Banca Teatina

Banca Teatina

photo of the headquarters
Formerly called	Nuova Cassa di Risparmio di Chieti
Type	subsidiary
Industry	Financial services
Predecessor	Cassa di Risparmio Marrucina Cassa di Risparmio di Guardiagrele Cassa di Risparmio della Provincia di Chieti
Successor	Fondazione Chieti (charity only)
Founded	1862 (C.R. Marrucina) 1938 (Marrucina & Guardiagrele merged) 1992 (S.p.A. and Foundation spin-off) 2015 (re-founded)
Founder	Fondazione Chieti in 1992 Bank of Italy in Rome in 2015
Headquarters	Chieti, Italy (de facto) Bergamo, Italy (registered office)
Number of locations	63 (2015)
Area served	Abruzzo Region Rome, Perugia, San Benedetto del Tronto and Milan (cities outside Abruzzo)
Key people	Osvaldo Ranica (chairman) Raffaele Avantaggiato (CEO)
Services	Retail and corporate banking
Net income	€0008 million (2016)
Total assets	€2.965 billion (2016)
Total equity	€0119 million (2016)
Owner	UBI Banca (100%)
Number of employees	548[1]:17 (2016)
Parent	UBI Banca
Capital ratio	11.29% (CET1, Dec.2016)
Website	carichieti.it (in Italian)
Footnotes / references source[1]

Banca Teatina formerly known as Nuova Cassa di Risparmio di Chieti S.p.A. is an Italian saving bank based in Chieti, Abruzzo Region. The bank was formed on 22 November 2015 to replace the old Cassa di Risparmio della Provincia di Chieti S.p.A. which was under administration from 2014 to 2015. The bank was bought by UBI Banca on 18 January 2017 for a nominal fee.

History

The old headquarters in Chieti

Cassa di Risparmio della Provincia di Chieti was found in 1938 by the merger of Cassa di Risparmio Marrucina (found 1862) and Cassa di Risparmio di Guardiagrele.^[2]

In 1992, Due to Legge Amato, the statutory corporation was split into a limited company Cassa di Risparmio della Provincia di Chieti S.p.A. (in short Carichieti S.p.A.), and a banking foundation Fondazione Cassa di Risparmio della Provincia di Chieti ("Fondazione Chieti" in short). The foundation was the owner of Carichieti for 80%, with Cariplo owned 20%.^[3] Cariplo also owned 20% of Caripe and Tercas of Abruzzo.

Intesa Sanpaolo, as the successor of Cariplo, still owned a minority interests in the bank until 2014 bankruptcy.

Insolvency

the company was under special administration (A.S.) in 2014. The last annual report of the bank, shown the bank had a shareholders' equity of €200,318,879 and a Tier 1 capital ratio of 8.80% as at 31 December 2013.^[4] The administrator from Banca d'Italia had made asset quality review, forcing the bank to make more provision to their non-performing assets.

In 2015 Fondo Interbancario di Tutela dei Depositi had planned to bail-out CariChieti and 3 other banks that were also under A.S.,^[5] but they were bail-out by Italian National Resolution Fund instead, for a recapitalisation of €2 billion (€141 million for CariChieti). European Commission ruled that the bail out of Banca Tercas by FITD in 2014 was a state aid, while new Bank Recovery and Resolution Directive of EU required to bail-in some investors of the bank before any state intervention.

The Italian National Resolution Fund had also injected a combined €1.7 billion to Banca Marche, Banca Etruria, Carife, and CariChieti to cover the losses.^[6] After forming the good bank and the bank bank, the old bank would be liquidated, which the shareholders and subordinated bond holders would receive nothing die to bail-in. After the bail-in, the banking foundation had a net assets of just €11,193,309 (decreased from €89,239,514) at 31 December 2015, due to the total write-off of the value of the old bank.^[7]

On 3 May 2016, Decree-Law N°59/2016 was announced, which the retail investors of the bond of the 4 banks would be refunded (up to €100,000, same as deposit insurance) if they purchased the bond on or before 12 June 2014, the date of Bank Recovery and Resolution Directive was passed in the European Parliament.^[8] The decree-law was a response to criticism of the bail-in of all junior investor of the bank, which Italian bank often sold risky bond of themselves to their depositors. The refund scheme: Fondo di solidarietà, would be managed by FITD.^[9]

Nuova Carichieti / Banca Teatina

On 22 November 2015 the bank split into a "good" and "bad bank",^[10] the foundation lost the control on the company, which had no assets but share capital and subordinated debt. The new bank had a share capital of €141 million and a Tier 1 capital ratio of estimated 9%.^[11][12] While the bad debts were transferred to a single "bad bank" REV - Gestione Crediti, which was shared with Carife, Banca Etruria and Banca Marche. The transfer was completed in January 2016.^[13] The rescue of the four banks was in line with EU Bank Recovery and Resolution Directive, which the Bank of Italy was the national resolution authority of the Single Resolution Mechanism.^[14] At 31 December 2015, CariChieti had a net equity of €117 million and a CET1 ratio of 9.53%.^[15]

On 12 January 2017, UBI Banca made a biding bid of a nominal €1 for Nuova CariChieti, Nuova Banca Etruria and Nuova Banca Marche.^[16] The banking group also requested conditions that the balance sheets of the three banks would be cleaned up before the completion of the deal (which was done by selling NPLs to Atlante II and Credito Fondiario^[17]) as well as recapitalized the banks for an estimated €450 million (eventually €713 million^[17]). On 18 January the bid was accepted.^[18] On 10 May, the transaction was completed, which Nuova CariChieti was renamed to Banca Teatina.^[17] On the same day, a plan to merge the 3 banks into UBI Banca was also announced.

See also

• Other saving banks from the provincial capital of Abruzzo
  • Banca Tercas - absorbed by Banca Popolare di Bari
  • Banca Caripe - absorbed by Banca Popolare di Bari
  • Cassa di Risparmio della Provincia dell'Aquila - absorbed by BPER

References

External links

• Official website (in Italian)