the borrower in full. Non-performing loans represent a major challenge for the banking sector, as it reduces the profitability of banks, and ...

s. In 2015 one of the two Italian

deposit guarantee 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 a ...

fund

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 ...

(which most of the banks except BCC banking group belongs to) had planned to bail-out CariChieti and 3 other banks that were also under A.S., but they were bail-out by instead, for a recapitalisation of €2 billion (€141 million for CariChieti). European Commission ruled that the bail out of Banca Tercas by FITD in 2014 was a state aid, while new

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 ...

of EU required to bail-in some investors of the bank before any state intervention. The Italian National Resolution Fund had also injected a combined €1.7 billion to Banca Marche, Banca Etruria, Carife, and CariChieti to cover the losses. After forming the good bank and the bad bank, the old bank would be liquidated, which the shareholders and subordinated bond holders of the old bank would receive nothing due to bail-in. After the bail-in, the banking foundation had a net assets of just €11 million (decreased from €89 million) at 31 December 2015, due to the total write-off of the value of the shares of the old bank. On 3 May 2016, Decree-Law N°59/2016 was announced, which the retail investors of the bond of the 4 banks would be refunded (up to €100,000, same as

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 ...

) if they purchased the bond on or before 12 June 2014, the date of Bank Recovery and Resolution Directive was passed. The decree-law was a response to criticism of the bail-in of all junior investor 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 Carichieti / Banca Teatina

On 22 November 2015 the bank split into a "good" and "bad bank", the foundation lost the control on the company, which had no assets but share capital and

subordinated debt In finance, subordinated debt (also known as subordinated loan, subordinated bond, subordinated debenture or junior debt) is debt which ranks after other debts if a company falls into liquidation or bankruptcy. Such debt is referred to as 'subordi ...

. The new bank had a share capital of €141 million and a Tier 1 capital ratio of estimated 9%. While the bad loans 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 Carife, Banca Etruria and Banca Marche. The transfer was completed in January 2016. The rescue of the four banks was in line with EU

, which the

was the national resolution authority of the

Single Resolution Mechanism The Single Resolution Mechanism (SRM) is one of the pillars of the European Union's European Union banking union, banking union. The Single Resolution Mechanism entered into force on 19 August 2014 and is directly responsible for the resolution ...

. At 31 December 2015, CariChieti had a net equity of €117 million and a CET1 ratio of 9.53%. On 12 January 2017,

made a biding bid of a nominal €1 for Nuova CariChieti, Nuova Banca Etruria and Nuova Banca Marche. 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 the banks for an estimated €450 million (eventually €713 million). On 18 January the bid was accepted. On 10 May, the transaction was completed, which Nuova CariChieti was renamed to Banca Teatina (effective in September). On the same day, a plan to merge the 3 banks into UBI Banca was also announced.

Banking foundation

The former largest shareholder of the bank, which the bank (as a s.p.a.) was spin off from, now known as Fondazione Chieti – Abruzzo e Molise. It still operates as a charity organization. Due to the bail-in of all the equity investment in the bank, the foundation owned a net assets of €11 million, comparing to €89 million in 2014.

Gallery

File:The headquarters of Nuova Cassa di Risparmio di Chieti S.p.A.jpg, Headquarters in Chieti File:Chieti-City 2011-by-RaBoe-027.jpg, The old headquarters File:Nuova CariChieti logo.png, former logo

References

External links

* {{in lang, it Banks established in 1862 Re-established companies Banks established in 2015 2015 establishments in Italy Banks disestablished in 2018 2018 disestablishments in Italy Defunct banks of Italy Companies based in Chieti Cariplo acquisitions Intesa Sanpaolo UBI Banca Bank failures Italian companies established in 1862 Italian companies disestablished in 2018