Banca CR Firenze

Banca CR Firenze
Subsidiary (Società per azioni)
Industry Financial services
Founded 1829[1]
1992 (S.p.A.)
Headquarters via Bufalini 4, Florence, Italy
Key people
 Giuseppe Morbidelli (president)[2]
Products Retail and investment banking
Revenue Decrease €1.03 billion (2013)[2]
Increase €398 million (2013)[2]
Profit Decrease (€193 million) (2013)[2]
Total assets Decrease €20.9 billion (2013)[2]
Total equity Decrease €1.20 billion (2013)[2]
Owner Intesa Sanpaolo (89.74%)
Ente CR Firenze (10.26%)
Number of employees
 Decrease 5743 (2013)[2]
Parent Intesa Sanpaolo
Subsidiaries CR Civitavecchia
CR Pistoia & Lucchesia
CR Rieti
CR Umbria
CR Viterbo
Website http://www.bancacrfirenze.it

Cassa di Risparmio di Firenze SpA 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 was found on 30 March 1829. In 1992, the banking operation and the ownership were separated due to Legge Amato. At that time Ente Cassa di Risparmio di Firenze remained the major shareholder. In 1997 the bank acquired 51% shares of Cassa di Risparmio di Pistoia e Pescia as well as the saving banks of Civitavecchia and Orvieto. After multiple deals, Banca CR Firenze reached 51% ownership of Civitavecchia and 73.6% of Orvieto.

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 CR Pistoia e Pescia owned 3.95%, Banca Carige 0.82% and Cassa di Risparmio di Padova e Rovigo owned 0.82%, 25.15% held by public.[3] However Ente CR Firenze also owned 2.57% shares as 6th largest shareholder, made the ente directly and indirectly held 43.67% interests on Banca CR Firenze SpA,[4] 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 di Risparmio 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.[5] The ownership ratio reached 80% in 2006.[6]

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.[7] Before the deal and privatization was completed in 2008, The "ente" was the major shareholder of 41.925%, with Intesa Sanpaolo was the second largest shareholder of 18.570%, followed by BNP Paribas, 6.547%, Fondazione Carispezia 3.909%, Foundation of Pistoia & Pescia Saving Bank 3.680% and Società Finanziaria di Banche Romagnole 1.088%, about 24.281% were held by the public.[8] 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,[9] 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,[10] 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),[11] 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 French, as well as 11 former Banca CR Firenze branches was sold to French 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.[12] 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.

Current wholly owned subsidiaries

As of 31 December 2013

References

External links