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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)
  • 1991 (current legal person)
HeadquartersGenoa, Italy
Number of locations
Decrease 529 (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)
OwnerMalacalza Investimenti (27.555%)
Number of employees
Decrease 4,642 (2017)
Capital ratioIncrease 12.4% (Group CET1, Dec.2017)
Websitewww.gruppocarige.it
Footnotes / references
in consolidated financial statement[1]

Banca Carige S.p.A., historically known as Cassa di Risparmio di Genova e Imperia (Ca.Ri.Ge.) is an Italian bank based in Genoa, with more than 500 bank branches in Italy.[1] The predecessor of the bank, a mount of piety, was founded in 1483 in Genoa, the Republic of Genoa.

Banca Carige and its subsidiaries are known as Banca Carige Group (Italian: Gruppo Banca Carige). The banking group, as of 1 April 2018, is one of the larger banking groups that were supervised by the European Central Bank.[2]

As of 31 December 2017, the banking group had 529 branches[1]: 11  throughout Italy, with one branch in Nice, France.[1]: 30  About 37.2% branches are located in the home region Liguria.[1]: 30 

History

1483–1990: Early Years

In 1483 the Franciscan religious Angelo Da Chivasso, founded the mount of piety (Italian: Monte di Pietà) of Genoa.[3][non-primary source needed]

In 1846, a decree of Piedmont-Sardinia King Charles Albert of Sardinia created the Cassa di Risparmio di Genova,[3][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 the Cassa di Risparmio di Genova e Imperia.[3][non-primary source needed] Imperia was the capital of the west most province of Liguria region.

1991 – 2019

In 1991, due to Amato Law, the bank, as a statutory corporation, was split into Banca Carige S.p.A. and Fondazione Carige,[4] 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 the Borsa Italiana as a listed company. In 1997 the Gruppo Banca Carige acquired some insurance companies. 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 the Banca del Monte di Lucca. Between 2000 and 2002, Carige completed three further acquisitions of branches from other banks: 21 branches from Banco di Sicilia, 61 from Banca Intesa group, and 42 from the Capitalia Group in Piedmont, Lombardy, Veneto, Emilia–Romagna, Tuscany, Lazio, Marche, Umbria, Apulia, and Sicily. In 2004 the bank strengthened its position in Tuscany with the acquisition of the Cassa di Risparmio di Carrara and 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 the Intesa Sanpaolo Group in Aosta Valley, Piedmont, Lombardy, Veneto, and Sardinia, and another 38 branches from the UniCredit Group in Lazio, Sicily, Emilia–Romagna, Veneto, and Umbria.[5] In 2010 the bank acquired another 22 branches from Banca Monte dei Paschi di Siena.[3][non-primary source needed]

In September 2013, the Bank of Italy (Italian central bank) blamed Carige for using accountancy tricks and being in a difficult situation due to derivatives the bank had bought from Deutsche Bank. Carige published a statement to explain the event.[6] The Bank of Italy demands from Carige a new business plan by the end of October.[7]

In 2013 the bank sold its asset management subsidiary to ARCA SGR for €101 million.[8]

In 2014 the bank sold its insurance subsidiaries Carige Assicurazioni and Carige Vita Nuova to investment funds managed by Apollo Global Management for €310 million (via Primavera Holdings S.r.l.).[9][10] However, in 2016 the new board of directors want to sue the old managers for mismanagement by selling the insurance companies, claiming it actually harmful to the bank instead of gain.[11] However, the court rejected the lawsuit.[12]

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.[13] In 2016 Banca Carige Italia was absorbed by Banca Carige.

Circa 2015, Malacalza Investimenti replaced Fondazione Carige, as the largest shareholder of the bank.

The Banca Carige Chairman Giuseppe Tesauro resigned on 26 June 2018.[14][15] Vittorio Malacalza, representing the majority shareholder of the bank: Malacalza Investimenti, also resigned as a director in July.[16][17] In total, 8 directors, or the majority of the board excluding CEO Paolo Fiorentino, had resigned in mid-2018.[18][19][20][21][22] 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 new CEO.[23]

In September 2018, Carige also followed the peer to sell their merchant acquiring business to Nexi.[24]

In November 2018, the bank was bailed-out by the voluntary arm of the Fondo Interbancario di Tutela dei Depositi (FITD). The voluntary arm of FITD was funded by some of the Italian banks,[25] which partially underwritten (€318.2 million, plus 1.8 million[26] from non-member of the voluntary arm: Banco di Desio e della Brianza[27]) the issue of the Tier 2 subordinated bonds of Carige of a size of €400 million in order to boost its capital.[28][26]

On 2 January 2019 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.[29] The board of directors, controlled by Malacalza Investimenti, rejected the proposed capital increase in December 2018.[30] It was reported that BlackRock once interested in acquiring the bank, but withdrew from the negotiation in May 2019.[31] Another bid from Apollo Global Management, however, was rejected by FITD.[32]

Structure

As of 31 December 2017, the Gruppo Banca Carige is a financial group composed of the Banca del Monte di Lucca,[1] Banca Cesare Ponti[1] and Creditis Servizi Finanziari[1] and other subsidiaries.[1]

According to CONSOB data, the main shareholders of Gruppo Banca Carige on 26 December 2019 are:[33]

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 own < 2%

Controversies

The former Banca Carige Chairman Giovanni Berneschi had been condemned to 8 years of imprisonment by an Italian Court during July 2018, due to a fraud that related to the bank.[34] However, the case was re-trialed after the Supreme Court of Cassation ruled that the case should be hear in Milan instead of Genoa.[35][36]

References

  1. ^ a b c d e f g h i "2017 Relazione e Bilancio Consolidato" [2017 Consolidated Annual Report and Statements] (PDF) (in Italian). Genoa: Banca Carige. 2018. Archived from the original (PDF) on 1 August 2018. Retrieved 1 August 2018.
  2. ^ "List of supervised entities" (PDF) (Press release). European Central Bank. 1 April 2018. p. 8. Retrieved 1 August 2018.
  3. ^ a b c d "La Storia" (in Italian). Banca Carige. Retrieved 1 August 2018.
  4. ^ 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). Retrieved 11 March 2016.
  5. ^ "Trasferimento del ramo d'azienda consistente in n°38 sportelli dalle banche del Gruppo UniCredit" (PDF) (in Italian). UniCredit / Banca Carige. 2 October 2008. Retrieved 14 April 2016.
  6. ^ "DERIVATI: NON ESISTONO "BUCHI" NEL BILANCIO CARIGE" (PDF) (Press release) (in Italian). Genoa: Banca Carige. 10 September 2013. Retrieved 1 August 2018.
  7. ^ FAZ 11. September 2013: Neue Krisenbank in Italien (in German)
  8. ^ "BANCA CARIGE ED ARCA SGR FIRMANO IL CONTRATTO PER LA CESSIONE DI CARIGE ASSET MANAGEMENT SGR" (PDF) (in Italian). Banca Carige. 30 December 2013. Retrieved 23 April 2016.
  9. ^ "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. Retrieved 23 April 2016.
  10. ^ "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. Retrieved 23 April 2016.
  11. ^ "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. Retrieved 9 August 2016.
  12. ^ 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. Retrieved 9 December 2018.
  13. ^ "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. Retrieved 6 May 2016.
  14. ^ "Resignation of the Chairman, Mr. Giuseppe Tesauro" (PDF) (Press release). Genoa: Banca Carige. 26 June 2018. Retrieved 1 August 2018.
  15. ^ "Carige chairman quits due to disagreements on governance, management". Reuters. 26 June 2018. Retrieved 1 August 2018.
  16. ^ "[no title]" (PDF) (Press release). translated from Italian version. Genoa: Banca Carige. 16 July 2018. Retrieved 1 August 2018. {{cite press release}}: Cite uses generic title (help)CS1 maint: others (link)
  17. ^ "UPDATE 1-Banca Carige's governance rifts widen as top shareholder set to quit board". Reuters. 12 July 2018. Retrieved 1 August 2018.
  18. ^ "Carige: Queirolo leaves the board of directors, fifth resignation in one month". The Medi Telegraph. GEDI Gruppo Editoriale. 7 August 2018. Retrieved 9 August 2018.
  19. ^ "Press release" (PDF) (Press release). Genoa: Banca Carige. 10 August 2018. Retrieved 13 August 2018.
  20. ^ "Carige loses its sixth board member". The Medi Telegraph. GEDI Gruppo Editoriale. 9 August 2018. Retrieved 14 August 2018.
  21. ^ "[no title]" (PDF) (Press release). Banca Carige. 10 August 2018. Retrieved 5 September 2018. {{cite press release}}: Cite uses generic title (help)
  22. ^ "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. Retrieved 5 September 2018.
  23. ^ "Carige Bank: Malacalza wins over board". The MediTelegraph. GEDI Gruppo Editoriale. 21 September 2018. Retrieved 1 October 2018.
  24. ^ "CLOSING OF PAYMENT SYSTEMS PARTNERSHIP WITH NEXI FINALISED" (PDF) (Press release). Genoa: Banca Carige. 28 September 2018. Retrieved 4 October 2018.
  25. ^ "Banche aderenti allo schema volontario" (in Italian). Rome: Fondo Interbancario di Tutela dei Depositi. 4 December 2018. Retrieved 9 December 2018.
  26. ^ a b "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. Retrieved 9 December 2018.
  27. ^ "Banche non aderenti allo schema volontario" (in Italian). Rome: Fondo Interbancario di Tutela dei Depositi. 4 December 2018. Retrieved 9 December 2018.
  28. ^ Sanderson, Rachel (12 November 2018). "Italian banks step in to rescue struggling Carige". Financial Times. Retrieved 10 December 2018.
  29. ^ Piovaccari, Giulio; Canepa, Francesco (2 January 2019). "ECB-appointed administrators step in to manage Italy's Banca Carige". Reuters. Retrieved 2 January 2019.
  30. ^ Mandala, Andrea; Za, Valentina (23 December 2018). "Top shareholder in Banca Carige blocks crucial cash call". Genoa. Reuters. Retrieved 2 January 2019.
  31. ^ Sanderson, Rachel (9 May 2019). "BlackRock pulls out of rescue deal for Italian bank". Financial Times. Retrieved 20 May 2019.
  32. ^ Colten, Jerrold (23 June 2019). "Carige Rescue Plan Set to Go Ahead Without Apollo". Bloomberg. Retrieved 23 July 2019.
  33. ^ "Azionisti rilevanti di BANCA CARIGE SPA - CASSA DI RISPARMIO DI GENOVA E IMPERIA". consob.it. consob.it. Retrieved 27 December 2019.
  34. ^ Lignana, Marco (6 July 2018). "Truffa Carige, condanna confermata e aumentata in Appello per Berneschi". La Repubblica (Genoa edition) (in Italian). GEDI Gruppo Editoriale. Retrieved 1 August 2018.
  35. ^ Lusi, Domenico (17 October 2019). "Italy's top court orders retrial of former Carige chairman". Rome. Reuters. Retrieved 1 November 2019.
  36. ^ "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. Retrieved 1 November 2019.
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