Cassa di Risparmio di Pisa

Cassa di Risparmio di Pisa
Company type	Società per Azioni
Industry	Banking
Founded	June 15, 1834; 192 years ago in Pisa, Grand Duchy of Tuscany
Defunct	2006
Fate	Merged into Cassa di Risparmio di Lucca Pisa Livorno
Headquarters	Pisa, Italy
Area served	Tuscany, Italy

Cassa di Risparmio di Pisa was an Italian savings bank and philanthropic institution headquartered in Pisa, Tuscany. In 1992, it underwent restructuring that resulted in the creation of a banking foundation alongside a Società per Azioni (S.p.A.).

The S.p.A. entity was purchased by Banca Popolare di Lodi and subsequently integrated entirely into its subsidiary Cassa di Risparmio di Lucca Pisa Livorno in 2006. Meanwhile, the banking foundation—originally known as Ente Cassa di Risparmio di Pisa and later renamed Fondazione Cassa di Risparmio di Pisa (currently Fondazione Pisa)—remains active as a non-profit organization, overseeing the former bank’s art holdings.

History

Cassa di Risparmio di Pisa was founded on 15 June 1834.

Casse Toscane

In compliance with the Legge Amato, the bank was divided on 7 April 1992 into an ente and a società per azioni (officially registered on 6 May). About 13.05% of the shares were issued as non-voting saving shares (). The ente divested roughly 70% of its shares to Casse Toscane, an intermediate holding company that included savings banks from Pisa, Florence, Livorno, Lucca, Pistoia–Pescia, San Miniato, and Banca del Monte di Lucca. The ente maintained approximately 16.95% of voting rights directly or an aggregated total near 25% when excluding saving shares.

Casse del Tirreno

In 1995, CR Pisa along with Livorno, Lucca, and Banca Monte Lucca exited the consortium to establish Holding Casse del Tirreno (the Tyrrhenian saving banks).

Banca Popolare di Lodi

By 1999, C.R. Pisa, Livorno, and Lucca were taken over by Banca Popolare di Lodi (BPL) through various sub-holding entities.

As of 2000, C.R. Pisa operated 59 branches. Ownership was structured such that Casse del Tirreno held 61.69% of C.R. Pisa S.p.A., while Istituto di Credito delle Casse di Risparmio Italiane (ICCRI), a subsidiary under Bipielle Partecipazioni, controlled 50.01% of Casse del Tirreno. Additionally, CR Pisa possessed a 1.35% stake in Casse del Tirreno.

In 2001, ICCRI – Banca Federale Europea (previously ICCRI) absorbed Casse del Tirreno and then held 61.31% of CR Pisa; Bipielle Partecipazioni owned another 12.97%. Meanwhile, Fondazione Pisa became a minority investor in ICCRI with a 7.32% share.

By 2002, ownership shifted as Bipielle Retail served as the intermediate holding company for a 74.28% stake in CR Pisa S.p.A., while the Pisa Foundation retained 25.63% of CR Pisa S.p.A. shares and held a further 3.91% in BPL’s sub-holding company Bipielle Investimenti.

In 2003, BPL completed the privatization of CR Pisa SpA via CR Lucca S.p.A. and the intermediate holding company Reti Bancarie. At that time, Pisa Foundation owned 7.48% of CR Lucca S.p.A., with an agreement for BPL to acquire these shares by January 2008. BPL also purchased the foundation’s holdings in Bipielle Investimenti.

Absorbed to CR Lucca Pisa Livorno

CR Pisa SpA was entirely merged into CR Lucca SpA in 2006, which was subsequently renamed CR Lucca, Pisa & Livorno SpA. After this consolidation on 1 July 2006, Pisa Foundation held a 6.66% interest in the newly formed entity. The last annual report for CR Pisa SpA indicated shareholders' equity totaling €504.789 million as of December 31, 2005.

References