Cassa di Risparmio di Calabria e Lucania
| Company type | Società per Azioni |
|---|---|
| Industry | Financial services |
| Predecessor | Cassa di Risparmio di Calabria |
| Founded | September 24, 1861 in Cosenza, Italy |
| Defunct | December 31, 1997 |
| Fate | Merged into Banca Carime |
| Successor | Banca Carime |
| Headquarters | Cosenza , Italy |
Area served | Calabria, Lucania (now Basilicata) |
| Products | Banking, Financial services |
| Owner | Cariplo (majority before merger) |
| Parent | Cariplo (before merger) |
Cassa di Risparmio di Calabria e Lucania S.p.A. (commonly known as Carical) was a financial institution headquartered in Cosenza, Calabria, which eventually merged with other banks to establish Banca Carime.
History
The institution initially began as Cassa di Risparmio di Calabria, founded on 24 September 1861, and subsequently extended its operations into Lucania (now part of the Basilicata region), adopting the name Cassa di Risparmio di Calabria e di Lucania. Between March 1987 and July 1988, the bank was placed under extraordinary state administration before undergoing a recapitalization process.
In 1992, Carical created a new company, Cassa di Risparmio di Calabria e Lucania S.p.A., transforming the original statutory entity into Fondazione Cassa di Risparmio di Calabria e di Lucania, a banking foundation. At inception, ownership was split evenly: 50% held by the foundation and the remaining 50% by various shareholders including Banca CRT (16.7%), Cariplo (16.7%), ICCRI, Caripuglia, and Sicilcassa. A sub-holding company named Fincarical was established, with its shares divided as 75% foundation and 25% Cariplo.
A subsequent capital increase involved an infusion of 160 billion lire—comprising an 80 billion rise in share premium reserve and a boost of share capital from 240 to 320 billion lire—mirroring a proportional increase by Fincarical. Should other investors choose not to participate, ownership would adjust to Fincarical holding 75%, Banca CRT 12.5%, ICCRI 6.25%, with the remainder dispersed among others. By February 1994, Fincarical had acquired Banca CRT’s shares, resulting in an 87.25% stake in Carical. Towards the end of 1994, the foundation divested its Fincarical shares to Cariplo and regained direct ownership in Carical, leading to Cariplo holding a majority interest of 49.8%, while the foundation retained 37.5%.
Around 1993, Carical controlled approximately 16.07% of the lending market in Basilicata, ranking second after Banca Mediterranea but ahead of Banco di Napoli. That same year, the bank divested minority interests in ISVEIMER to Banco di Napoli.
By 1996, Fincarime (formerly known as Fincarical), a subsidiary of Cariplo, possessed a 49.47% stake in Carical; additionally, Cariplo directly owned another 9.61%. Smaller holdings included Caripuglia (2.08%) and Carisal (0.02%), both predominantly under Cariplo’s control.
In July 1997, Cariplo purchased the remaining shares from the banking foundation. On 31 December of that year, Fincarime was rebranded as Banca Carime, with Carical, Caripuglia, and Carisal merging their banking activities into this new entity. By May 1999, Carical was fully integrated into Cariplo.
Banking foundation
Fondazione Cassa di Risparmio di Calabria e di Lucania operates as a philanthropic organization situated in Cosenza, Calabria. It became the parent entity of the bank in 1992 following the separation of banking operations into a distinct Società per Azioni. After divesting the bank in 1997 and its subsequent integration into UBI Banca in 2017, the foundation remains the sole successor to the original banking and charitable institution founded in 1861. As reported on 31 December 2016, the foundation’s equity amounted to €80 million.
The foundation also maintained minority investments in Cassa Depositi e Prestiti and CDP Reti. Certain assets were managed by UBI Pramerica SGR—a joint venture between UBI Banca and Pramerica Financial—with the foundation acting as a participant in this private equity fund.