Banca CR Firenze

Banca CR Firenze
Native name	Banca Cassa di Risparmio di Firenze S.p.A.
Type	Subsidiary (Società per azioni)
Industry	Financial services
Successor	Ente Cassa di Risparmio di Firenze
Founded	1829^[1] 1992 (S.p.A.)
Headquarters	via Bufalini 4, Florence, Italy
Key people	Giuseppe Morbidelli (president)
Services	Retail and corporate banking
Profit	€25,921,686 (2015)
Total assets	€11,581,214,647 (2015)
Total equity	€659,340,135 (2015)
Owner	Intesa Sanpaolo (100%)
Parent	Intesa Sanpaolo
Subsidiaries	Caripistoia (74.88%)
Website	http://www.bancacrfirenze.it
Footnotes / references in separate financial statements^[2]

Banca Cassa di Risparmio di Firenze S.p.A. known as Banca CR Firenze or Carifirenze, is an Italian bank. Once a listed company, the group now part of Intesa Sanpaolo since 2007.

History

Cassa di Risparmio di Firenze (The Saving Bank of Florence) was found on 30 March 1829.

Casse Toscane

In 1992, due to Legge Amato, the banking operation and the ownership were separated into a S.p.A. (private limited company) and Ente Cassa di Risparmio di Firenze.^[3]

In 1992 the bank also formed a common holding company Casse Toscane for the Saving Bank of Florence, Livorno, Pisa, Pistoia–Pescia, San Miniato and Banca del Monte di Lucca. Ente Cassa di Risparmio di Firenze was the largest shareholders of the holding company.

However after 1996, the holding company contained only Florence, Pistoia–Pescia and San Miniato, as 4 members banks withdrew to form Casse del Tirreno. In 1998, the shares of Pistoia–Pescia and San Miniato also sold back to their banking foundations. But a year later, Florence Saving Bank bought 51% shares of Pistoia–Pescia Saving Bank. The significant interests of the saving banks of Civitavecchia and Orvieto was also acquired in late 1990s. After multiple deals, Banca CR Firenze reached 51% ownership of Civitavecchia and 51.575% of Orvieto in 2000.^[4]

old headquarter at via Bufalini 6 (Ente headquarter)

Listed company

In November 1999 the ente sold the shares of the bank to Sanpaolo IMI and BNP Paribas. In 2000 the bank became a listed company in Borsa Italiana, with the ente owned 50% shares only. At the end of 2000, Ente CR Firenze owned 43.18%, Sanpaolo IMI owned 19.09%, BNP Paribas owned 6.99%, Ente of Pistoia & Pescia Saving Bank owned 3.95%, Banca Carige 0.82% and Cassa di Risparmio di Padova e Rovigo owned 0.82%, 25.15% held by public.^[4] However Ente CR Firenze also owned 2.57% shares of Sanpaolo IMI as the 6th largest shareholder, made the ente directly and indirectly held 43.67% interests on Banca CR Firenze SpA,^[5] but not voting rights.

In 2000 the group acquired Cassa di Risparmio di Mirandola, which reached 99.962% ownership in 2005. In June 2001 the group acquired a minority share holding of Cassa dei Risparmi di Forlì, which reached 12.75% in December 2005. In August 2001 Credito Fondiario Toscano was absorbed into the group. In December 2001 the group increased the shares holding of Findomestic Banca from 35% to 50%.

In 2003 the bank acquired Cassa di Risparmio della Spezia (Carispezia) from Banca Intesa and Fondazione Carispezia by cash and shares exchange.^[6] The ownership ratio reached 80% in 2006.^[7]

In March 2006 the group acquired Romanian bank Banca Daewoo S.A. and renamed into Banca CR Firenze Romania S.A.. In 2006 Mirandola was absorbed into Banca CR Firenze.

Privatization by Intesa Sanpaolo

However, in July 2007 the group was being acquired by Intesa Sanpaolo.^[8] Before the completion of the acquisition and privatization in 2008, The ente was a significant shareholder for 41.925% stake, with Intesa Sanpaolo was the second largest shareholder of 18.570% stake, followed by BNP Paribas 6.547%, Fondazione Carispezia 3.909%, Foundation of Pistoia & Pescia Saving Bank (renamed from Ente to Fondazione in late 1990s) 3.680% and Società Finanziaria di Banche Romagnole 1.088%, about 24.281% were held by the public.^[9] After the merger the "ente" became the 7th largest shareholder of Intesa Sanpaolo (3.378%), due the swap ratio of 1.194 Intesa Sanpaolo ordinary shares for each Banca CR Firenze share,^[10] while Intesa Sanpaolo owned 89.71% shares of Banca CR Firenze. That made "Ente" owned about 13.3% interests on Banca CR Firenze directly and indirectly, but not in voting rights.

The merger also triggered the demarging of Banca CR Firenze's subsidiaries, which CR Orvieto (located in Umbria region) and 4 former Banca CR Firenze branches was sold to Banca Popolare di Bari in 2009,^[11] as well as Findomestic Bank was sold to BNP Paribas from 2009 to 2011.

However Intesa Casse del Centro, previously under directly ownership of Intesa Sanpaolo (96.07% ownership),^[12] was sold to Banca CR Firenze, made Banca CR Firenze had an access to the saving banks of the Province of Viterbo, Ascoli, Città di Castello, Spoleto, Rieti, Foligno, Terni and Narni. (4 from Umbria, 2 from Lazio, 1 from Marche) Soon later the intermediate holding company Casse del Centro was dissolved.

In 2010 Intesa Sanpaolo spin off with French banking group Crédit Agricole, which Carispezia was sold to the French banking group, as well as 11 former Banca CR Firenze branches was sold to Crédit Agricole's subsidiary in Italy, Cariparma.

In 2012 the local saving banks were reorganized by selling relevant branches to matching subsidiaries, both within Banca CR Firenze and within Intesa Sanpaolo.^[13] On 26 November 2012 subsidiary Casse di Risparmio dell'Umbria was formed by the merger of Foligno, Città di Castello, Terni e Narni and Spoleto saving banks, with CR Spoleto was renamed to CR Umbria.

On 23 July 2012 CR Pistoia e Pescia was renamed to Cassa di Risparmio di Pistoia e della Lucchesia. On 12 November 2012 Ascoli Piceno was sold back to Intesa Sanpaolo after Banca CR Firenze acquired 100% shares. On 1 October 2012 Banca CR Firenze Romania S.A. was merged with Banca Comercialà Intesa Sanpaolo Romania S.A., which Banca CR Firenze hold 8.18% of B.C. Intesa Sanpaolo Romania immediately after the deal.

In 2015 subsidiaries CR Viterbo, Rieti and Civitavecchia were closed down. The shares of the saving banks were exchanged with the shares of Intesa Sanpaolo. In the same year Ente Cassa di Risparmio di Firenze also excised a put option to sell the minority stake (10.26%) in the bank to Intesa Sanpaolo for €182.5 million. After the deal the former owner of Banca CR Firenze, would just owned about 2% shares of Intesa Sanpaolo directly as well as the same ratio indirectly in Banca CR Firenze.

In November 2015 Casse dell'Umbria was sold back to the parent company by reduction of the share capital and reserve of Banca CR Firenze.

Current wholly owned subsidiaries

As of 31 December 2015

Cassa di Risparmio di Pistoia e della Lucchesia, Tuscany region, 74.88%
Infogroup S.c.p.A., Florence, 65.45%

References

↑ Storia ed Evoluzione Banca CR Firenze website (Italian)
↑ "2015 Bilancio" (PDF) (in Italian). Banca CR Firenze. 11 March 2016. Retrieved 20 April 2016.
↑ Ministry of the Treasury (6 May 1992). "Approvazione del progetto di ristrutturazione presentato dalla Cassa di risparmio di Firenze" (in Italian). Italian Republic Official Gazette. Retrieved 20 April 2016.
1 2 "2000 Bilancio Consolidato Nota integrativa" (PDF) (in Italian). Banca CR Firenze. 13 June 2001. Retrieved 31 March 2016.
↑ http://www.group.intesasanpaolo.com/scriptIsir0/si09/contentData/view/Bilancio_2000_1.pdf?id=CNT-04-0000000027594&ct=application/pdf
↑ "Comunicati stampa Intesa Sanpaolo" (in Italian). Banca Intesa. 17 July 2003. Retrieved 22 March 2015.
↑ "Storia della Fondazione" (in Italian). Retrieved 22 March 2015.
↑ "INTESA SANPAOLO: BOARDS APPROVE AGREEMENT WITH ENTE CASSA DI RISPARMIO DI FIRENZE FOR ACQUISITION OF CONTROL OF CARIFIRENZE". Intesa Sanpaolo. 25 July 2007. Retrieved 22 March 2015.
↑ Banca CR Firenze 2007 Annual report
↑ 2008 Annual Report Intesa Sanpaolo
↑ Le filiali CR Orvieto Banca Popolare di Bari
↑ 2008 Annual Report Banca CR Firenze
↑ 2012 Annual report Banca CR Firenze

External links

http://www.bancacrfirenze.it

Banking in Italy

Central bank	Banca d'Italia European Central Bank

Public banks	Cassa Depositi e Prestiti CDP Reti Poste italiane BancoPosta Banca del Mezzogiorno – MedioCredito Centrale Istituto per il Credito Sportivo Banca Mediocredito del Friuli Venezia Giulia Investitionsbank Trentino Südtirol – Mediocredito Trentino Alto Adige Finaosta Fincalabra Finlombarda Finmolise Finpiemonte Fidi Toscana FIRA Gepafin IRFIS – FinSicilia Sviluppo Basilicata SFIRS Veneto Sviluppo Italian National Resolution Fund Nuova Banca delle Marche Cassa di Risparmio di Loreto Nuova Banca Etruria Nuova CariChieti Nuova Carife

Global banks (Supervised by ECB)	UniCredit FinecoBank Intesa Sanpaolo Banca IMI Mediocredito Italiano Banca CR Firenze Banca dell'Adriatico Banco di Napoli CariFVG Carisbo Caript Cariromagna CR Veneto Casse dell'Umbria

Nationwide and multi-regional banks (Supervised by ECB)	Banca Monte dei Paschi di Siena MPS Capital Services Banco Popolare UBI Banca Banco di Brescia Banca Carime Banca Popolare di Ancona Banca Popolare di Bergamo Banca Popolare Commercio e Industria Banca Regionale Europea Banca di Valle Camonica IWBank Mediobanca Compass Banca Esperia Banca Popolare dell'Emilia Romagna Banco di Sardegna Banca di Sassari Cassa di Risparmio di Bra Cassa di Risparmio di Saluzzo Banca Popolare di Milano Banca Popolare di Mantova Banca Popolare di Vicenza Banca Nuova FarBanca Banca Carige Banca del Monte di Lucca Veneto Banca Banca Apulia Banca Intermobiliare Credito Emiliano Banca Popolare di Sondrio

Multi-regional (total assets €30b to €8b)	Credito Valtellinese Cassa di Risparmio di Fano Credito Siciliano Banca Generali Banca Mediolanum Banca Popolare di Bari Cassa di Risparmio di Orvieto Banca Sella Holding Banca Sella Banca Patrimoni Sella Banco di Desio e della Brianza Banca Popolare di Spoleto Unipol Banca Banca di Asti Biverbanca Südtiroler Volksbank – Banca Popolare dell'Alto Adige Südtiroler Sparkasse – Cassa di Risparmio di Bolzano

Multi-regional and regional cooperative bank (Popolari banks)	Banca Agricola Popolare di Ragusa Banca Valsabbina Banca Popolare di Puglia e Basilicata Banca Popolare di Cividale Cassa di Sovvenzioni e Risparmio fra il Personale della Banca d'Italia Banca Popolare Pugliese Banca di Piacenza Banca di Credito Popolare Banca Popolare del Lazio Banca Popolare del Cassinate Banca Popolare Valconca Banca Popolare Etica Banca Popolare Sant'Angelo Sanfelice 1893 Banca Popolare Banca Popolare di Lajatico Banca Popolare di Fondi Banca Popolare del Frusinate

Co-operative banks (BCC) and central banks	Federcasse central banks Istituto Centrale delle Casse Rurali ed Artigiane Raiffeisen Landesbank Südtirol – Cassa Centrale Raiffeisen dell'Alto Adige Cassa Centrale Banca - Credito Cooperativo del Nord Est member banks BCC Roma Banca d'Alba Banca del Territorio Lombardo Credito Cooperativo Ravennate e Imolese Banca di Cambiano Emilbanca BCC di Brescia BCC di Carate Brianza BCC Banca Centropadana ChiantiBanca Cassa Padana Cassa Rurale ed Artigiana di Cantù Cassa Rurale Treviglio Banca Alpi Marittime Credito Cooperativo Carrù BCC Prealpi BCC Carugate e Inzago Banca della Marca Banca di Pisa e Fornacette Banca San Giorgio Quinto Valle Agno BCC del Garda Cassa Rurale ed Artigiana di Brendola Banco Emiliano Cassa Rurale di Trento Banca Malatestiana Banca di Bologna Cassa Rurale Alto Garda Banca Sviluppo Banca del Centroveneto Crediveneto Cassa Rurale di Rovereto Banca di Cherasco Romagna Est Banca Banca di Caraglio Banca di Forlì BCC G. Toniolo di San Cataldo BCC di Monastier e del Sile BCC Pordenonese BancAdria BCC Agrobresciano Banca Versilia Lunigiana e Garfagnana Banca Santo Stefano BCC Barlassina BCC Binasco Cassa Rurale Giudicarie Valsabbia Paganella BCC Castagneto Carducci CrediFriuli Mantovabanca 1896 Banca CRAS BCC Busto Garolfo e Buguggiate Banca del Veneziano Banca Cremonese Rovigo Banca BCC Banca Annia BCC di Fano BCC Piove di Sacco BCC di Calcio e di Covo BCC di Sant'Elena BCC Vignole e Montagna Pistoiese Cassa Rurale Lavis Valle di Cembra Banca della Bergamasca Banca di Rimini Cassa Rurale di Pergine BCC di Conversano Banca San Biagio del Veneto Orientale Bene Banca BCC Sesto San Giovanni CRA BCC di Battipaglia e Montecorvino Rovella Cassa Rurale di Aldeno e Cadine Credito Valdinievole Banca Valdichiana BCC di Caravaggio BCC Gradara BCC di Manzano BCC di Anagni BCC Filottrano BCC Valdostana BCC di San Marzano di San Giuseppe Banca Picena Truentina BCC Friulovest Banca BCC Palestrina BCC di Casalgrasso e Sant'Albano Stura BCC Mediocrati BCC Staranzano e Villesse BCC dell'Alta Brianza - Alzate Brianza CentroMarcaBanca BCC di Castiglione Messer Raimondo e Pianella Banca di Viterbo BCC Pratola Peligna Banca di Pistoia Fondo di Garanzia dei Depositanti del Credito Cooperativo

Regional retail bank	Cassa di Risparmio di Ravenna Banco di Lucca e del Tirreno Banca di Imola Cassa di Risparmio di Cesena Banca Carim Cassa di Risparmio di San Miniato Cassa di Risparmio di Cento Cassa di Risparmio di Volterra Banca Passadore Hypo Alpe-Adria-Bank Banca Sistema Cassa di Risparmio di Fossano Banca Profilo Banca del Fucino Cassa di Risparmio di Fermo Banca del Piemonte Banca CR Savigliano Banco Azzoaglio

others	Istituto Centrale delle Banche Popolari Italiane Banca IFIS Banca Finnat Banca Ubae Banca Leonardo Banca Farmafactoring Unione Fiduciaria Credito Fondiario

Foreign banks	Allianz Allianz S.p.A. Barclays Banco Santander Bank of China BNP Paribas Banca Nazionale del Lavoro Crédit Agricole Cariparma FriulAdria Carispezia FCA Bank Credit Suisse Deutsche Bank Deutsche Bank S.p.A. Dexia Crediop Fortress doBank Italfondiario GE Capital Interbanca HSBC ING Bank Société Générale

Ancient banks	Bank of Saint George Banco di Santo Spirito Istituto Bancario San Paolo di Torino Medici Bank Mount of piety Foggia Parma Reggio Emilia

Related topics	List of banks in Italy Associazione Bancaria Italiana Associazione di Fondazioni e di Casse di Risparmio S.p.A. Associazione Nazionale fra le Banche Popolari Fondo Interbancario di Tutela dei Depositi Atlante (private equity fund)

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