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Interbanca S.p.A. was an Italian
merchant bank A merchant bank is historically a bank dealing in commercial loans and investment. In modern British usage it is the same as an investment bank. Merchant banks were the first modern banks and evolved from medieval merchants who traded in commodi ...
that specializes in lending and financing transactions for medium-sized firms. Its headquarters are in
Milan Milan ( , , Lombard: ; it, Milano ) is a city in northern Italy, capital of Lombardy, and the second-most populous city proper in Italy after Rome. The city proper has a population of about 1.4 million, while its metropolitan city ...
and it has 10 branches in major cities throughout Italy. Following a series of acquisitions in the Italian banking industry, Interbanca became a subsidiary of
Banco Santander Banco Santander, S.A., doing business as Santander Group (, , Spanish: ), is a Spanish multinational financial services company based in Madrid and Santander in Spain. Additionally, Santander maintains a presence in all global financial centr ...
. In March 2008, the bank was purchased by
GE Commercial Finance GE Commercial Finance was a unit of GE Capital, (one of five major operating divisions of General Electric). Headquartered in Norwalk, Connecticut, United States, it plays a role in over 35 countries and had assets of over US$335 billion at year ...
and renamed to GE Capital Interbanca. It was sold to Banca IFIS in November 2016, as part of a strategy by GE to reduce its financial services division. The bank is under Banca IFIS Impresa division of the group.


History

A consortium of banks comprising
Banco Ambrosiano Banco Ambrosiano was an Italian bank that collapsed in 1982. At the centre of the bank's failure was its chairman, Roberto Calvi, and his membership in the illegal former Masonic Lodge Propaganda Due (aka P2). The Vatican-based Institute for t ...
,
Banca d'America e d'Italia Deutsche Bank S.p.A. is an Italian bank based in Milan, Lombardy. It is a subsidiary of Deutsche Bank A.G.. History Banca dell'Italia Meridionale was found in 1917. It was acquired by Amadeo Giannini, the founder of Bank of Italy (United States) ...
, and Banca Nazionale dell'Agricoltura, founded Interbanca – Banca per i Finanziamenti a Medio Termine in 1961. By 1997 it had come under the control of
Banca Antonveneta Banca Antonveneta S.p.A. was an Italian bank based in Padua, Italy. The bank was absorbed into Banca Monte dei Paschi di Siena in 2013. In 2008, it was the 9th largest banking group in Italy in terms of customer loans and the 8th largest in term ...
, which in 1999 acquired Banca Nazionale dell'Agricoltura. In June 1999, its parent listed Interbanca on the stock exchange, but then in February 2003 wholly acquired it. In 2006,
ABN AMRO ABN or abn may refer to: Companies * ABN AMRO Group, a Dutch bank group * ABN AMRO, sometimes referred to as "ABN" in shorthand, is a Dutch state-owned bank * Algemene Bank Nederland, a now-defunct Dutch bank Radio, news and television organizati ...
acquired Antonveneta, only to be itself acquired by a consortium consisting of
The Royal Bank of Scotland Group NatWest Group plc is a British banking and insurance holding company, based in Edinburgh, Scotland. The group operates a wide variety of banking brands offering personal and business banking, private banking, investment banking, insurance an ...
, Fortis, and Santander. Banco Santander took control of Antonveneta in October 2007 and sold it on to
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 ...
in November at a 36% premium over the valuation for the acquisition. Although Banco Santander had sold Antonveneta, it retained Interbanca for the time being. In March 2008, Santander sold Interbanca to GE Commercial Finance, receiving in return GE Money businesses in Germany, Finland and Austria, and GE's Card and Auto Financing Businesses in the UK. In May 2015, GE appointed the
Deutsche Bank Deutsche Bank AG (), sometimes referred to simply as Deutsche, is a German multinational investment bank and financial services company headquartered in Frankfurt, Germany, and dual-listed on the Frankfurt Stock Exchange and the New York St ...
to sell the Interbanca, then had a net assets of over . In 2016 Banca IFIS acquired Interbanca for €160 million, with an obligation to repay the inter-company debt, totalling €2.1 billion, to GE. Interbanca was merged with the parent company Banca IFIS on 23 October 2017.


References


External links

* {{official website, http://www.bancaifisimpresa.it Defunct banks of Italy Banks established in 1961 Italian companies established in 1961 Companies formerly listed on the Borsa Italiana Former General Electric subsidiaries Banks disestablished in 2017 Italian companies disestablished in 2017