Banco di Sicilia
| Company type | Subsidiary (former) |
|---|---|
| Industry | Banking |
| Predecessor | Banco Regio dei Reali Domini al di là del Faro |
| Founded | 1849 |
| Defunct | 2010 |
| Fate | Integrated into UniCredit |
| Successor | UniCredit |
| Headquarters | Palermo , Italy |
Area served | Italy, United States, Libya, United Kingdom, Germany, Denmark, France, United Arab Emirates |
| Products | Financial services |
| Owner | UniCredit (until 2010) |
| Parent | UniCredit (until 2010) |
Banco di Sicilia was a financial institution headquartered in Palermo, Sicily, Italy. It functioned as a subsidiary under UniCredit until its integration into the parent organization in 2010.
History
Established in 1849 under the name Banco Regio dei Reali Domini al di là del Faro and renamed in 1860, Banco di Sicilia possessed the authority to issue official currency from 1867 until 1926, alongside the Bank of Italy and Banco di Napoli.
As one of Italy’s prominent public banks, it ranked among the largest in the country, operating branches and affiliated companies internationally, including locations in the United States (Trust Company Bank of Sicily), Libya (Sahara Bank), the United Kingdom, Germany, Denmark, France, and the United Arab Emirates.
In 1997, Banco di Sicilia expanded by acquiring Sicilcassa, facilitated by a capital injection subscribed by Mediocredito Centrale. Following Mediocredito Centrale’s takeover by Banca di Roma in 1999, Banco di Sicilia became part of that banking group. At that period, it commanded a substantial market presence in Sicily with a 34% share of branches on the island—surpassing the total branches of the subsequent five largest competitors (Banca Popolare di Lodi, Banca Antonveneta, Banca Commerciale Italiana, Banca Monte dei Paschi di Siena, and Banca Popolare Sant'Angelo).
After the 2002 merger between Banco di Roma and Bipop Carire which created Capitalia, Banco di Sicilia became a subsidiary within Capitalia. When Capitalia was acquired by UniCredit in 2007, Banco di Sicilia was incorporated into UniCredit’s corporate structure.
In 2008, Banco di Sicilia sold 20 branches to Banca Carige. By the conclusion of 2009, it reported total assets amounting to €14.9 billion and shareholders’ equity totaling €422 million.
The year 2010 marked the full absorption of Banco di Sicilia by UniCredit as part of a consolidation strategy that also included UniCredit Banca and Banca di Roma being merged into UniCredit’s main operations.
See also
- Banca Agricola Popolare di Ragusa, Italian banking institution
- Banca Nuova, a subsidiary of Banca Popolare di Vicenza
- Banco Popolare Siciliano
- Credito Siciliano, affiliated with Credito Valtellinese
Bibliography
- Colajanni, Napoleone (1995). Storia della banca in Italia: da Cavour a Ciampi. Newton. ISBN 978-8881830633
External links
- Fondazione Banco di Sicilia
- Entry on bankpedia