Banca del Monte e Cassa di Risparmio Faenza
| Company type | Società per azioni (former) |
|---|---|
| Industry | Banking |
| Founded | 1491 |
| Fate | Merged into Banca di Romagna (1995) |
| Headquarters | Faenza , Italy |
| Products | Savings bank services |
Banca del Monte e Cassa di Risparmio Faenza was an Italian savings institution and philanthropic organization located in Faenza, within the Province of Ravenna, Romagna. Its banking division combined with similar entities from Lugo to establish Banca di Romagna, while its charitable functions persisted under the name Fondazione Banca del Monte e Cassa di Risparmio Faenza.
Bank
The bank traced its origins to a local mount of piety founded in 1491. During the banking reforms of the 1990s in Italy (Legge Amato), it underwent restructuring. The institution transitioned from a statutory corporation into a società per azioni by creating Banca del Monte e Cassa di Risparmio Faenza S.p.A. as a subsidiary entity. Simultaneously, the original statutory corporation was converted into a private legal entity known as Fondazione Banca del Monte e Cassa di Risparmio Faenza (also called Fondazione Monte Faenza). The capital increase of the S.p.A. saw participation from Cassa di Risparmio in Bologna (Carisbo). Additionally, the foundation obtained a minority interest in Casse Emiliano Romagnole, Carisbo’s holding company, by contributing a portion of its S.p.A. shares.
In 1995, the S.p.A. merged with Cassa di Risparmio e Banca del Monte Lugo, resulting in the formation of Banca di Romagna.
Banking foundation
Ownership of the bank from 1992 until the 1995 merger rested with Fondazione Banca del Monte e Cassa di Risparmio Faenza. After the merger, the foundation held equity in Banca di Romagna, which itself merged with Cassa di Risparmio di Cesena (Carisp Cesena) in 1999. Both banks were controlled by a holding company named Unibanca, where the foundation maintained a 6.877% shareholding. In 2010, Carisp Cesena was integrated into Unibanca, which then adopted the Carisp Cesena name.
By 31 December 2015, the foundation’s stake in Carisp Cesena had decreased to 6.462%. However, following considerable write-downs and provisions for non-performing loans, Carisp Cesena received a €280 million rescue through the voluntary intervention of Fondo Interbancario di Tutela dei Depositi in September 2016. This recapitalization involved issuing 560 million new shares, significantly diluting the foundation’s ownership to 0.31%, despite it being granted free warrants for additional shares.
At the close of 2015, the foundation also held a minor investment amounting to 0.010% in Cassa Depositi e Prestiti, with total shareholders’ equity of €17.9 million—approximately half of which was linked to Carisp Cesena shares. The bank’s financial distress negatively affected the foundation’s equity position during 2016.
The foundation was affiliated with Associazione di Fondazioni e di Casse di Risparmio S.p.A.
See also
- Cassa di Risparmio di Ravenna, a prominent regional bank headquartered in the provincial capital