Poste italiane

Poste italiane

Type	Società per Azioni
Traded as	BIT: PST
Industry	Postal services Financial services
Headquarters	190 viale Europa, Rome, Italy
Key people	Luisa Todini (Chairwoman) Francesco Caio (CEO)
Services	Postal Services Financial Services Insurance Services
Revenue	€28.512 billion (2014^[1])
Operating income	€691.008 million (2014^[1])
Profit	€211.975 million (2014^[1])
Total assets	€158.959 billion (2014^[1])
Total equity	€8.418 billion (2014^[1])
Owner	Italy (64.696%) Kuwait (2.058%)
Number of employees	142,268 (2014 average^[1])
Parent	Italian Ministry of Economy and Finance
Divisions	BancoPosta^[1]
Subsidiaries	Banca del Mezzogiorno PosteMobile Mistral Air BancoPosta Fondi SGR Poste Vita Poste Assicura Europa Gestioni Immobiliari^[1]
Capital ratio	14.65% (CET1, BancoPosta division only)^[1]
Website	Official website
Footnotes / references in consolidated balance sheet excluding minority interests

Poste italiane SpA is an Italian postal services provider. It was partially privatized by selling 35% of its shares to the public.

Besides providing core postal services, Gruppo Poste Italiane offers integrated products, such as postal savings, communication, logistics and financial services in Italy.

Gruppo Poste italiane subsidiaries include: SDA Express Courier which provides express mail and package delivery; Postecom managing Internet services; BancoPosta Fondi offering life insurance and investment solutions, Postel offering hybrid electronic mail and document processing, and PosteMobile, a mobile virtual network operator.

History

1862-1990

National law n. 604 of 5 May 1862 n. 604, the so-called postal reform, created a national, centralized organization for postal services within the newly-formed kingdom of Italy, which encompassed several pre-existing countries with their separate postal systems. Subsequently, with the Royal Decree 5973 of 10 March 1889, the Directorate General of Posts and Telegraphs was separated from the Ministry of Public Works and thus transformed into the Ministry of Posts and Telegraphs, in charge of providing Italy with a network of offices to forward and receive mail and telegrams, to make and receive telephone calls, and to carry out financial transactions and asset management. It also for a time worked as branch offices for the nascent electric services.

In 1917 the service giro was founded (since 2000 commonly known as BancoPosta), and branches of the Italian Posts and Telegraphs ("PT") were also opened outside of Italy.

In 1924, during the Fascist period, the Ministry of Posts and Telegraphs was renamed Ministry of Communications and became an important center of power, partly due to its ability to control citizens. The service network was expanded with the acquisition and implementation of new logistics facilities. New buildings in the Functionalist style were built in major cities.

With the development of telephony and radio, the ministry incorporated the State Company for Telephone Services (ASST) and the nascent EIAR (which would become RAI later and run both public radio and television).

1990-2000

In the early 1990s Italian public administration and postal service were deemed irrecoverable from the perspectives of efficiency and profitability. The budget deficit was endemic as the increase in personnel costs, which in 1986 absorbed about 93% (including 16% for pensions) of then current revenue. Productivity per employee from 1970 to 1985 was reduced by 24% at the expense of the quality of services provided by generating a deficit situation even more critical.

In 1994 in Germany about 80% of mail was delivered within the day after dispatch, while in Italy the comparable statistic was less than 20%. (In 1989 the average time for mail delivery was 8.5 days).

The obvious gap in the quality of Italian postal services compared to the rest of Europe tried embankment with an intervention of reform under Decree-Law n . 487 of 1 December 1993, converted by Law no. 71 of 29 January 1994 led to a transformation of the Italian Post Office by an independent company to a public business, by providing an additional step in SpA by 1996 (implemented after 28 February 1998). The transformation process was assumed in the management of the Italian Post Office the adoption of the principle of production efficiency, the recovery of the quality of services and the economic and financial recovery.

This led to the gradual reduction of the deficit of 4,500 billion lire in 1993, through policies to reduce production costs (80% of which was due to staff), an increase in revenues from the sale of services to the PA, a reordering of the tariff system, reaching in 2001 a net profit.

In February 1998 the Ministry of the Treasury ( The Prodi I Cabinet ) appointed Corrado Passera, CEO of the newly formed Italian Poste SpA. The business plan of Corrado Passera 1998 to 2002 created a cutting staff of 22,000 units. On the other hand, according to some trade union leaders, there has been a casualization of contracts for new recruits, cases of widespread harassment and resignation to the super- workload, because of an excess of staff cuts that would have pushed miss even proportions of the workforce necessary.

From the point of view, the Solidarity Fund has been in long-term savings on labor costs as well as lowering the average age of the staff. For 10 years, a state fee and a deduction in payroll for new employees have funded the last two years of missing contribution to the early retirement of thousands of employees. The transaction, at no cost to the company, has replaced these outputs with staff under 24 years old with three-year contracts of apprenticeship.

2000-2010

In 2000, a 20% stake in the share capital of the company Bartolini was acquired by the Italian Post Office through its subsidiary, SDA Express Courier, resulting in the formation of the Consortium, Logistics and Parcels between the three companies for the sorting of parcels throughout the country. This agreement was also the subject of a challenge by the rival companies in court, but it ended in favor of the consortium.

Poste Italiane has also adopted a system of control rooms that can monitor in real time the post office, the logistics network and security of digital communications and transactions, an area in which he also works with governing bodies national, international agencies and universities and research centers . Of particular importance have acquired in these years of the financial products and services, first of all the Postepay prepaid card. Introduced in late 2003, Postepay achieved early success, especially among the young, conquering and maintaining first position at European level among pre-paid cards .

2010-present

In 2011 Poste italiane acquired UniCredit MedioCredito Centrale for €136 million.^[2]

On 16 May 2014 the Italian government approved the sale of stakes of up to 40 percent in Poste Italiane.^[3]

The company is going to close 455 office in 2015 due low profit,^[4] it was a decision taken by the CEO of Poste Italiane Spa, Francesco Caio. There will be a total amount of 13000 postal office in Italy in 2015. Ministry of Economy and Finance (Italy) that now owns 64.696% of Poste Italiane Spa, shared about 35% to Borsa Italiana.

Main business

One of the main business of the company was BancoPosta, a division within Poste italiane S.p.A., which provided postal savings services. Poste Vita and Poste Assicura were the companies to provide insurance services.

The bank division, known as BancoPosta ring-fenced capital reserve, (BancoPosta FRC) in the balance sheet, had total assets of €56,969,835,924 as at 31 December 2014. If BancoPosta was a separate company, it would make the bank ranked as the 10th largest bank by total assets. Cariparma, which ranked as the 10th in the research of Ricerche e Studi (a subsidiary of Mediobanca), had a total assets of €50,296,831,000 as at 31 December 2014, despite the list also omitted some bank before Cariparma.^[5]

References

1 2 3 4 5 6 7 8 9 "2014 Annual Report" (PDF). Poste italiane. 21 September 2015. Retrieved 13 March 2016.
↑ "comunicato" [Press Release] (PDF) (in Italian). Poste italiane. 1 August 2011. Retrieved 12 March 2016.
↑ UPDATE 1-Italy approves sale plans for post office, air traffic control
↑ http://www.forexinfo.it/Poste-Italiane-il-piano-di
↑ "LE PRINCIPALI BANCHE ITALIANE" (PDF) (in Italian). Ricerche e Studi. 10 November 2015. Retrieved 21 February 2016.

External links

Wikimedia Commons has media related to Post of Italy.

Official website

Postal administrations of Europe

Åland Islands Albania Andorra Armenia Austria Azerbaijan Bosnia and Herzegovina BH Pošta Hrvatska pošta Mostar Pošte Srpske Belarus Belgium Bulgaria Croatia Cyprus Czech Republic Denmark Estonia Faroe Islands Finland France Georgia Germany Gibraltar Greece Greenland Guernsey Hungary Iceland Ireland Isle of Man Italy Jersey Kosovo Latvia Liechtenstein Lithuania Luxembourg Macedonia Malta Moldova Monaco Montenegro Netherlands Norway Poland Portugal Romania Russia San Marino Serbia Slovakia Slovenia Spain Sweden Switzerland Turkey United Kingdom Ukraine Vatican City

Private postal services of Europe: Bring Citymail Deutsche Post PIN Group UK Mail

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)

Insurance companies of Italy

Italian insurance companies	Assicurazioni Generali Generali Italia Alleanza Assicurazioni Genertellife Unipol UnipolSai Linear Assicurazioni Linear Life UniSalute Arca Vita Popolare Vita Cattolica Assicurazioni ABC Assicura BCC Assicurazioni BCC Vita Berica Vita Cattolica Life Lombarda Vita FATA Assicurazioni Danni TUA Assicurazioni Vittoria Assicurazioni Assimoco Eurovita Assicurazioni

Italian banks with insurance subsidiaries	Intesa Sanpaolo Intesa Sanpaolo Vita Poste italiane Poste Vita and Poste Assicura Banca Mediolanum Credito Emiliano Credemvita Banca Carige Carige Vita Nuova Carige Assicurazioni Banca Sella Holding CBA Vita

Italian banks with insurance joint ventures	Banco Popolare Popolare Vita ICCREA Holding BCC Assicurazioni BCC Vita

Italian banks with foreign insurance joint ventures	UniCredit CNP UniCredit Vita CreditRas Vita CreditRas Assicurazioni Aviva S.p.A. Banca Monte dei Paschi di Siena AXA MPS Assicurazioni Danni AXA MPS Assicurazioni Vita Credito Emiliano Credemassicurazioni Banca Sella Group InChiaro Banco Popolare Aviva Assicurazioni Vita Avipop Vita

foreign companies with Italian insurance subsidiaries	Allianz BNP Paribas Reale Group Reale Mutua Assicurazioni Crédit Agricole Crédit Agricole Vita Aviva Aviva Italia Holding AXA Groupama Old Mutual Old Mutual Wealth Italy Covéa Bipiemme Vita Zurich Insurance Zurich Investment Life Talanx HDI Assicurazioni

related topics	Italian Insurance Supervisory Authority

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