Jump to content

Cassa di Risparmio di Ferrara

From Alfawiki
Nuova Cassa di Risparmio di Ferrara S.p.A.
Company typeSocietà per azioni
IndustryFinancial services
PredecessorCassa di Risparmio di Ferrara S.p.A.
FoundedNovember 22, 2015; 10 years ago (2015-11-22) in Ferrara, Italy
Defunct2017 (2017)
FateAcquired and absorbed by BPER Banca
SuccessorBPER Banca
Headquarters
Ferrara
,
Italy
Area served
Italy
ProductsBanking
OwnerBPER Banca (from 2017)

Nuova Cassa di Risparmio di Ferrara S.p.A., commonly referred to as Nuova Carife, was an Italian financial institution headquartered in Ferrara, within the Emilia-Romagna region. Established on 22 November 2015, Nuova Carife emerged as a solvent entity separated from the original Cassa di Risparmio di Ferrara S.p.A. (Carife). The predecessor bank, which was under special administration between 2013 and 2015, was ultimately dissolved as a bad bank. Nuova Carife operated for a short period before its acquisition by BPER Banca in 2017, purchased from the Italian Resolution Fund and subsequently absorbed into the banking group’s branch network. Meanwhile, the former controlling shareholder and original legal entity, Fondazione Cassa di Risparmio di Ferrara (Fondazione Carife), persists as a philanthropic organization.

Cassa di Risparmio di Ferrara

Founded in 1838 by Count Alessandro Masi, Cassa di Risparmio di Ferrara ranks among the earliest savings banks () established in the Papal States, following those in Bologna (1837), Spoleto (1836; later renamed and relocated in 2012; closed in 2016), and Rome (1836; now defunct). Between 1927 and 1942, the institution expanded through acquisitions including Cassa di Risparmio di Copparo, Banca Mutua Popolare di Bondeno, the local mount of piety of Ferrara (established 1508), Banca di Portomaggiore, Monte di Credito su Pegno di Comacchio, and Banca Popolare Cooperativa di Argenta. This expansion was partly influenced by a 1927 Italian law requiring smaller savings banks to merge with larger ones.

In December 1991, the bank’s operations and ownership were divided into a società per azioni and the Fondazione Cassa di Risparmio di Ferrara (Fondazione Carife).

The group pursued growth through acquisitions to increase its market presence: Banca di Credito Agrario di Ferrara (1994), Commercio e Finanza – Leasing e Factoring alongside Banca di Treviso (2002; Treviso was later sold to Banca Popolare di Marostica in 2010), Credito Veronese (Creverbanca) in 2003, Finproget (2004), Banca Modenese and Banca Farnese (2005; several Farnese branches were sold to Banca Centropadana in 2014), and Banca di Credito e Risparmio di Romagna (2008). In 2012, Carife consolidated with subsidiaries including Banca Popolare di Roma, Banca Modenese, Banca di Credito e Risparmio di Romagna, and Finproget.

Following this consolidation, Banca Popolare di Roma and Banca Modenese functioned as divisions within Carife.

Insolvency

The bank was placed under special administration by the Ministry of Economy and Finance in 2013. According to its 2012 annual report, shareholders’ equity stood at €374 million with a Tier 1 capital ratio of 6.41% as of 31 December 2012.

Towards the end of 2015, the Fondo Interbancario di Tutela dei Depositi proposed a rescue plan exceeding €2 billion for Banca Marche, Banca Etruria, Carife, and CariChieti—including €300 million earmarked for Carife—subject to approval by the Bank of Italy and the European Commission. Ultimately, on 22 November, the Italian National Resolution Fund () recapitalized these four banks with approximately €2 billion. This intervention represented Italy’s inaugural bailout under the Bank Recovery and Resolution Directive, with the Bank of Italy serving as the national resolution authority within the framework of the Single Resolution Mechanism.

Additionally, the Resolution Fund contributed €1.7 billion to offset losses sustained by these institutions.

On 3 May 2016, Decree-Law N°59/2016 was enacted to reimburse retail investors who had purchased bonds issued by these banks—up to €100,000—provided they were bought on or before 12 June 2014. This aligned reimbursement limits with deposit insurance thresholds. The legislation responded to criticism regarding bail-ins that impacted retail investors since Italian banks frequently marketed high-risk bonds to their depositors. The refund arrangement is managed through the Fondo di solidarietà, overseen by FITD.

Nuova Carife

On 22 November 2015, the "good bank" Nuova Cassa di Risparmio di Ferrara S.p.A. (Nuova Carife) was created with a share capital amounting to €191 million and a consolidated Tier 1 Capital ratio near 9%. The non-performing loans from the former bank were transferred to the "bad bank" REV - Gestione Crediti, which also handled assets from Carichieti, Banca Etruria, and Banca Marche. The original institution underwent liquidation, leaving shareholders and subordinated bondholders without compensation due to the bail-in process.

By 31 December 2015, Nuova Carife reported equity totaling €161 million and a Common Equity Tier 1 (CET1) Capital Ratio of 8.22%. In March 2016, the bank revealed intentions to merge with Commercio e Finanza, replacing an earlier strategy that involved only transferring assets and liabilities.

On 2 March 2017, BPER Banca agreed to purchase Nuova Carife for a symbolic price of €1, conditional upon recapitalization by the national resolution fund and the disposal of non-performing loans (NPLs). At the close of 2016, the Carife Group showed a negative net equity of €66 million, primarily due to significant loan impairments. Subsequently, on 20 June, Nuova Carife sold NPLs with a gross book value of €343 million to Atlante II and Credito Fondiario at roughly 19% of their nominal value. The resolution fund recapitalized the bank with €290 million. The acquisition by BPER Banca was finalized on 30 June 2017.

Following this acquisition, an integration plan was announced on 1 July to fully merge Nuova Carife into BPER Banca, a process completed within the same year.

Shareholders

The principal shareholder and parent entity of the former Carife was Fondazione Cassa di Risparmio di Ferrara, holding a 54.82% stake and undertaking most philanthropic activities since 1992. Minor stakes were held by Banca Popolare di Cividale at 0.72% and Banca Popolare di Puglia e Basilicata at 0.23%. Although Banca Popolare di Bari and Banca Valsabbina did not publicly disclose their ownership percentages, both recognized impairments on their holdings in 2013.

As of the end of 2016, Nuova Carife maintained minority interests in BP Cividale (1.08815%), BP Puglia e Basilicata (0.36269%), BP Bari (0.56151%), and Banca Valsabbina (1.43988%), reflecting previous cross-shareholdings.

Between 2015 and 2017, ownership of Nuova Carife was held by the Italian National Resolution Fund (Fondo Nazionale di Risoluzione), an interim vehicle that later merged into the EU-wide Single Resolution Fund. Ultimately, BPER Banca became the final owner of the bank.

Banking foundation

Fondazione Cassa di Risparmio di Ferrara (Fondazione Carife) is a charitable organization based in Ferrara, Italy. It originated as the legal entity linked to Cassa di Risparmio di Ferrara prior to banking reforms enacted in 1992 that separated banking operations from philanthropic activities.

Until the bank’s collapse in 2015—when shareholders and subordinated bondholders were subject to bail-in—the foundation was the dominant shareholder. As of 31 December 2014, it reported net assets totaling €55.14 million, which included shares in the bank valued at €72.42 million.

Fondazione Carife has contributed to cultural preservation efforts such as restoring Santa Maria in Vado, artworks by Bastianino within Ferrara Cathedral, and the Resurrezione located in Oratorio dell'Annunziata, Ferrara.

Equity Investments

Bank Holdings
Other Entities

See also

External links

Retrieved from "https://www.alfawiki.org/index.php?title=Cassa_di_Risparmio_di_Ferrara&oldid=88218"