Banca Nuova

Banca Nuova S.p.A.
Company type	Subsidiary (former)
Industry	Financial services
Predecessor	Banca del Popolo – Banca Popolare
Founded	25 August 2000 (original entity), re-established 2002
Defunct	2018
Fate	Integrated into Intesa Sanpaolo
Successor	Intesa Sanpaolo
Headquarters	Palermo, Italy
Area served	Sicily, Calabria
Products	Banking, financial services
Owner	Banca Popolare di Vicenza (until 2017), then Intesa Sanpaolo (from 2017)
Parent	Banca Popolare di Vicenza (until 2017), Intesa Sanpaolo (from 2017)

Banca Nuova S.p.A. was an Italian financial institution based in Palermo, focusing its services mainly on Sicily and certain areas of Calabria. It functioned as a subsidiary of Banca Popolare di Vicenza (BPVi), which from 2016 until mid-2017 was owned by Atlante, a fund established to rescue the banking sector. In June 2017, Intesa Sanpaolo acquired Banca Nuova through another government-supported rescue operation, with plans for full integration revealed in October 2017.

History

The origins of the bank trace back to the former entities [old] Banca Nuova S.p.A. and Banca del Popolo – Banca Popolare (Banca del Popolo S.p.A., Trapani), both taken over or created by Banca Popolare di Vicenza (BPVi) in 2000. In July 2002, [old] Banca Nuova merged into Banca del Popolo, which subsequently adopted the name [newer] Banca Nuova S.p.A., moving its headquarters from Trapani to Palermo.

[old] Banca Nuova S.p.A. was established on 25 August 2000 in Treviso and took control of 20 branches (19 located in Calabria and one in Rieti, Lazio) from subsidiaries of Banca Intesa (Banca Carime and Cassa di Risparmio di Rieti) as of 1 January 2001. By February 2002, the bank operated a network of 30 branches throughout Calabria and Sicily, where it had its main office. The institution had started expanding its branch network independently from its inception in 2000.

Banca del Popolo – Banca Popolare (1883–2002)

Banca del Popolo – Banca Popolare S.c. a r.l. originated as a cooperative bank founded in Trapani in 1883. In 1996, it was revealed that an investor with an 8% capital stake, Vincenzo Piazza, was linked to mafia activities.

Although it did not rank among the top ten banks on the island by number of branches in 1999, Banca del Popolo held the second position within the Province of Trapani, capturing a 12.06% share of deposits as of 1997.

Around the year 2000, BPVi acquired controlling interest and launched a public tender offer for the remaining shares, finalized by February 2001. Subsequently, the bank underwent demutualization and was converted into a società per azioni.

In July 2002, Banca del Popolo was merged into BPVi’s Banca Nuova network; while the legal entity of Banca del Popolo persisted post-merger, its original name was discontinued.

Banca Nuova (2002–2018)

After merging Banca Nuova with Banca del Popolo, the bank expanded its presence by acquiring additional branches from other banking groups and inaugurating new outlets. Notably, in 2004, Banca Antoniana Popolare Veneta transferred 30 branches to Banca Nuova.

In 2005, PrestiNuova S.p.A., a subsidiary focused on secured lending via salary-backed loans, was created. By late 2009, ownership of PrestiNuova comprised 88.67% held by Banca Nuova, with BPVi owning 6.34% and Banca Popolare Sant'Angelo possessing 5%. On 1 March 2011, Banca Nuova’s legal entity was replaced by a new incorporation dated August 2010; this restructuring positioned PrestiNuova as a sister company under BPVi’s growing control, culminating in full ownership by 2013.

Both Banca Nuova and its parent BPVi encountered capital adequacy challenges in 2016; at the end of that year, Banca Nuova’s CET1 ratio was recorded at 6.74%, slightly above regulatory minimums, closely matching BPVi Group’s ratio of 6.65%. Following an unsuccessful IPO attempt after converting to a società per azioni structure, BPVi received a €1.5 billion recapitalization from the Atlante fund mid-2016, which took over underwriting duties from UniCredit.

During BPVi’s financial distress spanning 2016–17, Banca Nuova became involved in lawsuits concerning the mis-selling of BPVi shares to depositors when BPVi operated as a cooperative. The European Central Bank declared BPVi insolvent in 2017; this triggered an Italian government-funded bailout protecting depositors alongside a bail-in affecting investors. Italy’s second-largest banking group by assets, Intesa Sanpaolo, acquired most of BPVi’s solvent assets and liabilities, including those of Banca Nuova.

On 26 October 2017, it was declared that Banca Nuova would be completely integrated into Intesa Sanpaolo, resulting in the loss of its brand identity and independent corporate status; this merger received approval from Intesa Sanpaolo’s board on 5 February 2018.

According to a report by the Italian Competition Authority prior to integration, Banca Nuova controlled between 5% and 10% of deposit market share within Trapani province and up to 5% across eight other provinces in Sicily. Its lending market shares ranged from between 10% and 20% in Trapani to between zero and ten percent across various Sicilian provinces.

On 11 July 2017, Banca Nuova divested certain non-performing loans back to BPVi, which had transitioned into a bad bank tasked with managing distressed assets.

PrestiNuova

PrestiNuova began as a subsidiary and later became a sister entity of Banca Nuova, concentrating on the provision of consumer credit. By 31 December 2016, it reported a CET1 capital ratio of 10.09%, total assets amounting to €354 million, and net equity of €42 million. In 2013, Banca Nuova purchased the remaining 5% stake from Banca Popolare Sant'Angelo for approximately €1.9 million.

FarmaNuova

In 2009, Banca Nuova owned a 30% interest in FarmaNuova, a firm dedicated to the pharmacy sector. FarmaNuova was subsequently integrated into its sister company FarBanca in 2012.

Sponsorship

Banca Nuova acted as a sponsor for various sports organizations, including the basketball team Pallacanestro Trapani and football clubs U.S. Città di Palermo and Trapani Calcio, supporting the latter until the conclusion of the 2015–16 season.

External links

Official website of PrestiNuova