Cassa di Risparmio di Trieste 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 ...

headquartered in

Trieste Trieste ( , ; sl, Trst ; german: Triest ) is a city and seaport in northeastern Italy. It is the capital city, and largest city, of the autonomous region of Friuli Venezia Giulia, one of two autonomous regions which are not subdivided into provi ...

that operated between 1842 and 2002. In 1992, as part of the Italian government restructuring of public credit institutions, known as the , the bank was split into three organizations: ''Cassa di Risparmio di Trieste - Banca S.p.A.'', its subsidiary in ''special credito'' and ''Fondazione CRTrieste''. Cassa di Risparmio di Trieste - Banca S.p.A. joined newly formed banking group

UniCredit UniCredit S.p.A. is an international banking group headquartered in Milan. It is Italy's only systemically important bank (according to the list provided by the Financial Stability Board in 2022) and the world's 34th largest by assets. It was for ...

in 1999. The bank, as a brand and subsidiary, survived within UniCredit until 2002 when it was merged with 6 other sub-brands to form

UniCredit Banca UniCredit Banca S.p.A. was the retail banking division of UniCredit Group. On 1 July 2002, Rolo Banca, Banca CRT, Cariverona Banca, Cassamarca, Cassa di Risparmio di Trento e Rovereto and Cassa di Risparmio di Trieste were merged into Credito ...

and other divisions of UniCredit.

History

Founded in 1842 in the

Imperial Free City of Trieste The Imperial Free City of Trieste and its Territory (german: Reichsunmittelbare Stadt Triest und ihr Gebiet, it, Città Imperiale di Trieste e Dintorni) was a possession of the Habsburg monarchy in the Holy Roman Empire from the 14th century to 1 ...

, in the

Austrian Empire The Austrian Empire (german: link=no, Kaiserthum Oesterreich, modern spelling , ) was a Central-Eastern European multinational great power from 1804 to 1867, created by proclamation out of the realms of the Habsburgs. During its existence, ...

. The city later became the capital of the

Austrian Littoral The Austrian Littoral (german: Österreichisches Küstenland, it, Litorale Austriaco, hr, Austrijsko primorje, sl, Avstrijsko primorje, hu, Osztrák Tengermellék) was a crown land (''Kronland'') of the Austrian Empire, established in 1849. ...

of the empire and belongs to the Kingdom of Italy since 1921. Since joined Italy, the bank merged with other savings bank such as bank from

Postumia Postumia may refer to: * Postumia gens, an ancient Roman family * Postojna, Slovenia - ''Postumia'' in Italian * Via Postumia The Via Postumia was an ancient Roman road of northern Italy constructed in 148 BC by the ''consul'' Spurius Postumius ...

due to a decree-law enacted in 1927. (Postumia belongs to Italy between the two world war, but now located in Slovenia.) A report by

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) ...

, shown the bank was ranked 75th by total assets in 1988, among all type of commercial banks of Italy. In 1992, due to , the bank was split into two organizations, 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 ...

(s.p.a.) and a

banking foundation Banking foundation is a type of foundation that originated as a bank. The banking reforms split the banks (usually local and community owned savings banks, as a statutory corporation) into limited company and holding company (or banking foundation). ...

. At first the S.p.A. had a share capital of 220

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 ...

lire. In 1998, ''

The Economist ''The Economist'' is a British weekly newspaper printed in demitab format and published digitally. It focuses on current affairs, international business, politics, technology, and culture. Based in London, the newspaper is owned by The Econo ...

'' credited the bank as "Italy's most successful international bank" for its cross-border banking subsidiary Trscanska Stedionica – Banka. In the same year, a subsidiary, Cassa di Risparmio di Trieste Specialcredito, which specialize in such as public works and medium-long term loan, was sold to

Assicurazioni Generali Assicurazioni Generali S.p.A. ( , ; meaning 'general insurances') or simply Generali Group is an Italian insurance company based in Trieste. As of 2019, it is the largest of its kind in Italy and among the top ten largest insurance companies in ...

, which became

Banca Generali Banca Generali S.p.A. is an Italian bank focused on private banking and wealth management for high-net-worth individuals. The bank is a component of FTSE MIB index, representing the blue-chip of Borsa Italiana. The majority of its shares are owne ...

. Before the handover of the company, the medium-long term loan business was sold back to Cassa di Risparmio di Trieste. In 1999, the banking foundation sold the controlling interests of the bank (s.p.a.) to

. , the foundation retained 20% shares of the S.p.A., as well as owned 0.79% shares of UniCredit. The foundation also owned a private equity fund "Fondo Gestiveneto 6", which was managed by Pioneer Investments of UniCredit group. In 2002 the S.p.A. was absorbed by

Credito Italiano Credito Italiano also known as just Credit, was an Italian bank, now part of UniCredit. It was merged with Unicredito in 1998, forming Unicredito Italiano (now UniCredit). Circa 1999 to 2002 UniCredit created a new subsidiary of the same name to ru ...

; the

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 ...

of Credito Italiano then renamed into

, as the new retail arm of the banking group. Several subsidiaries were also spin off from UniCredit Banca in 2003 as separate entities of the group. The Croatian subsidiary of C.R. Trieste was merged into

Zagrebačka banka Zagrebačka banka d.d. is the largest bank in Croatia, owned by UniCredit group of Italy. It was the first Croatian bank to become fully privatised in 1989 and the first one to be listed at the Zagreb Stock Exchange in 1995. It is one of 24 compan ...

, while C.R. Trieste Ireland was liquidated, as it was overlapped with UniCredit Bank Ireland (UniCredito Italiano Bank (Ireland) plc).

Subsidiaries

* C.R. Trieste Ireland Ltd. (99.99%) * Cassa di Risparmio di Trieste – Banca d.d. Zagreb ( hr, Trscanska Stedionica – Banka d.d. Zagreb, 83.95%) * Cassa di Risparmio di Trieste – Specialcredito S.p.A. (former)

Equity investments

* 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 ...

(0.44%) * Friulia (1.27%) * Friulia-Lis (2.25%)) * Liseuro (35.11%)

Banking foundation

After the bank became defunct, the charity function, as well as the bank's arts collection were survived as an organization Fondazione Cassa di Risparmio di Trieste or Fondazione CRTrieste. , the foundation had an equity of €204 million. The foundation write-down the value of the shares of

its owned (17,444,018 number of shares before 2017 reverse stock split; 0.282%), as well as the shares of

Banca Mediocredito del Friuli Venezia Giulia Banca Mediocredito del Friuli Venezia Giulia S.p.A. is an Italian commercial bank based in Udine, Friuli – Venezia Giulia region. History Istituto di Credito per il Finanziamento a Medio Termine alle Medie e Piccole Industrie Situate nel Territo ...

(34,440,610 number of shares; 30.502%). In addition, the foundation owned 875,977 number of shares (0.256%) of

Cassa Depositi e Prestiti Cassa Depositi e Prestiti S.p.A. (also kwown as CDP or CDP Group) is a prominent Italian investment bank founded on November 20, 1850, in Turin. Its main duty was to finance public works like roads and waterworks during the reign of Victor Emman ...

as well as other investment, such as

FriulAdria Crédit Agricole FriulAdria S.p.A. formerly known as Banca Popolare FriulAdria S.p.A., or known as FriulAdria in short (abb. of Friuli and Adriatic Sea), is an Italian bank, which is part of Crédit Agricole Italia, the Italian arm of French bank ...

Fincantieri Fincantieri S.p.A. () is an Italian shipbuilding company based in Trieste, Italy. Already the largest shipbuilder in Europe, after the acquisition of Vard in 2013, Fincantieri group doubled in size to become the fourth largest in the world (2014 ...

(0.071%) and

GEDI Gruppo Editoriale GEDI Gruppo Editoriale S.p.A., formerly known as Gruppo Editoriale L'Espresso S.p.A. is an Italian media conglomerate. Founded in 1955, it is based in Turin, Italy. History In 2009, the group L'Espresso created an online advertising consortium ...

References

External links