Banca Commerciale Italiana

Banca Commerciale Italiana

Company type	Private joint-stock company (historical)
Industry	Banking
Founded	1894
Defunct	2001
Fate	Merged into IntesaBCI, later part of Banca Intesa and Intesa Sanpaolo
Headquarters	Milan , Italy
Area served	Italy, international (Europe, Americas, Africa)
Key people	Giuseppe Toeplitz (managing director)
Products	Banking and financial services
Parent	Banca Intesa (from 1999)

Banca Commerciale Italiana (BCI, commonly referred to as Comit), established in 1894, stood as a prominent Italian banking institution based in Milan. In 1999, it merged with the group created by Cariplo and Banco Ambrosiano Veneto, forming IntesaBCI, with BCI functioning as a sub-holding entity. The group was rebranded as Banca Intesa on 1 January 2003 and subsequently became part of Intesa Sanpaolo.

History

The origin of BCI traces back to Credito Mobiliare, founded in 1862. On 10 October 1894, BCI was reconstituted as a private joint-stock bank, primarily financed by German (78%), Austrian (13%), and Swiss (9%) banking institutions. Major investors included Creditanstalt, Deutsche Bank, and Darmstädter Bank, each holding between 10% and 13%. In 1898, the French bank Banque de Paris et des Pays-Bas emerged as an important shareholder. BCI’s structure was inspired by German banking models, providing both short- and long-term financing, with a focus on industries like shipping, textiles, and electricity.

Giuseppe Toeplitz acted as managing director during this period; his residence, Villa Toeplitz, is located in Varese.

During the mid-20th century, nationalization by Istituto per la Ricostruzione Industriale designated BCI, along with Banco di Roma and Credito Italiano, as a "bank of national interest" under the Banking Law of 1936.

In 1999, Banca Intesa acquired a controlling 70% interest in BCI. Subsequently, on 1 January 2001, BCI divested Banca di Legnano to Banca Popolare di Milano and was fully integrated into its parent company within the same year.

International expansion through World War II

• In 1905, BCI obtained a majority shareholding in Banque Commerciale Tunisienne.
• By 1906, it increased its capital investment in Banco Comerciale Italo-Brasiliano, originally established in 1900.
• In 1908, BCI secured a substantial stake in Banca della Svizzera Italiana (BSI), achieving control by 1910.
• The year 1910 saw the foundation of Banque Française et Italienne pour l'Amerique du Sud (later Sudameris) by BCI, which took over Banco Comerciale Italo-Brasiliano’s operations.
• In 1911, BSI launched a branch in London and merged Banque Commerciale Tunisienne into Société Générale de l'Afrique du Nord.
• BCI expanded further in 1918 with branches opening in New York and Paris; its French subsidiary extended operations to Marseilles and Casablanca.
• Expansion continued in 1919 through acquisitions or establishment of entities in Lima (Banco Italiano), Vienna (Società Italiana de Credito Commerciale), Sofia (Banca Commerciale Italiana e Bulgara), and Istanbul.
• In 1920, Banca Ungaro-Italiano was created from the merger of Hungarian banks; Banca Italiana e Romena was formed by acquiring Transylvanian branches; BCI also took a stake in Prague's Böhmische Union Bank and renamed Società Italiana de Credito Commerciale as Società Italiana di Credito.
• Banco Italiano – Guayaquil was founded in Ecuador in 1923.
• The following year, Banca Commerciale Italiana per l'Egitto (Comitegit) was established in Alexandria (later Cairo), alongside the launch of Banca Commerciale Italiana Trust Co. in New York.
• In 1927, BCI acquired shares in Bank Handlowy w Warszawie while reducing its investment in Böhmische Union-Bank.
• A branch opened in İzmir (then Smyrna) in 1928.
• The establishment of Banca Commerciale Italiana e Greca (Comitellas) occurred in Athens in 1929; Trust Co. branches were also opened that year in Boston and Philadelphia.
• In 1930, BCI took a stake in Hrvatska Banks based in Zagreb.
• Between 1934 and 1935, shares held in Società Italiana di Credito and Bank Handlowy were sold off.
• Representative offices were opened in Belgrade during 1937-1938; meanwhile, Boston and Philadelphia Trust Co. branches were closed.
• From 1939 to 1941, the New York Trust Co. was sold to Manufacturers Trust Co.; the London branch was liquidated; shares of Banco Italiano – Guayaquil were sold; following the United States’ entry into WWII, the New York branch was seized.
• Between 1942 and 1943, Banco Italiano was renamed Banco de Crédito del Perú; offices in Berlin and Belgrade were closed.

References

• Banca Commerciale Italiana (1997) Archivo Storico: Collana Inventari. (Milan).