Fondazione Cassa di Risparmio di Genova e Imperia is a charity organization based in

Genoa Genoa ( ; it, Genova ; lij, Zêna ). is the capital of the Italian region of Liguria and the List of cities in Italy, sixth-largest city in Italy. In 2015, 594,733 people lived within the city's administrative limits. As of the 2011 Italian ce ...

, Liguria region. The foundation was the largest shareholders of

Banca Carige Banca Carige Società per azioni, S.p.A., historically known as Cassa di Risparmio di Genova e Imperia (Ca.Ri.Ge.) is an List of Italian banks, Italian bank based in Genoa, with more than 500 bank branches in Italy. The predecessor of the bank, a ...

History

Due to , the bank activities of Cassa di Risparmio di Genova e Imperia was spin off to become Banca Carige

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 ...

(a kind of limited company), while the original entity became Fondazione Cassa di Risparmio di Genova e Imperia, a banking foundation with a status of private legal person, but without shareholder. The bank failed the comprehensive assessment in the run-up to the entry into force of

European Banking Supervision European Banking Supervision, also known as the Single Supervisory Mechanism (SSM), is the policy framework for the prudential supervision of banks in the euro area. It is centered on the European Central Bank (ECB), whose supervisory arm is ...

in 2014. During the year the number of ordinary shares was increased from 2,174,664,623 to 10,167,553,157. The new shares made the bank recapitalized €779,288,853.4. The foundation only partly subscribed the capital increases that were allowed to them, with the rest was excised by borrowing money from

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) ...

(additional 7.037%). After the deal the foundation owned 12.142% ordinary shares of the bank (1,234,561,214), comparing to 46.52% in 2013 (1,011,689,946). At the start of year the foundation reacquired some shares, which was increased to 1,270,944,145 number of shares (the total ordinary shares of the bank also increased to 10,393,917,760 number of shares, due to all share deal to privatize CR Carrara and

Savona Savona (; lij, Sann-a ) is a seaport and ''comune'' in the west part of the northern Italy, Italian region of Liguria, capital of the Province of Savona, in the Riviera di Ponente on the Mediterranean Sea. Savona used to be one of the chie ...

). On 8 May 2015 the foundation sold a further 10.271% ordinary shares (1,067,593,081 number of shares) of the bank to Malacalza Investimenti (a company chaired by ). After the deal the foundation only kept 203,351,064 ordinary shares, or 1.956% of the total number of ordinary shares. As at 31 December 2015 the foundation had a net assets of €69,960,698.

Controversies

In 2014, ''

La Repubblica ''la Repubblica'' (; the Republic) is an Italian daily general-interest newspaper. It was founded in 1976 in Rome by Gruppo Editoriale L'Espresso (now known as GEDI Gruppo Editoriale) and led by Eugenio Scalfari, Carlo Caracciolo and Arnoldo ...

'' Genoa edition reported that, the foundation had purchased a helicopter which was rarely used. Before the helicopter was donated to the Liguria Region, it was rarely used by the firemen of Genoa, which the foundation lent it to them.

References

External links

* {{in lang, it 1991 establishments in Italy Organizations established in 1991 Banking foundations based in Italy Organisations based in Genoa