Cassa di Risparmio di Torino

For another banks, see Cassa di Risparmio di Trieste and Cassa di Risparmio di Tortona.
Banca CRT S.p.A.
Subsidiary (Società per azioni)
Industry Financial services
Founded 1827
Defunct 2002 (merged into parent company)
Headquarters Turin, Piedmont, Italy
Products Retail and Investment banking
Owner UniCredit (1998–2002)
Parent UniCredit (1998–2002)

Cassa di Risparmio di Torino known as Banca CRT SpA, or Caritorino, was an Italian regional bank based in Turin, Piedmont. In 1997, the bank joined Unicredito Group, as well as in 1998 followed the group to merge with Credito Italiano to form UniCredito Italiano (now known as UniCredit). In 2002 the bank was absorbed into the parent company. The former owner of Banca CRT, Fondazione Cassa di Risparmio di Torino (Fondazione CRT), as of 31 December 2013, still owned 2.506% voting rights of UniCredit, as 7th largest shareholder.[1] On 31 December 1999, Fondazione CRT was the second largest shareholder of UniCredit with 14.228% of the total ordinate shares (704,943,077 of 4,954,465,306).[2]

History

The bank was founded in 1827 with a philanthropic ideals, at that time still in Kingdom of Sardinia.[3] Before 1950s, the bank already acquired the local banks in Casale Monferrato, Pinerolo and Ivrea.[4] In 1991, due to Legge Amato, the daily bank operation, charity and ownership were split into a Società per Azioni (Banca CRT SpA), and a bank foundation (Fondazione Cassa di Risparmio di Torino). In 1990s, Banca CRT absorbed Banca Subalpina and Banco di Bergamo as well as had a minority shares holding in other saving banks (Italian: Cassa di Risparmio) of Bra, Fossano, Saluzzo, Savigliano and Tortona in southern Piedmont, as well as Banca della Valle d'Aosta.[4]

On 30 September 1997 Banca CRT joined UniCredito, which already had Cariverona and Cassamarca as member. On 15 October 1998 UniCredito merged with Credito Italiano, to form UniCredito Italiano, which was the parent company of Banca CRT with 100% ownership until 2002. The former subsidiaries of Banca CRT were Banca Mediocredito (63.26% of the total shares in 2000) and Casse e Assicurazioni Vita (40% of the total shares in 2000).[5] On 31 December 2001, Banca CRT had a shareholders equity of €1.591 billion.[6] On 1 July 2002, Banca CRT was absorbed into parent company along with Cariverona, Cassamarca, Caritro, C.R. Trieste, Rolo Banca and Credit Carimonte.

A crest on the wall of a branch in Chieri, in the Province of Turin

Bank Foundation

Fondazione Cassa di Risparmio di Torino (Fondazione CRT) was the owner of the bank in 1992. Since the bank became a member of UniCredito, the foundation held the shares of UniCredito instead. In 1999 it held 704,943,077 of 4,954,465,306 total ordinate shares (14.228%) of UniCredit (called UniCredito Italiano at that time),[2] which was diluted to 14.092% in 2000,[5] 14.029% in 2001, 11.235% in 2002 due to issue of new shares of UniCredit. Despite number of shares held decreased in the financial year 2003, the foundation became the largest shareholder of 8.741%, which the total issued ordinate shares of UniCredit had increased to 6,294,629,600.[7] In the next year the foundation returned to second largest shareholder with 8.713% of 6,336,709,283 the ordinate shares, as well as Fondazione Cariverona returned as the largest one.[8] In 2005 once again the number of total shares were changed (to 10,368,848,154), which the foundation was the second largest shareholder of 4.743%, behind Munich Re Group.[9] Upon the merger with Capitalia in 2007, the Turin-based foundation was the third largest shareholder of 3.69%.[10]

On 31 December 2006 the foundation had 491,744,753 number of shares UniCredit[11] and 5,145,125 number of shares in Société Générale respectively,[11] representing 4.721% (out of total 10,416,544,981) as the second largest shareholder of UniCredit.[12] On 30 June 2006 Société Générale had 434,700,901 shares, a treasury stock of 20,535,404, as well as an equity of €29 billion, thus the foundation held about 1% of Société Générale's shares in open market,[13] which the foundation claimed to worth €315 million in the audited accounts of the foundation, a P/E ratio of about 1.1.[11]

The foundation also had a minority shareholding in Cassa Depositi e Prestiti.

References

  1. ↑ "2013 Consolidated Reports and Accounts" (PDF). UniCredit. 3 July 2014. Retrieved 31 March 2015.
  2. 1 2 "1999 (bilancio)" (PDF). UniCredit (in Italian). Borsa Italiana archive. 11 May 2000. Retrieved 31 March 2015.
  3. ↑ "Presentazione" (in Italian). Fondazione CRT. Retrieved 31 March 2015.
  4. 1 2 Morreale, Giampietro (19 September 2011). "La fusione di Banca crt e UniCredito Italiano" [The fusion of Banca CRT and UniCredito Italiano] (PDF) (in Italian). UniCredit. Retrieved 31 March 2015.
  5. 1 2 "Bilancio Consolidato di Gruppo 2000" [Consolidated Financial Statements 2000] (PDF). UniCredit (in Italian). Borsa Italiana archive. 7 May 2001. Retrieved 31 March 2015.
  6. ↑ "Bilancio Consolidato di Gruppo 2001" [Consolidated Financial Statements 2001] (PDF). UniCredit (in Italian). Borsa Italiana archive. 17 May 2002. Retrieved 31 March 2015.
  7. ↑ "Reports and Accounts 2003" (PDF). UniCredit. 7 June 2004. Retrieved 31 March 2015.
  8. ↑ "Reports and Accounts 2004" (PDF). UniCredit. 4 April 2006. Retrieved 31 March 2015.
  9. ↑ "Consolidated Report and Accounts 2005" (PDF). UniCredit. 4 August 2006. Retrieved 31 March 2015.
  10. ↑ "Merger of UniCredit and Capitalia". UniCredit. 20 May 2007. Retrieved 12 April 2015.
  11. 1 2 3 "Bilancio consuntivo 2006" (PDF) (in Italian). Fondazione CRT. 13 June 2007. Retrieved 31 March 2015.
  12. ↑ "2006 Annual Report" (PDF). UniCredit. 7 January 2010. Retrieved 31 March 2015.
  13. ↑ "Consolidated Financial Statements As of June 30, 2006" (PDF). Société Générale. 6 September 2006.

External links

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