Banca Carige Overview and Timeline

Banca Carige has a rich history that spans over 150 years, dating back to 1854 when it was founded as a savings bank in Genoa, Italy.

The bank's early years were marked by a focus on serving the local community, with a strong emphasis on supporting small businesses and individuals.

In the early 20th century, Banca Carige began to expand its operations, establishing branches throughout the Liguria region and beyond.

Throughout its history, Banca Carige has remained committed to its core values of integrity, responsibility, and social responsibility.

The bank has also undergone significant changes and challenges over the years, including a major restructuring effort in the 1990s and a subsequent merger with another bank in 2008.

For your interest: Fondazione Carige

Banca Carige was formed in 1991 due to the Amato Law, which split the bank into Banca Carige S.p.A. and Fondazione Carige, forming Gruppo Banca Carige in the same year.

The bank absorbed Istituto di Credito Fondiario della Liguria and Mediocredito Ligure, expanding its operations. In January 1995, Banca Carige entered into the Borsa Italiana as a listed company.

In 1997, the Gruppo Banca Carige acquired some insurance companies, further diversifying its portfolio.

In 1991, Banca Carige underwent a significant transformation due to the Amato Law, which led to its split into Banca Carige S.p.A. and Fondazione Carige, forming Gruppo Banca Carige.

The bank's reorganization allowed it to absorb two other financial institutions, Istituto di Credito Fondiario della Liguria and Mediocredito Ligure.

Banca Carige made its debut on the Borsa Italiana as a listed company in January 1995.

In 1997, the Gruppo Banca Carige expanded its business by acquiring some insurance companies.

In 2000, Carige Vita Nuova Assicurazioni was created from Basilese Vita Nuova, while Carige Assicurazioni was founded from Levante Norditalia.

The Banca Carige Group acquired the Cassa di Risparmio di Savona and the Banca del Monte di Lucca in 2000. This marked the beginning of Carige's expansion.

Between 2000 and 2002, Carige completed several acquisitions of branches from other banks. Specifically, it acquired 21 branches from Banco di Sicilia, 61 from Banca Intesa group, and 42 from the Capitalia Group in various regions.

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Carige strengthened its position in Tuscany with the acquisition of the Cassa di Risparmio di Carrara in 2004. It also founded Carige Asset Management SGR for the management of financial products that year.

In 2004, Carige acquired the private bank Banca Cesare Ponti. This added another layer to the bank's services.

Carige made two major acquisitions in 2008: 79 branches from the Intesa Sanpaolo Group and 38 branches from the UniCredit Group. These acquisitions further expanded the bank's presence in several regions.

Here are the key acquisitions made by Carige between 2000 and 2013:

In 2013, Carige faced difficulties due to derivatives bought from Deutsche Bank. The Bank of Italy demanded a new business plan from Carige by the end of October.

In 2014, Banca Carige sold its insurance subsidiaries Carige Assicurazioni and Carige Vita Nuova to investment funds managed by Apollo Global Management for €310 million.

The sale of these subsidiaries was later disputed by the new board of directors, who claimed it was actually harmful to the bank instead of beneficial. However, the court rejected the lawsuit.

In mid-2015, Banca Carige absorbed several of its subsidiaries, including Cassa di Risparmio di Savona and Cassa di Risparmio di Carrara.

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

By 2018, the bank's leadership was undergoing significant changes, with 8 directors resigning, including Chairman Giuseppe Tesauro and Vittorio Malacalza, who represented the majority shareholder Malacalza Investimenti.

The new board of directors, controlled by Malacalza Investimenti, secured a majority of the new board for 7 seats and hired Fabio Innocenzi as the new CEO.

In September 2018, Carige sold their merchant acquiring business to Nexi, following in the footsteps of their peers.

The bank was bailed out by the voluntary arm of the Fondo Interbancario di Tutela dei Depositi (FITD) in November 2018, with some Italian banks partially underwriting the issue of Tier 2 subordinated bonds of Carige.

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During the COVID-19 pandemic, the bank's top management was looking for a buyer to end the banking crisis that had been going on for a decade.

In 2022, the purchase negotiation by BPER Banca was concluded, with the approval of the Fondo Interbancario di Tutela dei Depositi (FITD).

The FITD guaranteed Carige other funds for a total of €530 million, providing a significant financial boost.

On 28 November 2022, the bank was incorporated into BPER Banca, marking a major milestone in its history.

Here's a brief timeline of the key events:

The Monte di Pietà of Genoa was sold to Affide, a brand of Custodia Valore - Credito su Pegno S.p.A., which is a part of BPER Banca.

Banca Carige SpA is headquartered in Genoa, Italy, at Via Cassa di Risparmio, 15, 16100 Genoa. This location has been the bank's home since its founding in 1483.

The bank has a significant presence in Italy, with over 570 branches and 706 ATMs across the country, as well as one branch in Nice, France. Banca Carige serves more than 1 million retail and corporate customers.

Here are some key statistics about Banca Carige's operations:

Banca Carige SpA is headquartered in Genoa, Italy, at Via Cassa di Risparmio, 15, 16100 Genoa. The bank was founded in 1483.

Banca Carige SpA has a wide range of services, including bank accounts, personal and car loans, mortgages, debit and credit cards, internet, phone and mobile banking, asset management, insurance, and pension products.

The bank serves over 1 million retail and corporate customers through a network of over 570 branches and 706 ATMs across Italy and one branch in Nice, France. It has locations in several regions, including Liguria, Lombardy, Piedmont, and Veneto.

Banca Carige SpA is part of the Gruppo Banca Carige, with a total of 4,800 employees. The company had total assets of EUR 26.760 billion and customer loans of EUR 18.04 billion as of March 31, 2017.

Here are the main shareholders of Banca Carige SpA as of June 2017:

Banca Carige SpA has a French branch located at 8 Rue Maccarani, 06000 Nice, France, with opening hours from Monday to Friday, 9:00 am to 20:00 pm.

Banca Carige SpA has several group companies, including Lanterna Lease Srl, which provides vehicle finance services from its base in Genoa, Italy.

Lanterna Lease Srl is part of BPER Banca SpA, a significant connection between the two companies.

Argo Mortgage 2 Srl and Carige Covered Bond 2 Srl are also part of Banca Carige SpA's group companies, both operating in the finance/rental/leasing sector.

Banca del Monte di Lucca SpA, founded in 1489 by Bernardino da Feltre, is another significant company within the group, offering a range of banking and financial services from its headquarters in Lucca, Italy.

Banca del Monte di Lucca SpA provides current accounts, savings and investments, mortgages and loans, payment cards, and insurance products to its customers.

Carige Covered Bond Srl, also part of BPER Banca SpA, offers insurance services as part of its operations.

Here's a list of some of Banca Carige SpA's group companies:

Banca Carige is reportedly under investigation for market rigging. This comes after a management crisis at the bank, with its chairman, deputy chairman, and two board members resigning in recent weeks.

The bank's chief executive has been at the center of disagreements with the remaining management members. The European Central Bank (ECB) requested a specific plan from the bank to meet additional capital requirements, which has added to the pressure.

Carige has until November to come up with its capital plan, and the process will "assess all options", including a merger. The bank is cooperating fully with the authorities, making available all the minutes from board and shareholder meetings between 2017 and 2018, as well as letters exchanged with the ECB.

Shares of the bank dropped 9 percent after the ECB's request was made public. This adds to the tumult affecting Italian banks, with other lenders like Veneto Banca and Banca Popolare di Vicenza requiring help from the Italian government to avoid a potential collapse.

A key investor in Banca Carige, Malacalza Investimenti, has called for the removal of the bank's management team, citing a lack of trust in their ability to meet the ECB's demands.

Banca Carige's organizational structure is designed to support its growth and expansion.

The bank has a clear hierarchy, with a Board of Directors at the top, responsible for making strategic decisions and overseeing the bank's overall direction.

This structure allows for swift decision-making and a focus on innovation, as seen in the bank's efforts to digitize its services.

The bank's management team is comprised of experienced professionals who work closely together to drive the bank's strategy forward.

The structure of an organization is crucial for its success. The original majority owner of a bank, Fondazione Carige, now owns less than 2% of the bank.

This significant change in ownership can have a ripple effect on the bank's operations. The bank's structure has undergone a significant transformation.

The reduction in ownership percentage can indicate a shift in control and decision-making power. This change can impact the bank's strategic direction and overall performance.

Understanding the structure of an organization can help you navigate its complexities and make informed decisions. Knowing who holds the reins can give you a better sense of the bank's priorities and goals.

The Executive Committee plays a crucial role in shaping the direction of Banca Carige SpA. Led by Matteo Bigarelli, who took over as CEO in June 2022, the committee oversees the bank's overall strategy.

Matteo Bigarelli has been at the helm since June 2022, bringing a fresh perspective to the role. Fabio Massimo Genovese has been a steady presence as Director of Finance/CFO since January 2019.

The committee's members have a wealth of experience, with Fabio Massimo Genovese being 66 years old. Claudio Nordio has been a part of the team since December 2014.

Here is a summary of the Executive Committee members:

The Board of Directors Composition is a crucial aspect of any organization's organizational structure.

The Board of Directors at Banca Carige SpA is composed of experienced individuals with diverse backgrounds and expertise.

Sabrina Bruno, a 60-year-old Director/Board Member, has been serving since January 6, 2020.

Paola Demartini, also a 62-year-old Director/Board Member, joined the Board on the same day as Sabrina Bruno.

Miro Fiordi, a 68-year-old Director/Board Member, took office on January 30, 2020.

Gaudiana Giusti, another 62-year-old Director/Board Member, also joined on January 30, 2020.

The Board has undergone some changes in recent years, with new members being appointed in 2022.

Gianni Franco Papa, a 68-year-old Chairman, took office on June 15, 2022.

Diego Schelfi, a 73-year-old Director/Board Member, has been serving since June 15, 2022.

Here is a list of the current Board of Directors at Banca Carige SpA: