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Banca Tirrenica

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Banca Tirrenica
Nuova Banca dell'Etruria e del Lazio
FormerlyBanca Popolare dell'Etruria e del Lazio
Company type
  • cooperative (former legal form)
  • società per azioni (legal form)
  • subsidiary (since 2017)
  • state-owned (2015–2017)
  • public coop/company (1998–2015)
  • unlisted coop (1881–1998)
BIT:PEL (former)
ISINIT0004919327
IndustryFinancial services
Predecessor
Founded
  • 16 April 1881 (1881-04-16) (Popolare Aretina)
  • 18 December 1971 (1971-12-18) (Banca Etruria)
  • 31 December 1988 (1988-12-31) (Banca Etruria e Lazio)
  • 22 November 2015 (2015-11-22) (Nuova Banca Etruria)
Defunct27 November 2017
Fatebecame branches of UBI Banca
Headquarters
  • Arezzo, Italy (de facto)
  • Bergamo, Italy (registered office)
Key people
ServicesRetail and corporate banking
00(€0267 million) (2016)
Total assetsDecrease €6.569 billion (2016)
Total equityDecrease €0175 million (2016)
OwnerUBI Banca (100%)
ParentUBI Banca
SubsidiariesBanca Federico del Vecchio
Capital ratioDecrease 4.4% (Group CET1, Dec.2016)
Websitebancaetruria.it
Footnotes / references
in consolidated financial statement[1]

Banca Tirrenica S.p.A. formerly known as Nuova Banca dell'Etruria e del Lazio S.p.A. was an Italian bank based in Arezzo, Tuscany. The bank was re-established on 22 November 2015 as a good bank of the original Banca Popolare dell'Etruria e del Lazio (BPEL). The bank was bought by UBI Banca on 18 January 2017 for a nominal fee.

Both Tyrrhenian and Etruria were alternative names for the area that is located in Central Western Italy.

History

Banca Popolare dell'Etruria

Banca Mutua Popolare Aretina was founded on 16 April 1881 in Arezzo. On 18 December 1971 the bank absorbed two fellow Tuscan "Popular Banks": Banca Popolare Senese (found 1865 in Siena) and Banca Popolare della Provincia di Livorno, as well as being renamed Banca Popolare dell'Etruria.

In 1972, Banca Popolare di Montepulciano was absorbed, followed by Banca Popolare di Pontevalleceppi (a Perugia frazione) in 1982, Banca Popolare di Cagli in 1985 and Banca Popolare di Gualdo Tadino in 1987.

Banca Popolare dell'Etruria e del Lazio

On 31 December 1988 Banca Popolare dell'Alto Lazio (founded 1974) was merged into the bank, forming Banca Popolare dell'Etruria e del Lazio.[2] In 1990 Banca Cooperativa di Capraia Montelupo e Vitolini was absorbed.[2] In 1998 the bank was listed in Borsa Italiana (ticker symbol: PEL).

In 2006 the bank acquired a majority interest in Banca Federico Del Vecchio, reaching 100% in 2008. In 2008 Banca Popolare Lecchese joined the banking group (sold in 2015).[3] In mid-2014 the bank was changed from a co-operative partnership (Italian: Società Cooperativa) to a company limited by shares (Italian: Società per Azioni).[4]

Insolvency

The bank was administered by the Ministry of Economy and Finance in early 2015.[5][6] The last annual report of the old bank showed the bank had a shareholders equity of €632.060 million, and Tier 1 capital ratio of just 6.6% as at 31 December 2013 (Basel II basis).[7] The ratio fell to just 6.1% as at 30 June 2014 on a Basel III basis.[8] (which Basel III required above 6%, as well as Banca d'Italia required above 7%[9][10])

On 17 November 2015, a gross book value of €302 million of bad debts (Italian: sofferenze) were sold to Credito Fondiario without recourse.[11]

A capital injection of more than €2 billion to Banca Etruria, Banca Marche, Carife, and CariChieti by Fondo Interbancario di Tutela dei Depositi was planned in late 2015, (€426 million for Banca Etruria)[12][13] subject to the permission of the Bank of Italy and European Central Bank.[14]

Eventually, they were bailed out by the ItalianItalian National Resolution Fund [it] on 22 November instead, for about €2 billion recapitalization. The rescue of the four banks was in line with the EU Bank Recovery and Resolution Directive, which was in force in Italy in late 2015. Bank of Italy was the assigned "national resolution authority" of this mechanism.[15] As the plans were following the directive, they were approved by the European Commission.[15] Banca Etruria assets and liabilities would split into good and bad bank, while the old bank would be liquidated,[16] which the shareholders and subordinated bond holders would receive nothing due to bail-in.[17]

The fund had also injected an additional €1.7 billion to the 4 banks to cover the losses.[17]

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 the Bank Recovery and Resolution Directive was passed in the European Parliament.[18] The decree-law was a response to criticism of the bail-in of all investors of the bank, which Italian banks often sold risky bonds to their depositors. The refund scheme: Fondo di solidarietà, would be managed by FITD.[19]

Nuova Banca Etruria / Banca Tirrenica

logo used circa November 2015 to 2017

On 22 November 2015 a good bank was spin off from the original bank as Nuova Banca dell'Etruria e del Lazio S.p.A..[20] At that time the good bank had a Tier 1 capital ratio of 9%, and a share capital of €442 million.[21][22] While the bad debts were transferred to a single "bad bank" REV - Gestione Crediti, which was shared with Carichieti, Carife and Banca delle Marche.[23]

On 18 December 2015, Nuova Banca Etruria sold 54.212% stake in Banca Popolare Lecchese to a private equity fund managed by Oaktree Capital Management, via BPL Holdco.[24] The fund immediately recapitalised the bank, making the fund become the new majority owners of Popolare Lecchese for 84.9%.[25] At 31 December 2015, the audited CET1 ratio of Nuova Banca dell'Etruria e del Lazio was 11.1% on a consolidated basis.[26]: 394 

On 12 January 2017, UBI Banca made a biding bid of a nominal €1 for Nuova Banca Etruria, Nuova CariChieti and Nuova Banca Marche. UBI Banca 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) as well as recapitalization of the 3 banks for an estimated €450 million (eventually €713 million), by the National Resolution Fund. On 18 January the bid was accepted.[27] On 10 May, the transaction was completed, which Nuova Banca Etruria was renamed to Banca Tirrenica.[28] On the same day, a plan to merge the 3 banks into UBI Banca was also announced.

The merger by absorption was effective on 27 November 2017.[29][30]

References

  1. ^ "Relazione, Bilancio di Esercizio e Consolidato al 31 dicembre 2016" [2016 Annual Report] (PDF) (in Italian). Nuova Banca Etruria. 7 April 2017. Retrieved 7 May 2017.
  2. ^ a b "STATUTO" [Articles of association] (PDF). Banca Etruria (in Italian). Borsa Italiana archive. 29 September 2005. Retrieved 5 March 2016.
  3. ^ "La storia" [The story] (in Italian). Banca Popolare dell'Etruria e del Lazio. Retrieved 3 March 2016.
  4. ^ "Conferito mandato per definire modalità e adempimenti che possano condurre nei prossimi mesi alla trasformazione di banca etruria in società per azioni" (PDF) (in Italian). Banca Etruria. 11 August 2014. Archived from the original (PDF) on 23 September 2015. Retrieved 24 November 2014.
  5. ^ "Banca Popolare Dell Etruria E Del Lazio Societa Cooperativa put under administration after losses". Reuters. 11 February 2015. Retrieved 5 March 2016.
  6. ^ "Nomina degli Organi straordinari della Banca Popolare dell'Etruria e del Lazio - Societa' cooperativa, in Arezzo, in amministrazione straordinaria" (in Italian). Italian Republic Official Gazette. 26 March 2015. Retrieved 5 March 2016.
  7. ^ "2013 Relazione e Bilancio" (PDF) (in Italian). Banca Popolare dell'Etruria e del Lazio. 5 September 2014. Retrieved 3 March 2016.
  8. ^ "RELAZIONE FINANZIARIA SEMESTRALE CONSOLIDATA AL 30 GIUGNO 2014" (PDF). Banca Etruria (in Italian). Borsa Italiana archive. 29 August 2014. Retrieved 5 March 2016.
  9. ^ "Disposizioni di vigilanza per le banche" (PDF) (in Italian). Bank of Italy. 19 December 2013. Retrieved 5 March 2016.
  10. ^ "Press Release" (PDF) (in Italian). Bank of Italy. 19 May 2015. Retrieved 5 March 2016.
  11. ^ "Accordo tra Gruppo Banca Etruria e Credito Fondiario per la cessione pro soluto di €302 mln di crediti in sofferenza" (PDF) (in Italian). Banca Etruria. 17 November 2015. Retrieved 6 March 2016.
  12. ^ "2015 Annual Report". Fondo Interbancario di Tutela dei Depositi. 29 March 2016. Retrieved 9 April 2016.
  13. ^ "Fitd, 2 mld per salvataggi banche" [FITD, 2 billion to rescue banks] (in Italian). ANSA. 27 October 2015. Retrieved 9 April 2016.
  14. ^ "Comunicato Stampa". Fondo Interbancario di Tutela dei Depositi. 11 November 2015. Retrieved 19 April 2016.
  15. ^ a b "State aid: Commission approves resolution plans for four small Italian banks Banca Marche, Banca Etruria, Carife and Carichieti". European Commission. 22 November 2015. Retrieved 9 March 2016.
  16. ^ "Avvio della risoluzione di Banca delle Marche S.p.A., in Ancona, in amministrazione straordinaria" (in Italian). Italian Republic Official Gazette. 5 March 2016. Retrieved 6 March 2016.
  17. ^ a b "Information on resolution of Banca Marche, Banca Popolare dell'Etruria e del Lazio, Carichieti, and Cassa di Risparmio di Ferrara crises". Bank of Italy. 22 November 2015. Retrieved 8 March 2016.
  18. ^ "DECRETO-LEGGE 3 maggio 2016, n. 59" (in Italian). Italian Republic Official Gazette. 3 May 2016. Retrieved 21 July 2016.
  19. ^ "Accesso al Fondo di Solidarietà" (in Italian). FITD. Retrieved 21 July 2016.
  20. ^ "Soluzione della crisi di quattro banche in amministrazione straordinaria" (in Italian). Bank of Italy. 22 November 2015. Retrieved 13 February 2016.
  21. ^ "BANCA DELL'ETRURIA E DEL LAZIO S.P.A." (in Italian). Italian Republic Official Gazette. 13 February 2016. Retrieved 6 March 2016.
  22. ^ "PARTE LA GOOD BANK – "NUOVA BANCA DELL'ETRURIA E DEL LAZIO"" (PDF) (in Italian). Nuova Banca Etruria. 23 November 2015. Retrieved 6 March 2016.
  23. ^ "Nuova Banca dell'Etruria e del Lazio S.p.A.. Cessione dei crediti in sofferenza a REV - Gestione Crediti S.p.A., ai sensi del D.Lgs. 180/2015" (PDF) (in Italian). Bank of Italy. 29 January 2016. Retrieved 8 March 2016.
  24. ^ "Nuova Banca Etruria cede Banca Lecchese a Oaktree" (PDF) (in Italian). Nuova Banca Etruria. 18 December 2015. Retrieved 6 March 2016.
  25. ^ "CONCLUSO L'AUMENTO DI CAPITALE IN OPZIONE DI BANCA LECCHESE: OAKTREE CAPITAL MANAGEMENT L.P. ALL'84,9%" (in Italian). Banca Popolare Lecchese. 30 December 2015. Retrieved 3 March 2016.
  26. ^ "Relazioni e Bilancio 2015" (PDF) (in Italian). Nuova Banca Etruria. 23 June 2016. Retrieved 21 July 2016.
  27. ^ "Sale of good banks to UBI" (PDF). Bank of Italy. 18 January 2017. Retrieved 19 January 2017.
  28. ^ "Closing of the deal to purchase the three Bridge Banks, new names and Senior Management appointments" (PDF). UBI Banca. 10 May 2017. Retrieved 14 May 2017.
  29. ^ "Merger of Banca Tirrenica S.p.A. and Banca Federico del Vecchio S.p.A. into UBI Banca S.p.A." (PDF) (Press release). UBI Banca. 16 November 2017. Retrieved 28 November 2017.
  30. ^ "The migrations of Banca Tirrenica (former Nuova Banca Etruria) and Banca Federico del Vecchio onto UBI's IT system have been successfully completed" (PDF) (Press release). UBI Banca. 27 November 2017. Retrieved 30 November 2017.
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