Cassa di Risparmio di Tortona
| Company type | Subsidiary (formerly independent) |
|---|---|
| Industry | Banking |
| Founded | 1911 |
| Defunct | 2006 |
| Fate | Absorbed by Banca Regionale Europea (subsidiary of Banca Lombarda) |
| Headquarters | Tortona , Italy |
| Products | Savings bank services |
Cassa di Risparmio di Tortona was a savings bank headquartered in Tortona, Piedmont, Italy. In 1999, it was incorporated into Banca Lombarda, the forerunner of UBI Banca. Meanwhile, its previous proprietor, the Fondazione Cassa di Risparmio di Tortona, remains active as a philanthropic entity.
History
Established in 1911, Cassa di Risparmio di Tortona experienced a reorganization in 1991 prompted by Legge Amato, which resulted in the division of its operational activities into Banca Cassa di Risparmio di Tortona SpA and its ownership being transferred to Fondazione Cassa di Risparmio di Tortona. Throughout the 1990s, Cassa di Risparmio di Torino (Banca CRT) obtained a 25% minority interest, which was subsequently sold to CR Alessandria following Banca CRT’s merger into Unicredito.
In 1999, Foundation CR Tortona divested a 60% shareholding to Banca Lombarda e Piemontese, which completed full ownership by 2006. During the period around 2004–05, the intermediate holding entity was Banca Regionale Europea (holding 60%), a subsidiary of Banca Lombarda; additionally, Banca Lombarda directly owned 15.20% after acquiring shares from the foundation in 2002 for €38.7 million. In 2006, Banca Regionale Europea purchased the remaining 24.8% stake from Foundation CR Tortona as well as 24.7% from Fondazione Cassa di Risparmio di Alessandria (for €38.5 million), culminating in CR Tortona’s full absorption. Following this, Banca Lombarda merged with Banche Popolari Unite in 2007 to establish UBI Banca, which later integrated Banca Regionale Europea in 2016.
Banking Foundation
The Fondazione Cassa di Risparmio di Tortona functions as a nonprofit organization, with reported equity amounting to €211,157,304 as of 31 December 2013.