Nuova Banca dell'Etruria e del Lazio

Nuova Banca Etruria
Native name
 Nuova Banca dell'Etruria e del Lazio S.p.A.
Formerly called
  • Banca Popolare Aretina
  • Banca Popolare dell'Etruria
  • Banca Popolare dell'Etruria e del Lazio
Società per Azioni
Industry Financial services
Founded
  • 16 April 1881 (1881-04-16) (Popolare Aretina)
  • 18 December 1971 (1971-12-18) (Banca Etruria)
  • 31 December 1988 (1988-12-31) (Banca Etruria e Lazio)
  • 22 November 2015 (2015-11-22) (Nuova Banca Etruria)
Headquarters 255 via Calamandrei, Arezzo, Italy
Total assets €7.1 billion (2015)
Total equity €442 million (2015)
Owner Italian National Resolution Fund
Parent Italian National Resolution Fund
Capital ratio 9% (Tier 1)
Website Official website

Nuova Banca dell'Etruria e del Lazio S.p.A. known as Nuova Banca Etruria is an Italian bank based in Arezzo, Tuscany. The bank was re-established on 22 November 2015 as a good bank of the original Banca Popolare dell'Etruria e del Lazio (BPEL).

History

Banca Popolare dell'Etruria

Banca Mutua Popolare Aretina was found on 16 April 1881 in Arezzo. On 18 December 1971 the bank absorbed two fellow Tuscan "People's Bank": Banca Popolare Senese (found 1865 in Siena) and Banca Popolare della Provincia di Livorno, as well as renamed into Banca Popolare dell'Etruria.

In 1972 Banca Popolare di Montepulciano was absorbed, followed by Banca Popolare di Pontevalleceppi (a Perugia frazione) in 1982, Banca Popolare di Cagli in 1985 and Banca Popolare di Gualdo Tadino in 1987.

Banca Popolare dell'Etruria e del Lazio

On 31 December 1988 Banca Popolare dell'Alto Lazio (found 1974) was merged into the bank, forming Banca Popolare dell'Etruria e del Lazio.[1] In 1990 Banca Cooperativa di Capraia Montelupo e Vitolini was absorbed.[1] In 2001 the bank was listed in Borsa Italiana (IT0004919327 / PEL).

In 2006 the bank acquired a majority interests in Banca Federico Del Vecchio, reaching 100% in 2008. In 2008 Banca Popolare Lecchese joined the bank group (sold in 2015).[2] In mid-2014 the bank was changed from a limited partnership (Italian: Società Cooperativa) to a limited company (Italian: Società per Azioni).[3]

Insolvency

The bank was administrated by the Ministry of Economy and Finance in early 2015.[4][5] The last annual report of the old bank shown the bank had a shareholders equity of €632.060 million, and Tier 1 capital ratio of just 6.6% as at 31 December 2013 (Basel II basis).[6] The ratio fell to just 6.1% as at 30 June 2014 on Basel III basis.[7] (which Basel III required above 6%, as well as Banca d'Italia required above 7%[8][9])

On 17 November 2015, a gross book value of €302 million of bad debts (Italian: sofferenze) were sold to Credito Fondiario.[10]

A capital injection of more than €2 billion to Banca Etruria, Banca Marche, Carife, and CariChieti by Fondo Interbancario di Tutela dei Depositi was planned in late 2015, (€426 million for Banca Etruria)[11][12] subject to the permission of the Banca d'Italia and European Central Bank.[13]

Eventually they were bail-out by Italian National Resolution Fund (Italian: Fondo Nazionale di Risoluzione) on 22 November instead, for about €2 billion. The rescue of the four banks were in line with EU Bank Recovery and Resolution Directive, which was in force in Italy in late 2015. Banca d'Italia was the assigned "national resolution authority" of this mechanism.[14] As the plans were following the directive, they were approved by the European Commission.[14] Banca Etruria assets and liabilities would split into good and bad bank, while the old bank would be liquidated,[15] which the shareholders and subordinated bond holders would receive nothing due to bail-in.[16]

The fund had also injected an additional €1.7 billion to the 4 banks to cover the losses.[16]

Nuova Banca Etruria

On 22 November 2015 a good bank was spin off from the original bank as Nuova Banca dell'Etruria e del Lazio S.p.A..[17] At that time the good bank had a Tier 1 capital ratio of 9%, and a share capital of €442 million.[18][19] While the bad debts was transferred to a single "bad bank" REV - Gestione Crediti, which was shared with Carichieti, Carife and Banca delle Marche.[20]

On 18 December 2015 Nuova Banca Etruria sold 54.212% shares of Banca Popolare Lecchese to Oaktree Capital Management L.P. (via BPL Holdco).[21] The limited partnership immediately recapitalized the bank, making the limited partnership became the new majority owners for 84.9%.[22]

References

  1. 1 2 "STATUTO" [Articles of association] (PDF). Banca Etruria (in Italian). Borsa Italiana archive. 29 September 2005. Retrieved 5 March 2016.
  2. ↑ "La storia" [The story] (in Italian). Banca Popolare dell'Etruria e del Lazio. Retrieved 3 March 2016.
  3. ↑ "Conferito mandato per definire modalità e adempimenti che possano condurre nei prossimi mesi alla trasformazione di banca etruria in società per azioni" (PDF) (in Italian). Banca Etruria. 11 August 2014. Retrieved 24 November 2014.
  4. ↑ "Banca Popolare Dell Etruria E Del Lazio Societa Cooperativa put under administration after losses". Reuters. 11 February 2015. Retrieved 5 March 2016.
  5. ↑ "Nomina degli Organi straordinari della Banca Popolare dell'Etruria e del Lazio - Societa' cooperativa, in Arezzo, in amministrazione straordinaria." (in Italian). Italian Republic Official Gazette. 26 March 2015. Retrieved 5 March 2016.
  6. ↑ "2013 Relazione e Bilancio" (PDF) (in Italian). Banca Popolare dell'Etruria e del Lazio. 5 September 2014. Retrieved 3 March 2016.
  7. ↑ "RELAZIONE FINANZIARIA SEMESTRALE CONSOLIDATA AL 30 GIUGNO 2014" (PDF). Banca Etruria (in Italian). Borsa Italiana archive. 29 August 2014. Retrieved 5 March 2016.
  8. ↑ "Disposizioni di vigilanza per le banche" (PDF) (in Italian). Banca d'Italia. 19 December 2013. Retrieved 5 March 2016.
  9. ↑ "Press Release" (PDF) (in Italian). Banca d'Italia. 19 May 2015. Retrieved 5 March 2016.
  10. ↑ "Accordo tra Gruppo Banca Etruria e Credito Fondiario per la cessione pro soluto di €302 mln di crediti in sofferenza" (PDF) (in Italian). Banca Etruria. 17 November 2015. Retrieved 6 March 2016.
  11. ↑ "2015 Annual Report". Fondo Interbancario di Tutela dei Depositi. 29 March 2016. Retrieved 9 April 2016.
  12. ↑ "Fitd, 2 mld per salvataggi banche" [FITD, 2 billion to rescue banks] (in Italian). ANSA. 27 October 2015. Retrieved 9 April 2016.
  13. ↑ "Comunicato Stampa". Fondo Interbancario di Tutela dei Depositi. 11 November 2015. Retrieved 19 April 2016.
  14. 1 2 "State aid: Commission approves resolution plans for four small Italian banks Banca Marche, Banca Etruria, Carife and Carichieti". European Commission. 22 November 2015. Retrieved 9 March 2016.
  15. ↑ "Avvio della risoluzione di Banca delle Marche S.p.A., in Ancona, in amministrazione straordinaria" (in Italian). Italian Republic Official Gazette. 5 March 2016. Retrieved 6 March 2016.
  16. 1 2 "Information on resolution of Banca Marche, Banca Popolare dell'Etruria e del Lazio, Carichieti, and Cassa di Risparmio di Ferrara crises". Banca d'Italia. 22 November 2015. Retrieved 8 March 2016.
  17. ↑ "Soluzione della crisi di quattro banche in amministrazione straordinaria" (in Italian). Banca d'Italia. 22 November 2015. Retrieved 13 February 2016.
  18. ↑ "BANCA DELL'ETRURIA E DEL LAZIO S.P.A." (in Italian). Italian Republic Official Gazette. 13 February 2016. Retrieved 6 March 2016.
  19. ↑ "PARTE LA GOOD BANK – "NUOVA BANCA DELL'ETRURIA E DEL LAZIO"" (PDF) (in Italian). Nuova Banca Etruria. 23 November 2015. Retrieved 6 March 2016.
  20. ↑ "Nuova Banca dell’Etruria e del Lazio S.p.A.. Cessione dei crediti in sofferenza a REV - Gestione Crediti S.p.A., ai sensi del D.Lgs. 180/2015." (PDF) (in Italian). Banca d'Italia. 29 January 2016. Retrieved 8 March 2016.
  21. ↑ "Nuova Banca Etruria cede Banca Lecchese a Oaktree" (PDF) (in Italian). Nuova Banca Etruria. 18 December 2015. Retrieved 6 March 2016.
  22. ↑ "CONCLUSO L’AUMENTO DI CAPITALE IN OPZIONE DI BANCA LECCHESE: OAKTREE CAPITAL MANAGEMENT L.P. ALL’84,9%" (in Italian). Banca Popolare Lecchese. 30 December 2015. Retrieved 3 March 2016.
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