Crediop

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Dexia Crediop
Native name
Dexia Crediop S.p.A.
Formerly
  • Consorzio di Credito per le Opere Pubbliche
  • Crediop S.p.A.
subsidiary of a state-owned enterprise
IndustryFinancial services
Founded1919
FounderAlberto Beneduce
Headquarters15 via Flavia,
Rome
,
Italy
Increase (€28,677,728) (2015)
Total assetsDecrease €25,112,916,676 (2015)
Total equityDecrease €910,203,407 (2015)
Owner
Dexia(70%)
Banco BPM(20%)
BPER Banca(10%)
ParentDexia
Capital ratioDecrease 15.61% (CET1)
WebsiteOfficial website
Footnotes / references
source[1]

Dexia Crediop S.p.A. is an Italian bank specializing in financing public infrastructure. It was part of Dexia Group, as the owner of 70% shares. Banco Popolare, Banca Popolare di Milano and Banca Popolare dell'Emilia Romagna owned 10% each as minority shareholders.

History[edit]

Consorzio di Credito per le Opere Pubbliche (Crediop) was found by Alberto Beneduce in 1919 as a public entity.

Sanpaolo Bank[edit]

The privatization was started in late 1980s. In 1989 Istituto Bancario San Paolo di Torino was the second largest owner for 35%, which was purchased from Istituto Nazionale della Previdenza Sociale and Istituto Nazionale Assicurazioni,[2] with Cassa Depositi e Prestiti (CDP) retained 60.7%.[3] In late 1991 Sanpaolo Group bought 50% ownership from CDP.[4] Due to Legge Amato, In 1992 it became a società per azioni (limited company) from statutory corporation ,[5] which San Paolo Bank Holding S.p.A. (52.3%), Istituto Bancario San Paolo di Torino S.p.A. (37%) and Cassa Depositi e Prestiti S.p.A. (10.7%) were the shareholders.[5] In 1995 the bank was wholly owned by Sanpaolo bank group. The bank followed the parent company to merge with Istituto Mobiliare Italiano to form Sanpaolo IMI in 1998.[6]

Dexia[edit]

Circa 1997 Dexia acquired 40% shares from Sanpaolo. In 1999 the banking group sold an additional 20% shares to Dexia for €218 million,[7] making Dexia became the major shareholder for 60%. Sanpaolo IMI sold further 40% shares to Dexia for about €403 million,[8] However, Dexia re-sold the 40% shares to Banca Popolare di Verona – Banco SGSP (became part of Banco Popolare in 2007),[9] Banca Popolare di Milano,[10] Banca Popolare dell'Emilia Romagna[11] and Banca Popolare di Bergamo – Credito Varesino (through BPB Partecipazioni), by buying 4% shares and convertible bonds equivalent to 6% share capital, for a total of 200 billion lire each (about €103 million for each bank).[12] Banca Popolare di Bergamo withdrew in 2001.[13]

After the European debt crisis in 2010s, the parent company Dexia faced financial difficulties which Crediop became a for-sale assets to the group, or otherwise would run-off the bank.[14]

After the merger of Banco Popolare and Banca Popolare di Milano in 2017, Banco BPM would be the second largest shareholder of Crediop.

See also[edit]

References[edit]

  1. ^ "2015 Relazione e bilancio" (PDF) (in Italian). Crediop. 6 April 2016. Retrieved 13 April 2016.
  2. ^ "AL SAN PAOLO IL 30% DI CREDIOP 800 MILIARDI PER INA E INPS". La Repubblica (in Italian). 13 July 1989. Retrieved 20 February 2016.
  3. ^ "SAN PAOLO PORTA LA QUOTA CREDIOP AL 35 PER CENTO". La Repubblica (in Italian). 6 December 1989. Retrieved 20 February 2016.
  4. ^ "TENSIONE AL SAN PAOLO SUL PREZZO DEL CREDIOP ' NON SI PUO' COMPRARE AD". La Repubblica (in Italian). 20 September 1991. Retrieved 20 February 2016.
  5. ^ a b "Approvazione del progetto di ristrutturazione presentato dal Consorzio di credito per le opere pubbliche" (in Italian). Italian Republic Public Gazette. 29 May 1992. Retrieved 20 February 2016.
  6. ^ "Provvedimento N°7091 (C3474) DEXIA/CREDIOP" (PDF) (in Italian). Autorità Garante della Concorrenza e del Mercato. 15 April 1999. Retrieved 20 February 2016.
  7. ^ "1999 Bilancio consolidato" (PDF) (in Italian). Sanpaolo IMI. 28 April 2000. Retrieved 20 February 2016.
  8. ^ "2000 Bilancio d'impresa" (PDF) (in Italian). Sanpaolo IMI. 17 April 2001. Retrieved 20 February 2016.
  9. ^ "2000 Bilancio della Capogruppo" (PDF) (in Italian). Banca Popolare di Verona – Banco SGSP. 3 October 2001. Archived from the original (PDF) on 16 June 2006. Retrieved 20 February 2016.
  10. ^ "2000 Relazioni e Bilancio" (PDF). Banca Popolare di Milano (in Italian). Borsa Italiana archive. 17 April 2001. Retrieved 20 February 2016.
  11. ^ "2000 Bilancio Esercizio" (PDF). Banca Popolare dell'Emilia Romagna (in Italian). Borsa Italiana archive. 7 May 2001. Retrieved 20 February 2016.
  12. ^ "San paolo: vende 40% crediop a 4 banche popolari" (in Italian). Agenzia Giornalistica Italia. 10 February 2000. Retrieved 20 February 2016.
  13. ^ "Relazione Semestrale al 30 giugno 2001" (PDF). Banca Popolare di Bergamo – Credito Varesino (in Italian). Borsa Italiana archive. 2001. Retrieved 20 February 2016.
  14. ^ "Crediop, così sono a rischio 18 miliardi degli enti locali". La Repubblica (in Italian). 30 March 2015. Retrieved 20 February 2016.