Credito Valtellinese (Creval) is an Italian bank based in

Sondrio Sondrio (; lmo, Sùndri; rm, Sunder; archaic german: Sünders or ; la, Sundrium) is an Italian city and ''comune'' and Provincial Capital located in the heart of the Valtellina. , Sondrio counts approximately 21,876 inhabitants (2015) and it is ...

Lombardy Lombardy ( it, Lombardia, Lombard language, Lombard: ''Lombardia'' or ''Lumbardia' '') is an administrative regions of Italy, region of Italy that covers ; it is located in the northern-central part of the country and has a population of about 10 ...

, Italy. The company was a former component of FTSE Italia Mid Cap Index of the

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 ...

(Milan Stock Exchange), but was removed and added as a component of Index in May 2017; the bank was added back to the reserve list of FTSE Italia Mid Cap in August 2017. The bank is named after the area Valtellina. The bank had 363 branches in Northern Italy (as Credito Valtellinese), 40 branches in

Marche Marche ( , ) is one of the twenty regions of Italy. In English, the region is sometimes referred to as The Marches ( ). The region is located in the central area of the country, bordered by Emilia-Romagna and the republic of San Marino to the ...

and Umbria (former Carifano), and 133 branches in Sicily (as

Credito Siciliano Credito Siciliano was an Italian bank headquartered in Acireale, Sicily and previously Palermo. It was a subsidiary of Credito Valtellinese until its merger by incorporation into Credito Valtellinese in June 2018. The bank had 136 branches, 133 lo ...

). Credito Siciliano had three more branches outside the island of Sicily. It had a market share of 32% in Sondrio. However, only 2.9% in whole Lombardy region in terms of deposits, as of 30 June 2014, as well as only 1.7% in terms of branches as the 10th of Italy. Since 2021, it is part of Crédit Agricole Italia after a successful takeover bid by Crédit Agricole Italia. Crédit Agricole successfully concludes the tender offer, acquiring 91.17% of the shares in Creval, for a cost of 855 million. The delisting from the

Italian Stock Exchange 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 ...

took place on Friday 4 June 2021 following the success of the residual takeover bid and the consequent "squeeze-out", which led Crédit Agricole to hold 100% of the capital of Creval.

History

Credito Valtellinese is a former co-operative bank based in Sondrio found in 1908, as Banca Piccolo Credito Valtellinese. (Not to be confused with

Banca Popolare di Sondrio Banca Popolare di Sondrio S.C.p.A. (BPSO) is an Italian bank based in Sondrio, Lombardy. The company was included in FTSE Italia Mid Cap Index. History Banca Popolare di Sondrio was an urban cooperative bank found in 1871. Along with Credito Valte ...

) The bank expanded by the acquisition of Technoleasing (later Bancaperta) in the 1980s, and

Credito Artigiano Credito Artigiano was an Italian bank based in Milan, Lombardy. it was absorbed by Credito Valtellinese in 2012. History Credito Artigiano was found in Milan in 1946. Since 1995 it was a subsidiary of Credito Valtellinese (Creval). In 1999 it was l ...

in 1996, which was the parent company of

Banca dell'Artigianato e dell'Industria Banca may refer to: Places * Bangka Island, an island lying east of Sumatra, part of Indonesia * Banca, Pyrénées-Atlantiques, a commune of the Pyrénées-Atlantiques ''département'', France * Banca, Tasmania, a locality in Tasmania, Australia * ...

. In 2002, Sicilian banks

Banca Popolare Santa Venera Banca may refer to: Places * Bangka Island, an island lying east of Sumatra, part of Indonesia * Banca, Pyrénées-Atlantiques, a commune of the Pyrénées-Atlantiques ''département'', France * Banca, Tasmania, a locality in Tasmania, Australia * ...

in Acireale, Cassa San Giacomo in Caltagirone and Banca Regionale Sant'Angelo were merged to become

. In 2008, Credito Piemontese, Cassa di Risparmio di Fano, Banca Cattolica di Montefiascone and Credito del Lazio (former ''Banca della Ciociaria'') joined. From 2004 to 2013, Creval was a minority shareholder of

Banca di Cividale Banca Popolare di Cividale is an Italian cooperative bank based in Cividale del Friuli, Friuli - Venezia Giulia. History Banca Popolare di Cividale società cooperativa a responsabilità limitata was found in 1886. In 2000 the bank acquired the co ...

. In 2016, the bank was demutualized, being registered as a ''Banca Popolare''. The new Italian Law N°3/2015 required that banks with more than €8 billion total assets in that category had to be transformed into a '' società per azioni''. The withdrawal price for the shareholders was set at €0.4747 per share. At the same time a plan to combine 10 old shares to 1 new share was announced.

Equity investments

Credito Valtellinese was a minority shareholder of Global Assistance S.p.A. (40%), a subsidiary of Ri-Fin; Creval and Ri-Fin were the shareholders of Global Assicurazioni (60–40) and Global Broker (51–49). The bank was a minority shareholder of Unione Fiduciaria.

Shareholders

Declared shareholder of the bank are: * Credit Agricole S.A. (5%) * Hosking Partners LLP (5.13%) * Algebris Limited (5.29%) * DGFD SA (5.78%) * Altera Absolute Investments (7.07%)

References

External links

Official Site

Group website
{{Authority control Banks of Italy Companies based in Sondrio Banks established in 1908 Italian companies established in 1908 Former cooperative banks of Italy