Cassa di Risparmio di Loreto
| Company type | Società per azioni |
|---|---|
| Industry | Banking |
| Predecessor | Monte di Risparmio della Città di Loreto (est. 1861) |
| Founded | 1861 |
| Defunct | 2017 |
| Fate | Merged into UBI Banca |
| Successor | UBI Banca |
| Headquarters | Loreto , Italy |
Area served | Marche region |
| Products | Savings bank services |
| Owner | Fondazione Cassa di Risparmio di Loreto (majority until 1997), later Banca delle Marche, then UBI Banca |
| Parent | Banca delle Marche (from 1997), UBI Banca (from 2017) |
Cassa di Risparmio di Loreto S.p.A. (commonly known as Carilo) was an Italian savings institution headquartered in Loreto, within the Province of Ancona. During the 1990s, it was among seven savings banks operating in the Marche region. Of these, three—including Carilo—were integrated into the Banca delle Marche group, which took control of Carilo in 1997. Subsequently, in January 2017, UBI Banca acquired Banca delle Marche following its nationalization that occurred in November 2015.
History
Originally established in 1861 as Monte di Risparmio della Città di Loreto, the bank adopted the name Cassa di Risparmio di Loreto a year later in 1862. In 1927, it merged with "Cassa di Prestiti e Risparmio di Castelfidardo". Pursuant to the "Amato" Law, its banking operations were transferred into a Società per azioni, while the original entity transformed into Ente Cassa di Risparmio di Loreto (later known as Fondazione Cassa di Risparmio di Loreto), which retained a 71.43% ownership stake. By 1997, Banca delle Marche had acquired a 78.81% shareholding in Carilo, solidifying its role as a dominant regional banking group controlling four out of seven savings banks in Marche.
In 1996, Carilo commanded a 4.8% share of deposits within Ancona Province; meanwhile, the Banca Marche group held a combined market share of 32.3%, surpassing rivals such as Banca Popolare di Bergamo, Unicredito, and Banca di Roma.
Following the placement of Banca delle Marche under special administration by the Italian government in 2013, Carilo was similarly placed under administration in April 2014. Oversight was conducted by the Ministry of Economy and Finance with the Bank of Italy acting as administrator. At the close of 2013, Carilo reported a Common Equity Tier 1 (CET1) ratio of 5.13%, alongside shareholders’ equity amounting to approximately €32.6 million.
After Banca delle Marche’s nationalization by the Italian National Resolution Fund in November 2015, Carilo underwent a recapitalization totaling €32.5 million, which enhanced its CET1 ratio to 9.11% by the end of that year. The foundation’s ownership stake diminished to 5.35%, yet its equity remained robust at €28.5 million due to a diversified investment portfolio.
In January 2017, UBI Banca agreed to purchase Nuova Banca delle Marche along with two other rescued banks for a nominal price of €1 each. Prior to finalizing the transaction, the Bank of Italy performed balance sheet restructurings and recapitalizations. UBI’s affiliate Banca Popolare di Ancona managed local operations, raising concerns regarding potential network redundancies; nonetheless, labor unions endorsed the acquisition. The Italian Competition Authority observed that following the merger, market share within Ancona Province would surpass 40%.
On 28 March 2017, Carilo announced a capital increase close to €19 million. The acquisition by UBI Banca was completed on 10 May 2017 alongside plans for fully integrating both Banca Marche and Carilo into UBI Banca’s structure.
The merger was finalized on 23 October 2017; holders of minority shares received 0.635 UBI shares for each Carilo share they owned, valuing Carilo at approximately €1.4 per share.