IRFIS – FinSicilia
   HOME

TheInfoList



OR:

IRFIS – Finanziaria per lo Sviluppo della Sicilia S.p.A. also known as IRFIS – FinSicilia S.p.A., is an Italian
development bank Development finance institution (DFI), also known as a Development bank, is a financial institution that provides risk capital for economic development projects on a non-commercial basis. DFIs are often established and owned by governments or ...
based in
Palermo Palermo ( ; ; , locally also or ) is a city in southern Italy, the capital (political), capital of both the autonomous area, autonomous region of Sicily and the Metropolitan City of Palermo, the city's surrounding metropolitan province. The ...
, Sicily. The bank is registered under article 106 and 107 of ''Testo Unico Bancario'' (Italian banking law). The bank provided subsidized loans and intermediates for companies to access government incentives.


History

Istituto Regionale per il Finanziamento alle Medie e Piccole Industrie in Sicilia or IRFIS was founded on 31 October 1952 as a
statutory corporation A statutory corporation is a corporation, government entity created as a statutory body by statute. Their precise nature varies by jurisdiction, but they are corporations owned by a government or controlled by national or sub-national government ...
, which was one of the 19 '' mediocredito'' of Italy. The banks provided medium term loan to medium and small companies from their regions. Along with Credito Industriale Sardo and
ISVEIMER Istituto per lo Sviluppo Economico dell'Italia Meridionale S.p.A., known as ISVEIMER, is a former Italian bank based in Naples, Campania. The bank was in liquidation since 1996, which the headquarter of the company was relocated to Rome. However, du ...
, they were funded by
Cassa per il Mezzogiorno The Cassa del Mezzogiorno () was a public effort by the government of Italy to stimulate economic growth and development in the less developed Southern Italy (also known as the ''Mezzogiorno''). It was established in 1950 primarily to encourage the ...
, making the three banks were also known as Istituti per il Finanziamento a Medio Terminealle Medie e Piccole Industrie nell'Italia Meridionale e Insulare, or Istituti Meridionale in short. Due to , the bank became a ''
società per azioni (; abbr. S.p.A. or spa ) is a form of corporation in law of Italy, Italy, meaning 'company with shares' (although often translated as 'joint-stock company', which may or may not be a limited liability entity). It is more or less equivalent to ...
'', a kind of limited company by shares, known as IRFIS – Mediocredito della Sicilia S.p.A. or just IRFIS S.p.A.. The bank also privatized by the state and acquired by
Banco di Sicilia Banco di Sicilia was an Italian bank based in Palermo, Sicily. It was a subsidiary of UniCredit but absorbed into the parent company in 2010. History It was founded as ''Banco Regio dei Reali Domini al di là del Faro'' in 1849 and was renamed in ...
, which in turn acquired by
Banca di Roma Banca di Roma was an Italian bank based in Rome, formed in 1992 by merger of Banco di Santo Spirito and Banco di Roma. From 2008 it was a subsidiary of UniCredit under the name UniCredit Banca di Roma S.p.A.. In 2010 the subsidiary was absorbed ...
. Banca Popolare di Novara was a minority shareholder (0.14%) of IRFIS as of 2000. Its successor Banco Popolare di Verona e Novara (BPVN) received the stake in 2002. As of 2003, BPVN owned 0.143% shares of IRFIS. The bank became a subsidiary of
Capitalia Capitalia was an Italian banking group headquartered in Rome, in existence between 2002 and 2008. The bank was a listed company in Borsa Italiana (Milan Stock Exchange). The bank was acquired by UniCredit by issuing new shares of UniCredit for sh ...
after Banca di Roma was merged with
Bipop Carire Bipop Carire S.p.A. was an Italian banking group based in Brescia, Lombardy. The group became part of Capitalia in 2002. Capitalia itself became part of UniCredit in 2007, which the brand Bipop Carire was absorbed into UniCredit in 2008. Bipop Cari ...
. In 2007 the bank became part of
UniCredit UniCredit S.p.A. (formerly UniCredito Italiano S.p.A.) is an Italian multinational banking group headquartered in Milan. It is a systemically important bank (according to the list provided by the Financial Stability Board in 2022) and the world' ...
after Capitalia was acquired by the largest bank of Italy. As at 31 December 2007 Banco di Sicilia owned about 76.26% stake in IRFIS, in turn Banco di Sicilia was a wholly owned subsidiary of UniCredit. The rest was owned by the Region of Sicily (about 21%) and others (about 2.74%). After Banco di Sicilia was absorbed into UniCredit in 2010, the commercial business of IRFIS – Mediocredito della Sicilia was also absorbed by UniCredit on 1 June 2011. The bank also renamed to IRFIS – Finanziaria per lo Sviluppo della Sicilia S.p.A. or in short IRFIS – FinSicilia. Sister company Mediocredito Centrale was also restructured. In 2011 Mediocredito Centrale was sold to the state via
Poste italiane Poste Italiane (, , abbr. PT) is the Italy, Italian postal service provider. Besides providing postal services, Poste Italiane offers communications, Postal savings system, postal savings products, logistics, and Financial services, financial a ...
(transformed into a development bank of Southern Italy), while Mediocredito della Sicilia was sold to the Region of Sicily on 10 January 2012. The rest of the surviving Mediocredito of Italy were: Mediocredito Trentino – South Tyrol and Mediocredito Friuli – Venezia Giulia which were controlled by the regions, as well as Mediocredito Italiano, a subsidiary of
Intesa Sanpaolo Intesa Sanpaolo Società per azioni, 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 ...
; the rest of the Mediocredito were privatized and either renamed or absorbed into private banks. IRFIS – FinSicilia had a total assets of €584,709,725, which was reduced to €255,801,251 on 31 December 2011; the shareholders equity was reduced from €97,339,642 in 2010 to €9,057,438 in 2011. UniCredit also announced to sell IRFIS – FinSicilia to
Banca Popolare di Vicenza Banca Popolare di Vicenza (BPVi) was an Italian bank and currently a winding-down company. The banking group along was the 15th-largest retail and corporate bank of Italy by total assets at 31 December 2016, according to Mediobanca. However, its si ...
. However, in 2009 the deal was collapsed. In 2012, UniCredit sold the stake to Sicily Region.


References


External links

* {{DEFAULTSORT:IRFIS - FinSicilia Banks established in 1952 Italian companies established in 1952 Banks of Italy Companies based in Palermo Government of Sicily Region-owned companies of Italy Former UniCredit subsidiaries Development finance institutions