Unipol Banca

Unipol Banca
Native name
 Unipol Banca S.p.A.
Formerly called
 Banca dell'Economia Cooperativa
Industry Financial services
Founded 1987
Headquarters 2 Piazza della Costituzione, Bologna, Italy
Number of locations
 271 branches (circa 2016[1])
Area served
  • Most of Italy
  • (except Calabria & Molise)[2]
Key people
  • Oscar Guidetti (President)
  • Stefano Rossetti (GM)[2]
Profit Increase (€85.406 million) (2014[2])
Total assets Decrease €12.354 billion (2014[2])
Total equity Increase €721.290 million (2014[2])
Owner
Number of employees
 Increase 2,388 (2014[2])
Parent Unipol
Capital ratio 8.27% (Tier 1)[2]
Website Official website (in Italian)
Footnotes / references
based on consolidated balance sheets

Unipol Banca S.p.A. is an Italian bank based in Bologna, Emilia-Romagna region. It is part of Unipol Group. Despite the shares of the bank were either owned by Unipol or their subsidiary UnipolSai, about 14.66% shares of the bank (as at 31 December 2014) were indirectly belong to the minority owners of UnipolSai.[3]

History

Banca dell'Economia Cooperativa

Banca dell'Economia Cooperativa (Banec) was found in 1987 by Unipol Assicurazioni (now Unipol Group) and some consumers union of Italy .[4] Cassa di Risparmio in Bologna (Caribso) was a minority shareholders of the bank for 12% as at 31 December 1993[5] (10.24% as in 1997).[6] In 1995 Unipol became a minority shareholders of Casse Emiliano Romagnole (CAER), the parent company of Caribso, for 3.64%[7] (increased to 6.61% in January 1998 by subscribing new shares;[6] diluted to 4.55% in 1999 and[8] 1.82% due to the formation of Cardine Banca in 2000). In turn, CAER owned Finsoe, the holding company of Unipol, for 9.80%[7] (increased to 9.82% in 1996),[9] as well as owned 6.99% shares of Banec directly[7] (increased to 9.75% in 1996).[9] By only counting direct ownership of CAER and Caribso, CAER Group had a minority ownership of 19.99% on Banec.[7][10] At that time CAER was one of the banks network that Unipol sold their insurances through it.

Unipol Banca

In December 1998 BANEC became Unipol Banca, as Unipol increased its possession from 16.74% to 69.15% in September.[11] Unipol decided to build their own bank to conglomerate a bank-insurance business model. CAER remain the direct owner of 9.75% shares, but Carisbo sold all their shares.[12] Unipol's ownership on the bank was increased again to 74.81% in 1999,[8] 81.03% in 2000[13] and again to 81.07% in 2002.[14] The tie with Cardine Banca (ex-CAER) also broke up in 2001, which Cardine sold the shares of Finsoe and Unipol Banca; Carisbo sold the shares of Linear Assicurazioni (20% to Unipol) and UniSalute (9.9% to Unipol).[15] CAER decreased to own Unipol Banca 8% directly in 1999[16] and to 4% in 2000.[17] After the deal Cardine owned 3.73% shares of Unipol Assicurazioni and Unipol Assicurazioni owned 1.80% shares of Cardine Banca.[15][18] In 2003 a sister company, MeieAurora acquired 10% shares by subscribing new shares for €67.2 million, with the insurance company hold 82.86% directly by acquiring €149.8 million new shares.[19] In December 2003 MeieAurora also purchased the shares of Reti Bancarie for €173.4 million, instead of pouring into Unipol Banca.[19] However, Aurora also received exclusive rights to sell the insurance product in Reti Bancarie's network for 5-year.[19]

In 2006 Unipol owned 69.54% shares of the bank directly and 14.99% through Aurora Assicurazioni (ex-MeieAurora) due to capital increases.[20] The ratio became 67.75% and 16.78% ([new] Aurora Assicurazioni) in 2007.[21] [new] Aurora Assicurazioni merged with [new] Unipol Assicurazioni in 2009; the new subsidiaries acquired the remain shares of Unipol Banca from the shareholders of Unipol Group (4.99% from Finsoe S.p.A., 4.99% from Holmo S.p.A. and 5.49% from Coop Estense S.c.a.r.l.), making the bank a wholly owned subsidiary of the group.[22] It was a consequence of Banca Monte dei Paschi di Siena withdrew from Finsoe from February 2007 to June 2008, which the shares of Finsoe was sold to Finsoe and Holmo.

After the creation of sister company UnipolSai, Banca Sai was absorbed by Unipol Banca in 2014.[2] The listing of [new] Unipol Assicurazioni as UnipolSai, also made the bank not longer a wholly owned subsidiary of Unipol Group.

References

  1. 1 2 "Chi siamo" [About us] (in Italian). Unipol Banca. Retrieved 16 February 2016.
  2. 1 2 3 4 5 6 7 8 "2014 Financial Statements" (PDF). Unipol Banca. 18 November 2015. Retrieved 17 February 2016.
  3. ↑ "2014 Consolidated Financial Statements" (PDF). Unipol Gruppo Finanziario. 14 May 2015. Retrieved 16 February 2016.
  4. ↑ "LA BANCA DELLA LEGA SI FERMA PER LE NOMINE E PER L' UNIPOL". la repubblica (in Italian). 4 September 1987. Retrieved 17 February 2016.
  5. ↑ Casse Emiliano Romagnole S.p.A. bilancio (financial report and accounts) on 31 December 1993, PDF purchased from Italian C.C.I.A.A.
  6. 1 2 Casse Emiliano Romagnole S.p.A. bilancio (financial report and accounts) on 31 December 1997, PDF purchased from Italian C.C.I.A.A.
  7. 1 2 3 4 Casse Emiliano Romagnole S.p.A. bilancio (financial report and accounts) on 31 December 1995, PDF purchased from Italian C.C.I.A.A.
  8. 1 2 "1999 CONSOLIDATED ACCOUNTS" (PDF). Unipol Assicurazioni. 13 November 2000. Retrieved 17 February 2016.
  9. 1 2 Casse Emiliano Romagnole S.p.A. bilancio (financial report and accounts) on 31 December 1996, PDF purchased from Italian C.C.I.A.A.
  10. ↑ Trivieri, Francesco (2005). Proprietà e controllo delle banche italiane (in Italian). Rubbettino Editore.
  11. ↑ "1998 CONSOLIDATED ACCOUNTS" (PDF). Unipol Assicurazioni. 20 December 1999. Retrieved 17 February 2016.
  12. ↑ Casse Emiliano Romagnole S.p.A. bilancio (financial report and accounts) on 31 December 1998, PDF purchased from Italian C.C.I.A.A.
  13. ↑ "2000 CONSOLIDATED ACCOUNTS" (PDF). Unipol Assicurazioni. 15 June 2001. Retrieved 17 February 2016.
  14. ↑ "2002 CONSOLIDATED ACCOUNTS" (PDF). Unipol Assicurazioni. 21 July 2003. Retrieved 17 February 2016.
  15. 1 2 "2001 CONSOLIDATED ACCOUNTS" (PDF). Unipol Assicurazioni. 7 June 2002. Retrieved 23 February 2016.
  16. ↑ Casse Emiliano Romagnole S.p.A. bilancio (financial report and accounts) on 31 December 1999, PDF purchased from Italian C.C.I.A.A.
  17. ↑ Cardine Banca S.p.A. bilancio (financial report and accounts) on 31 December 2000, PDF purchased from Italian C.C.I.A.A.
  18. ↑ Cardine Banca S.p.A. bilancio (financial report and accounts) on 31 December 2001, PDF purchased from Italian C.C.I.A.A.
  19. 1 2 3 "2003 CONSOLIDATED ACCOUNTS" (PDF). Unipol Assicurazioni. 23 June 2004. Retrieved 17 February 2016.
  20. ↑ "2006 CONSOLIDATED ACCOUNTS" (PDF). Unipol Assicurazioni. 13 June 2007. Retrieved 17 February 2016.
  21. ↑ "2007 CONSOLIDATED ACCOUNTS" (PDF). Unipol Group. 8 July 2008. Retrieved 17 February 2016.
  22. ↑ "2009 CONSOLIDATED ACCOUNTS" (PDF). Unipol Group. 21 June 2010. Retrieved 17 February 2016.
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