Banca Antonveneta
| Company type | Società per azioni (S.p.A.) |
|---|---|
| Industry | Banking, Financial services |
| Predecessor | Banca Antoniana, Banca Popolare Veneta |
| Founded | 1996 in Padua, Italy |
| Defunct | 2013 |
| Fate | Integrated into Banca Monte dei Paschi di Siena |
| Headquarters | Padua , Italy |
Area served | Italy |
| Products | Retail banking, Corporate banking, Asset management |
Number of employees | 10,800 (2008) |
| Parent | Banca Monte dei Paschi di Siena (from 2008) |
Banca Antonveneta S.p.A. was an Italian financial institution headquartered in Padua, Italy, which was integrated into Banca Monte dei Paschi di Siena in 2013.
By 2008, it ranked as the ninth-largest banking group in Italy based on customer loan portfolios and stood eighth by total asset volume, operating through 1,000 branches with a workforce of 10,800 employees and managing assets worth €50 billion.
Its operations were confined to the highly segmented Italian market, where it commanded roughly a 3% market share, placing it sixth nationwide. Regionally, its market penetration included 8% in Veneto, 7% in Friuli, 6% in Sicily, and 3% each in Lazio and Emilia Romagna. The bank’s primary concentration was the prosperous Northeast region, holding a 6% market share supported by 600 branches.
Retail customers comprised 86% of its client base and accounted for 58% of the bank’s assets, predominantly consisting of high-net-worth and private individuals. Corporate clients made up 12% of customers but represented 42% of assets, while institutional investors formed the remaining 2%.
History
Banca Antoniana Popolare Veneta emerged in 1996 through the consolidation of two cooperative banks: Banca Antoniana and Banca Popolare Veneta.
Predecessors
Banca Antoniana was established in Padua in 1893 under the name Banca Cattolica Padovana.
Banca Popolare Veneta originated in Padua in 1866 as Banca Mutua di Credito Popolare and was renamed Banca Cooperativa Popolare in 1883. Following World War II, it expanded by acquiring cooperative banks located in Treviso (1950), Polesine (1980), Cavarzere (1982), and Valdagno (1987), adopting the name Banca Popolare Veneta that same year.
Banca Antoniana Popolare Veneta
One year after merging, in 1997, the bank secured a controlling interest in Interbanca, allowing it to function as a universal bank beyond retail banking services. In 1999, it broadened its footprint throughout Italy with a focus on southern regions by acquiring Banca Nazionale dell'Agricoltura. Further expansion occurred in 2001 with the absorption of Banca Cattolica from Molfetta and acquisition of Banca Popolare Jonica based in Grottaglie.
Subsequently, the bank emphasized growth funded internally. In 2002, it converted from a cooperative society with limited liability (S.c. a r.l.) into a publicly traded company (Società per azioni or S.p.A.) listed on the Borsa Italiana under the name Banca Antoniana Popolare Veneta S.p.A., trading as Banca Antonveneta S.p.A., which later became its official corporate name. Around 2004, it incorporated both Banca di Credito Popolare di Siracusa and Banca Agricola Etnea. In that same year, Antonveneta divested 30 branches to Banca Nuova and another 20 to Unipol Banca.
Under ABN AMRO Ownership
In 2005, the Dutch financial institution ABN AMRO overcame regulatory barriers to become the first foreign bank to acquire an Italian bank, thereby facilitating entry for other European banks into Italy. By early 2006, ABN AMRO had secured ownership of over 96.7% of Antonveneta's shares, resulting in its removal from the Italian stock exchange. The rival bidder Banca Popolare di Lodi (also known as Banca Popolare Italiana) exited by selling its Antonveneta holdings to ABN AMRO in September 2005.
In October 2007, a consortium comprising Royal Bank of Scotland, Banco Santander, and Fortis acquired ABN AMRO and apportioned its assets; among these, Banco Santander took control of Banca Antonveneta.
Subsidiary of MPS
On 8 November 2007, Santander revealed its intention to sell Antonveneta to Banca Monte dei Paschi di Siena (BMPS) for a sum of €9 billion. ref The transaction excluded Interbanca, which was divested separately to GE Financial in March 2008. The sale of Antonveneta was finalized on 30 May 2008, with the valuation per branch comparable to contemporaneous deals such as Banca Intesa’s branch transfers to Crédit Agricole. ref Nonetheless, after BMPS required a government rescue, the purchase faced criticism for significantly draining BMPS’ liquidity amid challenging market conditions and provoking regulatory scrutiny. ref
As of 31 December 2007, the Antonveneta Group, including Interbanca, reported shareholders’ equity amounting to €3.373 billion. ref Post-acquisition, BMPS undertook a reorganization by establishing Nuova Antonveneta in April 2008, which took over the original bank’s assets and liabilities starting 1 January 2009. ref Shareholders’ equity moved from €3.308 billion in December 2009 up to €3.579 billion by December 2010, before decreasing to €2.134 billion in 2011 and further declining to €2.001 billion at the close of 2012. ref
In April 2013, Monte dei Paschi fully merged Antonveneta into its operations, creating the "Area Territoriale Antonveneta" as part of its organizational framework. ref
Sponsorship
Banca Antonveneta was a sponsor of Pallavolo Padova.