Cassa di Risparmio della Provincia di Chieti

Banca Teatina S.p.A.

Company type	Società per Azioni
Industry	Banking
Predecessor	Cassa di Risparmio della Provincia di Chieti S.p.A.
Founded	November 22, 2015 (2015-11-22) in Chieti Scalo, Italy
Defunct	2018 (2018)
Fate	Acquired by UBI Banca
Headquarters	Chieti Scalo , Italy
Area served	Abruzzo, Italy
Products	Savings bank services

Banca Teatina S.p.A., previously known as Nuova Cassa di Risparmio di Chieti S.p.A., was an Italian savings institution based in Chieti Scalo, Abruzzo. Founded on 22 November 2015, it succeeded the original Cassa di Risparmio della Provincia di Chieti S.p.A., which had been placed under special administration between 2014 and 2015. On 18 January 2017, the bank was acquired by UBI Banca for a nominal consideration.

The original Cassa di Risparmio della Provincia di Chieti underwent a legal transformation in the 1990s, resulting in the creation of Fondazione Cassa di Risparmio della Provincia di Chieti as its former corporate entity. This foundation maintained majority ownership of the S.p.A. until its collapse in 2015.

History

The Cassa di Risparmio della Provincia di Chieti was formed in 1938 through the merger of Cassa di Risparmio Marrucina (established in 1862) and Cassa di Risparmio di Guardiagrele.

In 1992, pursuant to the Legge Amato reforms, the statutory corporation was divided into two entities: Cassa di Risparmio della Provincia di Chieti S.p.A. (Carichieti S.p.A.) and the banking foundation Fondazione Cassa di Risparmio della Provincia di Chieti ("Fondazione Chieti"). Ownership was split with the foundation holding an 80% stake in Carichieti S.p.A., while Cariplo possessed the remaining 20%. Cariplo also held minority shares in other regional savings banks such as Caripe and Tercas. Following succession, Intesa Sanpaolo retained these minority interests until Carichieti's insolvency in 2014.

Insolvency

In 2014, Carichieti entered special administration. The bank’s 2013 financial statements reported shareholders' equity of €200 million and a Tier 1 capital ratio of 8.80%. After a comprehensive asset quality review conducted by the Bank of Italy, provisions for non-performing loans were increased.

During 2015, the Italian National Resolution Fund recapitalized Carichieti with €141 million as part of a broader €2 billion rescue package for four banks under special administration. This intervention replaced an initially planned bailout by the Deposit Guarantee Fund (FITD), following the European Commission's determination that previous FITD interventions constituted state aid. Consequently, compliance with the EU Bank Recovery and Resolution Directive mandated that investors absorb losses prior to state assistance.

The Resolution Fund contributed approximately €1.7 billion to Banca Marche, Banca Etruria, Carife, and Carichieti to offset their deficits. After separating performing from non-performing assets, the original bank was liquidated; shareholders and subordinated bondholders were fully bailed-in, resulting in total loss of their investments. As a result, Fondazione Chieti’s net assets declined sharply from €89 million to €11 million by year-end 2015 due to share write-downs.

On 3 May 2016, Decree-Law No. 59/2016 introduced reimbursement up to €100,000 for retail investors holding bonds issued before 12 June 2014—equivalent to deposit insurance limits—to address public concerns regarding bail-ins affecting junior investors. This compensation scheme, known as Fondo di solidarietà, is administered by FITD.

Nuova Carichieti / Banca Teatina

On 22 November 2015, the bank was restructured into "good" and "bad" components, with the foundation relinquishing control over the company retaining only share capital and subordinated debt. The newly formed bank had share capital amounting to €141 million and an estimated Tier 1 capital ratio of 9%. Non-performing loans were transferred to a single "bad bank," REV - Gestione Crediti, which was shared among Carife, Banca Etruria, Banca Marche, and Carichieti—a process completed by January 2016. This restructuring complied with the EU Bank Recovery and Resolution Directive, with Bank of Italy serving as national resolution authority under the Single Resolution Mechanism. As of 31 December 2015, CariChieti reported net equity of €117 million alongside a CET1 ratio of 9.53%.

On 12 January 2017, UBI Banca submitted a binding offer of €1 for Nuova CariChieti, Nuova Banca Etruria, and Nuova Banca Marche. UBI’s proposal required balance sheet cleanup through disposal of non-performing loans via Atlante II and Credito Fondiario and anticipated recapitalization estimated initially at €450 million but ultimately totaling €713 million. The bid was accepted on 18 January. The acquisition finalized on 10 May, with Nuova CariChieti rebranded as Banca Teatina effective September. Concurrently, plans were announced to integrate all three banks into UBI Banca.

Banking foundation

Originally part of Fondazione Chieti – Abruzzo e Molise, the bank was separated from its principal shareholder, which remains active as a charitable organization. After the complete write-down of all equity stakes, the foundation's net worth dropped to €11 million by 2016, a significant decrease from €89 million recorded in 2014.

See also

• Additional savings banks from Abruzzo's provincial capitals:
  • Banca Tercas – integrated into Banca Popolare di Bari
  • Banca Caripe – integrated into Banca Popolare di Bari
  • Cassa di Risparmio della Provincia dell'Aquila – merged into BPER Banca