FinecoBank

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FinecoBank
Formerly
  • GI-FIN
  • Istituto per le Cessioni del Quinto
  • Novara ICQ
  • ICQ Banca Cisalpina
  • Fin-Eco Banca ICQ
Company typeListed
BIT: FBK
FTSE MIB Component
Founded
1982(as GI-FIN)
1999(as Fineco)
Servicesonline brokerage
OwnerUniCredit (18%)

FinecoBank S.p.A., known as FinecoBank or just Fineco is an Italian financial service company that specialize in online brokerage.[1] Launched in 1999, the bank was a subsidiary of Banca Popolare di Brescia (Bipop) and then Bipop Carire, Capitalia and UniCredit banking groups. It became a listed company in 2014 and no longer part of UniCredit banking group since 2019.

FinecoBank is a constituent of FTSE MIB (since 2016), the blue chip index of the Borsa Italiana.

History

Predecessors

The predecessor of Fineco, was a financial institution known as GI-FIN S.r.l. in 1982 and then GI-FIN S.p.A. from October 1982.[2][non-primary source needed] In 1983, the institution was incorporated as Istituto per le Cessioni del Quinto S.p.A. (ICQ),[2] which later known as Novara ICQ S.p.A.[3]: 665  and then ICQ Banca Cisalpina S.p.A..[2][non-primary source needed] ICQ Banca Cisalpina was a subsidiary of Banca Popolare di Novara (BP Novara).[2] In 1990–91, BP Novara owned 51.21% shares of ICQ Banca Cisalpina.[3]: 665 [4]: 126  ICQ Banca Cisalpina was also a listed company, which was delisted in 1996 by its new owner Banca Popolare di Brescia (Bipop).[5][6]

In 1999, Bipop merged with Cassa di Risparmio di Reggio Emilia (Carire) to form Bipop Carire.[2][non-primary source needed] As of 1990, Banca Popolare di Brescia also partially owned the namesakes Fin-Eco Leasing (33.33%) and Fin-Eco Factoring (30%).[4]: 125  As of 1994, Bipop owned the aforementioned companies via an intermediate holding company Fin-Eco Holding.[7] The Holding also owned another subsidiary Fin-Eco SIM.[7] Bipop also attempted to acquire another namesake Cisalpina Gestioni in 1994.[7]

After the 1999 merger, the banking group re-organized ICQ Banca Cisalpina as well as Fin-Eco Leasing and Fin-Eco Factoring.[citation needed]

FinecoBank

ICQ Banca Cisalpina was renamed to "Fin-Eco Banca ICQ S.p.A." (Banca Fin-Eco in short) in 1999,[2] which was considered as the launch date of the current Fineco.[8][9] In 2002, Bipop Carire and Fineco became part of Capitalia banking group.[10] In 2007, Capitalia was absorbed into UniCredit banking group, while Fineco was survived as a separate subsidiary.

In 2014 FinecoBank started its initial public offering.[8] In 2016 UniCredit sold a further 30% shares to public market.[11][12][13] In May 2019, UniCredit sold another 17% shares of FinecoBank.[1] As UniCredit owned 18% shares of FinecoBank after the transaction, FinecoBank is no longer an associate company of UniCredit.[14]

References

  1. ^ a b Za, Valentina; Aloisi, Silvia (7 May 2019). Potter, Mark; Merriman, Jane (eds.). "UniCredit sells 17 percent stake in online broker FinecoBank". Additional reporting by Helen Reid. Milan. Reuters. Retrieved 19 July 2019.
  2. ^ a b c d e f "La fase iniziale". Prospetto [Prospectus] (PDF) (in Italian). FinecoBank. 2014. p. 114.
  3. ^ a b Whiteside, R. M.; Wilson, A.; Blackburn, S.; Hörnig, S. E.; Wilson, C. P., eds. (1991). "Major Companies of Italy". Major Companies of Europe 1991-1992 Vol.1 : Major Companies of the Continental European Community. London: Graham & Trotman (Kluwer Academic Publishers Group). doi:10.1007/978-94-011-3016-5_7. ISBN 978-1-85333-598-3.
  4. ^ a b Whiteside, R. M.; Forsyth, J.; Wilson, A., eds. (1990). "Major Companies of Italy". Major Financial Institutions of Continental Europe 1990/91. London: Graham & Trotman (Kluwer Academic Publishers Group). doi:10.1007/978-94-011-3022-6_9. ISBN 978-1-85333-471-9.
  5. ^ "COMPANIES DELISTED FROM JANUARY 1995 TO 31 AUGUST 2010" (PDF) (in Italian). Borsa Italiana. Retrieved 19 July 2019.
  6. ^ "POP. BRESCIA: NULLA OSTA CONSOB AD OPA ICQ CISALPINA" (in Italian). Rome. Adnkronos. 7 October 1996. Retrieved 19 July 2019.
  7. ^ a b c "Provvedimento №2179 (C1536): Banca Popolare di Brescia / Cisalpina Gestioni" (PDF) (in Italian). Italian Competition Authority (AGCM). 25 July 1994. Archived from the original (PDF) on 16 April 2016. Retrieved 16 April 2016.
  8. ^ a b Bray, Chad (27 June 2014). "UniCredit's Online Unit Raises at Least $916 Million in I.P.O." "Dealbook" section. The New York Times. Retrieved 19 July 2019. The company, founded in 1999,...
  9. ^ "About Fineco". Fineco Bank. Retrieved 19 July 2019.
  10. ^ Bilancio al 31 dicembre 2002 [2002 Annual Repoort] (PDF) (in Italian). Capitalia. 2003. Archived (PDF) from the original on 13 March 2016. Retrieved 16 December 2019 – via Borsa Italiana.
  11. ^ "Unicredit vende il 10 per cento di FinecoBank. Incasso da 328 milioni di euro". La Repubblica. Rome: Gruppo Editoriale L'Espresso. 12 July 2016. ISSN 2499-0817. Retrieved 19 July 2019.
  12. ^ "UniCredit launches placement of ordinary shares in FinecoBank S.p.A. representing 20% of the Company's existing share capital" (Press release). UniCredit. 12 October 2016. Retrieved 24 January 2017.
  13. ^ Written at Milan. "Unicredit cede il 20% di Fineco, ma il mercato non brinda". La Repubblica. Rome: Gruppo Editoriale L'Espresso. 13 October 2016. ISSN 2499-0817. Retrieved 19 July 2019.
  14. ^ "UniCredit announces FinecoBank is not anymore part of the Group starting today" (Press release). UniCredit. 10 May 2019. Retrieved 19 July 2019.

External links

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