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Banca Carige

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Banca Carige S.p.A.
Formerly
  • Cassa di Risparmio di Genova
  • Cassa di Risparmio di Genova e Imperia
Company typelisted
BIT:CRG
ISINIT0005108763
IndustryFinancial services
Founded
  • 1483;541 years ago(1483)(mount of piety, Genoa)
  • 1991;33 years ago(1991)
FateOn 28 November 2022, the bank was incorporated intoBPER Banca.
HeadquartersGenoa,Italy
Number of locations
Decrease529 (2017)
Key people
Pietro Modiano
Fabio Innocenzi
Services
Decrease€0−388.4 million(2017)
Total assetsDecrease€24,919.7 million (2017)
Total equityIncrease€02,244.7 million (2017)
OwnerBPER Banca
Number of employees
Decrease4,642 (2017)
Capital ratioIncrease12.4% (Group CET1, Dec.2017)
Websitewww.gruppocarige.it
Footnotes / references
inconsolidated financial statement[1]
Fontana di Piazza De Ferrari and Banca Carige lit up at night

Banca CarigeS.p.A.,historically known asCassa di Risparmio di Genova e Imperia(Ca.Ri.Ge.) was anItalian bankbased inGenoa,with more than 500 bank branches inItaly,prior to its acquisition byBPER Bancain February 2022.[1]The predecessor of the bank, amount of piety,was founded in 1483 in Genoa, theRepublic of Genoa.Banca Carige and its subsidiaries were known as Banca Carige Group (Italian:Gruppo Banca Carige). The banking group was one of the large banking groups in Italy, and as such, was supervised by theEuropean Central Bank.In 2017, the banking group had 529 branches[1]: 11 throughout Italy, with one branch inNice,France,[1]: 30 about 37.2% of branches were located in the home regionLiguria.[1]: 30  In November 2022, Banca Carige was fully incorporated into BPER Banca and ceased to exist as a separate entity.

History

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1483–1990: early years

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In 1483, theFranciscanreligiousAngelo Da Chivasso, founded themount of piety(Italian:Monte di Pietà) ofGenoa.[2][non-primary source needed]In 1846, a decree ofPiedmont-SardiniaKingCharles Albert of Sardiniacreated theCassa di Risparmio di Genova,[2][non-primary source needed]which extended the basic financial services of the mount to encourage and protect small savings more widely.[citation needed] In the 19th century, the bank expanded into western Liguria, and in 1967, it became theCassa di Risparmio di Genova e Imperia.[2][non-primary source needed]Imperiawas the capital of the west-most province of Liguria region.

1991–1999

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In 1991, due toAmatoLaw, the bank, as astatutory corporation,was split intoBanca Carige S.p.A.andFondazione Carige,[3]forming Gruppo Banca Carige in the same year. The bank absorbed Istituto di Credito Fondiario della Liguria and Mediocredito Ligure. In January 1995, Banca Carige entered into theBorsa Italianaas a listed company. In 1997, the Gruppo Banca Carige acquired some insurance companies.

2000–2013: Berneschi's Bank Management

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In 2000, Carige Vita Nuova Assicurazioni was created from Basilese Vita Nuova, while in 2002, Carige Assicurazioni was founded from Levante Norditalia. In 2000, the Banca Carige Group acquired the Cassa di Risparmio di Savona and theBanca del Monte di Lucca.Between 2000 and 2002, Carige completed three further acquisitions of branches from other banks: 21 branches fromBanco di Sicilia,61 fromBanca Intesagroup, and 42 from theCapitaliaGroup inPiedmont,Lombardy,Veneto,Emilia–Romagna,Tuscany,Lazio,Marche,Umbria,Apulia,andSicily.In 2004, the bank strengthened its position in Tuscany with the acquisition of theCassa di Risparmio di Carraraand founded Carige Asset Management SGR for the management of financial products. In 2004, the bank acquired the private bank Banca Cesare Ponti. In 2008, two further major acquisitions were completed: 79 branches from theIntesa SanpaoloGroup inAosta Valley,Piedmont, Lombardy, Veneto, andSardinia,and another 38 branches from theUniCreditGroup in Lazio, Sicily, Emilia–Romagna, Veneto, and Umbria.[4]In 2010, the bank acquired another 22 branches fromBanca Monte dei Paschi di Siena.[2][non-primary source needed]

In September 2013, theBank of Italy(Italiancentral bank) blamed Carige for using accountancy tricks and being in a difficult situation due to derivatives the bank had bought fromDeutsche Bank.Carige published a statement to explain the event.[5]The Bank of Italy demanded from Carige a new business plan by the end of October.[6]In 2013, the bank sold its asset management subsidiary toARCA SGRfor €101 million.[7]

2014–2019

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In 2014, the bank sold its insurance subsidiaries Carige Assicurazioni and Carige Vita Nuova to investment funds managed byApollo Global Managementfor €310 million (via Primavera Holdings S.r.l.).[8][9]However, in 2016 the new board of directors wanted to sue the old managers for mismanagement by selling the insurance companies, claiming it was actually harmful to the bank instead of gain.[10]However, the court rejected the lawsuit.[11]

In mid-2015, subsidiaries Cassa di Risparmio di Savona (with second-tier subsidiary Immobiliare Carisa), Cassa di Risparmio di Carrara, Columbus Carige Immobiliare were absorbed into Banca Carige.[12]In 2016 Banca Carige Italia was absorbed by Banca Carige.

Around 2015, Malacalza Investimenti replacedFondazione Carige,as the largest shareholder of the bank.

The Banca Carige ChairmanGiuseppe Tesauroresigned on 26 June 2018.[13][14]Vittorio Malacalza, representing the majority shareholder of the bank: Malacalza Investimenti, also resigned as a director in July.[15][16]In total, 8 directors, or the majority of the board excluding CEO Paolo Fiorentino, had resigned in mid-2018.[17][18][19][20][21]However, in the re-election of the whole board, Malacalza Investimenti, secured a majority of the new board for 7 seats, as well as hiring Fabio Innocenzi as the new CEO.[22]

In September 2018, Carige also followed the peer to sell their merchant acquiring business toNexi.[23]

In November 2018, the bank was bailed out by the voluntary arm of theFondo Interbancario di Tutela dei Depositi(FITD). The voluntary arm of FITD was funded by some of the Italian banks,[24]which partially underwritten (€318.2 million, plus 1.8 million[25]from non-member of the voluntary arm:Banco di Desio e della Brianza[26]) the issue of theTier 2subordinated bondsof Carige of a size of €400 million in order to boost its capital.[27][25]

On 2 January 2019, the European Central Bank appointed administrators including former Chairman Pietro Modiano and CEO Fabio Innocenzi (who resigned in December 2018), to run the bank after they were unable to raise €400 million of new share capital at the end of 2018.[28]The board of directors, controlled by Malacalza Investimenti, rejected the proposed capital increase in December 2018.[29]It was reported thatBlackRockonce interested in acquiring the bank, but withdrew from the negotiation in May 2019.[30]Another bid fromApollo Global Management,however, was rejected by FITD.[31]

2020–2022

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During theCOVID-19 pandemic,the bank's top management was looking for a buyer who could put an end to the banking crisis that the bank has been through in the previous decade.[32][33]On 14 February 2022, the purchase negotiation byBPER Bancawas concluded, with the approval of theFondo Interbancario di Tutela dei Depositi(FITD). Furthermore, the FITD guaranteed to Carige other funds for a total €530 million.[34]On 28 November 2022, the bank was incorporated intoBPER Banca.[35]The Monte di Pietà of Genoa is sold to Affide, a brand of Custodia Valore - Credito su Pegno S.p.A. and from 2022 part of it.[36]

Structure

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As of 31 December 2017,the Gruppo Banca Carige was a financial group composed of theBanca del Monte di Lucca,[1]Banca Cesare Ponti[1]and Creditis Servizi Finanziari[1]and other subsidiaries.[1] According toCONSOBdata, the main shareholders of Gruppo Banca Carige on 26 December 2019 were:[37]

Rank Name Percentage Substantial shareholders
1 Fondo Interbancario di Tutela dei Depositi 79.992%
2 Compania Financiera Lonestar 9.087% Gabriele Volpi
3 Cassa Centrale Banca 8.341%

The original majority owner of the bank,Fondazione Carige,now owns < 2%.

Controversies

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The former Banca Carige Chairman Giovanni Berneschi had been sentenced to 8 years of imprisonment by an Italian Court in July 2018, due to a fraud that related to the bank.[38]However, the case was re-trialed after theSupreme Court of Cassationruled that the case should be heard in Milan instead of Genoa.[39][40]

References

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Wikimedia Commons has media related toBanca Carige.
  1. ^abcdefghi"2017 Relazione e Bilancio Consolidato"[2017 Consolidated Annual Report and Statements](PDF)(in Italian). Genoa: Banca Carige. 2018. Archived fromthe original(PDF)on 1 August 2018.Retrieved1 August2018.
  2. ^abcd"La Storia"(in Italian). Banca Carige. Archived fromthe originalon 30 July 2017.Retrieved1 August2018.
  3. ^Ministry of the Treasury (29 October 1991)."Approvazione del progetto congiunto di ristrutturazione presentato dalla Cassa di risparmio di Genova e Imperia, dall'Istituto di credito fondiario della Liguria e dal Mediocredito ligure".Gazzetta Ufficiale(in Italian).Retrieved11 March2016.
  4. ^"Trasferimento del ramo d'azienda consistente in n°38 sportelli dalle banche del Gruppo UniCredit"(PDF)(in Italian). UniCredit / Banca Carige. 2 October 2008.Retrieved14 April2016.
  5. ^"DERIVATI: NON ESISTONO" BUCHI "NEL BILANCIO CARIGE"(PDF)(Press release) (in Italian). Genoa: Banca Carige. 10 September 2013.Retrieved1 August2018.
  6. ^FAZ 11. September 2013:Neue Krisenbank in Italien(in German)
  7. ^"BANCA CARIGE ED ARCA SGR FIRMANO IL CONTRATTO PER LA CESSIONE DI CARIGE ASSET MANAGEMENT SGR"(PDF)(in Italian). Banca Carige. 30 December 2013.Retrieved23 April2016.
  8. ^"Affiliate of Apollo Global Management agrees to acquire Carige Assicurazioni and Carige Vita Nuova from Banca Carige and to establish a long term distribution agreement"(PDF).Banca Carige. 29 October 2014.Retrieved23 April2016.
  9. ^"Banca Carige and Apollo announced the successful completion of the disposal of Carige Assicurazioni and Carige Vita Nuova and the signing of a long term distribution agreement"(PDF).Banca Carige. 5 June 2015.Retrieved23 April2016.
  10. ^"DELIBERAZIONI ASSUNTE DAL CONSIGLIO DI AMMINISTRAZIONE IN MERITO ALLA CESSIONE DELLE PARTECIPAZIONI DI BANCA CARIGE NELLE COMPAGNIE DI ASSICURAZIONE"(PDF)(in Italian). Banca Carige. 17 June 2016.Retrieved9 August2016.
  11. ^Ayai Tomisawa; Ritsuko Ando; Norihiko Shirouzu; William Mallard (7 December 2018). Simon Cameron-Moore (ed.)."Italian court rejects Carige's lawsuit over insurance units sale".Reuters.Archived fromthe originalon 6 December 2018.Retrieved9 December2018.
  12. ^"APPROVATO IL PROGETTO DI FUSIONE PER INCORPORAZIONE DI CASSA DI RISPARMIO DI SAVONA, CASSA DI RISPARMIO DI CARRARA, COLUMBUS CARIGE IMMOBILIARE E IMMOBILIARE CARISA IN BANCA CARIGE"(PDF)(in Italian). Banca Carige. 6 July 2015.Retrieved6 May2016.
  13. ^"Resignation of the Chairman, Mr. Giuseppe Tesauro"(PDF)(Press release). Genoa: Banca Carige. 26 June 2018.Retrieved1 August2018.
  14. ^"Carige chairman quits due to disagreements on governance, management".Reuters.26 June 2018.Retrieved1 August2018.
  15. ^"[no title]"(PDF)(Press release). translated from Italian version. Genoa: Banca Carige. 16 July 2018.Retrieved1 August2018.{{cite press release}}:Cite uses generic title (help)CS1 maint: others (link)
  16. ^"UPDATE 1-Banca Carige's governance rifts widen as top shareholder set to quit board".Reuters.12 July 2018. Archived fromthe originalon 1 August 2018.Retrieved1 August2018.
  17. ^"Carige: Queirolo leaves the board of directors, fifth resignation in one month".The Medi Telegraph.GEDI Gruppo Editoriale. 7 August 2018.Retrieved9 August2018.
  18. ^"Press release"(PDF)(Press release). Genoa: Banca Carige. 10 August 2018.Retrieved13 August2018.
  19. ^"Carige loses its sixth board member".The Medi Telegraph.GEDI Gruppo Editoriale. 9 August 2018.Retrieved14 August2018.
  20. ^"[no title]"(PDF)(Press release). Banca Carige. 10 August 2018.Retrieved5 September2018.{{cite press release}}:Cite uses generic title (help)
  21. ^"Resignation of member of the Board of Directors. Request for an addition to the Shareholders' meeting agenda submitted by the shareholder Malacalza Investimenti S.r.l."(PDF)(Press release). Banca Carige. 23 August 2018.Retrieved5 September2018.
  22. ^"Carige Bank: Malacalza wins over board".The MediTelegraph.GEDI Gruppo Editoriale. 21 September 2018.Retrieved1 October2018.
  23. ^"CLOSING OF PAYMENT SYSTEMS PARTNERSHIP WITH NEXI FINALISED"(PDF)(Press release). Genoa: Banca Carige. 28 September 2018.Retrieved4 October2018.
  24. ^"Banche aderenti allo schema volontario"(in Italian). Rome: Fondo Interbancario di Tutela dei Depositi. 4 December 2018.Retrieved9 December2018.
  25. ^ab"TIER 2 SUBORDINATED BOND ISSUED BANCA CARIGE THANKS THE VOLUNTARY INTERVENTION SCHEME OF THE INTERBANK DEPOSIT PROTECTION FUND FOR UNDERWRITING THE ISSUANCE WITH VALUE DATE TODAY"(PDF)(Press release). Genoa: Banca Carige. 30 November 2018.Retrieved9 December2018.
  26. ^"Banche non aderenti allo schema volontario"(in Italian). Rome: Fondo Interbancario di Tutela dei Depositi. 4 December 2018.Retrieved9 December2018.
  27. ^Sanderson, Rachel (12 November 2018)."Italian banks step in to rescue struggling Carige".Financial Times.Retrieved10 December2018.
  28. ^Piovaccari, Giulio; Canepa, Francesco (2 January 2019)."ECB-appointed administrators step in to manage Italy's Banca Carige".Reuters.Archived fromthe originalon 2 January 2019.Retrieved2 January2019.
  29. ^Mandala, Andrea; Za, Valentina (23 December 2018)."Top shareholder in Banca Carige blocks crucial cash call".Reuters.Genoa.Retrieved2 January2019.
  30. ^Sanderson, Rachel (9 May 2019)."BlackRock pulls out of rescue deal for Italian bank".Financial Times.Retrieved20 May2019.
  31. ^Colten, Jerrold (23 June 2019)."Carige Rescue Plan Set to Go Ahead Without Apollo".Bloomberg.Retrieved23 July2019.
  32. ^"Bper vola a Piazza Affari, analisti positivi su offerta non vincolante per Carige".ilsole24ore.com. ilsole24ore.com. 15 December 2021.Retrieved15 February2022.
  33. ^"Carige in profondo rosso, Bper non rilancia sul prezzo dell'Opa e il titolo crolla".ilsole24ore.com. ilsole24ore.com. 11 January 2022.Retrieved15 February2022.
  34. ^"Carige: Fondo interbancario approva la cessione a Bper e ricapitalizzazione da 530 milioni".ilsole24ore.com. ilsole24ore.com. 15 February 2022.Retrieved15 February2022.
  35. ^"Genova, Carige diventa Bper: disguidi nel primo giorno sotto la nuova insegna. In mattinata sito bloccato".ilsecoloxix.it. ilsecoloxix.it. 28 November 2022.Retrieved28 November2022.
  36. ^"Genova, scattano le nuove regole per il Banco dei Pegni. Code e proteste all'ex Monte di Pietà".ilsecoloxix.it. ilsecoloxix.it. 30 November 2022.Retrieved2 January2024.
  37. ^"Azionisti rilevanti di BANCA CARIGE SPA - CASSA DI RISPARMIO DI GENOVA E IMPERIA".consob.it.consob.it.Retrieved27 December2019.
  38. ^Lignana, Marco (6 July 2018)."Truffa Carige, condanna confermata e aumentata in Appello per Berneschi".La Repubblica(Genoa edition)(in Italian). GEDI Gruppo Editoriale.Retrieved1 August2018.
  39. ^Lusi, Domenico (17 October 2019)."Italy's top court orders retrial of former Carige chairman".Reuters.Rome.Retrieved1 November2019.
  40. ^"La Cassazione cancella le condanne di Berneschi per la truffa a Carige. Il processo riparte da zero".Il Secolo XIX(in Italian). 16 October 2019.Retrieved1 November2019.
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