Cassa di Risparmi di Livorno
| Company type | Società per azioni (joint-stock company) |
|---|---|
| Industry | Banking |
| Founded | April 4, 1836 |
| Defunct | 2006 |
| Fate | Merged into Cassa di Risparmi di Lucca, Pisa e Livorno S.p.A. |
| Headquarters | Livorno , Italy |
Area served | Tuscany, Italy |
| Parent | Banca Popolare di Lodi (from 1999 until merger) |
Cassa di Risparmi di Livorno was a regional Italian bank and charitable institution located in Livorno, Tuscany. In 1992, it underwent a division into a joint-stock company (società per azioni) and a banking foundation named Fondazione Cassa di Risparmi di Livorno (currently known as Fondazione Livorno).
The joint-stock entity was acquired by Banca Popolare di Lodi and subsequently merged entirely into the savings bank encompassing Lucca, Pisa & Livorno in 2006, together with the savings bank in Pisa. The Livorno Foundation continues its activities as a non-profit organization.
History
Established on 4 April 1836, Cassa di Risparmi di Livorno was reorganized on 7 April 1992 pursuant to Legge Amato, resulting in the formation of Cassa di Risparmi di Livorno S.p.A. and Fondazione Cassa di Risparmi di Livorno (published in the official gazette on 29 April). Shortly after, the foundation sold approximately 52.25% of its shares to Holding Casse Toscane ("Tuscan savings banks"), a consortium comprising the savings banks of Livorno, Florence, Lucca, Pisa, Pistoia & Pescia, San Miniato, and Banca del Monte di Lucca. The foundation maintained around 3.46% ownership in the holding company, indirectly holding minority shares in other banks, while retaining close to 47.75% direct ownership of its own bank, resulting in an aggregate stake near 49.6%.
Casse del Tirreno period
In 1995, CR Livorno, along with Pisa, Lucca, and Banca Monte Lucca, exited their prior alliance to establish Holding Casse del Tirreno (Tyrrhenian savings banks). By 1999, CR Pisa, Livorno, and Lucca were taken over by Banca Popolare di Lodi.
Banca Popolare di Lodi period
By the year 2000, CR Livorno operated a network of 47 branches. The Holding Casse del Tirreno controlled 57.64% of CR Livorno S.p.A., with the remaining shares held by the foundation. The subsidiary of Bipielle Partecipazioni, Istituto di Credito delle Casse di Risparmio Italiane (ICCRI), owned 50.01% of Casse del Tirreno; meanwhile, CR Livorno S.p.A. possessed a minor 0.19% interest in Casse del Tirreno. In 2001, Casse del Tirreno was merged into ICCRI – Banca Federale Europea (previously ICCRI), preserving the 57.64% ownership stake; Bipielle Partecipazioni continued as the intermediate holding company. In 2002, Bipielle Retail assumed the role of intermediate holding entity. The following year, Banca Popolare di Lodi privatized CR Livorno S.p.A. through CR Lucca S.p.A. By 2005, the Foundation of CR Livorno held a 5.73% share in CR Lucca S.p.A. In 2006, CR Livorno S.p.A. was fully integrated into CR Lucca S.p.A., which was subsequently renamed CR Lucca, Pisa & Livorno S.p.A. At the same time, the foundation divested most of its holdings in CR Lucca (5.047%) to Banca Popolare di Lodi for €65.8 million, retaining only a minor stake of 0.68%. The last annual financial statement for CR Livorno S.p.A. recorded shareholders' equity amounting to €293.48 million as of 31 December 2005.
Bank Foundation
As of 31 December 2014, Livorno Foundation held minority investments including a 0.10% stake in Cassa Depositi e Prestiti, 0.03% in CDP Reti, and a 10% interest in Banco di Lucca e del Tirreno. Additionally, it possessed shares in major corporations such as Enel, Intesa Sanpaolo, UniCredit, Terna Group, Hera Group, Snam, Électricité de France, Engie, Enagás, and Atlantia. The foundation's shareholders' equity was reported at €213.2 million at the close of 2014.
On 16 December 2011, the foundation sold its remaining 0.68% equity in CR Lucca, Pisa e Livorno S.p.A. to Banco Popolare for roughly €7.8 million (€1.63 per share).
See also
- other financial institutions located in Tuscany's provincial capitals
- Banca CR Firenze
- Cassa di Risparmio di Carrara
- Cassa di Risparmio di Lucca
- Cassa di Risparmio di Pisa
- Cassa di Risparmio di Pistoia e della Lucchesia
- Cassa di Risparmio di Prato