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Cassa di Risparmio di Trieste

From Alfawiki
Cassa di Risparmio di Trieste
Company typeSocietà per azioni (since 1992)
IndustryBanking
Founded1842
Defunct2002
FateMerged into Credito Italiano (UniCredit Banca)
Headquarters
Trieste
,
Italy
ProductsSavings bank services, special credito (through subsidiary)
ParentUniCredit (from 1999)

Cassa di Risparmio di Trieste was an Italian savings bank based in Trieste, operating from 1842 until 2002.

In 1992, as part of the Italian government's reform of public credit institutions under the , the bank was divided into three separate entities: Cassa di Risparmio di Trieste - Banca S.p.A., its subsidiary focused on special credito, and Fondazione CRTrieste.[1]

The institution became part of the newly established UniCredit group in 1999. It maintained its brand identity and subsidiary status until 2002, when it merged with six other sub-brands to create UniCredit Banca and other divisions within UniCredit.

History

Established in 1842 within the Imperial Free City of Trieste, then under the Austrian Empire, the city transitioned to Italian sovereignty in 1921. Following a decree-law issued in 1927, the bank incorporated other savings banks, including one from Postumia.[2] (At that time Postumia was part of Italy between the world wars but is now located in Slovenia.)

According to a 1988 report by Mediobanca, the bank ranked 75th among Italian commercial banks by total assets.[3]

In response to , in 1992 it was restructured into a società per azioni (s.p.a.) with a share capital amounting to 220 billion lire, alongside the establishment of a banking foundation.[1]

By 1998, The Economist recognized it as "Italy's most successful international bank," highlighting its cross-border subsidiary Trscanska Stedionica – Banka.[4] That same year, its subsidiary Cassa di Risparmio di Trieste Specialcredito, which specialized in financing areas like public infrastructure projects and medium to long-term loans, was sold to Assicurazioni Generali, later known as Banca Generali.[5] Prior to this sale, medium to long-term loans were transferred back to Cassa di Risparmio di Trieste.[5]

In 1999, the banking foundation divested its controlling shares of the s.p.a. to UniCredit. By the end of 2001, the foundation still held a 20% stake in the S.p.A. and owned 0.79% of UniCredit shares. Additionally, it managed a private equity fund named "Fondo Gestiveneto 6," overseen by Pioneer Investments within UniCredit.[6]

In 2002, the S.p.A. was merged into Credito Italiano, which subsequently rebranded as UniCredit Banca, serving as UniCredit’s retail banking division. Following this, several subsidiaries were separated from UniCredit Banca in 2003.

The Croatian branch was consolidated into Zagrebačka banka, while C.R. Trieste Ireland was liquidated due to redundancy with UniCredit Bank Ireland.[7]

Subsidiaries

  • C.R. Trieste Ireland Ltd. (holding 99.99%)
  • Cassa di Risparmio di Trieste – Banca d.d. Zagreb (ownership of 83.95%)
  • Cassa di Risparmio di Trieste – Specialcredito S.p.A. (formerly owned)

Equity investments

  • Bank of Italy (0.44% stake)
  • Friulia (1.27% share)
  • Friulia-Lis (2.25% interest)
  • Liseuro (35.11% ownership)

Banking foundation

After the bank was liquidated, its philanthropic endeavors and art assets were maintained by Fondazione Cassa di Risparmio di Trieste (Fondazione CRTrieste). By 2016, the foundation's net assets amounted to €204 million. It recorded impairments on its investments in UniCredit (0.282% prior to the 2017 reverse stock split) and Banca Mediocredito del Friuli Venezia Giulia (30.5%). Additionally, the foundation possessed shares in Cassa Depositi e Prestiti (0.256%), FriulAdria, Fincantieri (0.071%), and GEDI Gruppo Editoriale.

See also

External links

  1. ↑ 1.0 1.1 Cite error: Invalid <ref> tag; no text was provided for refs named gazzetta
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  3. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named Mediobanca1989
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  7. ↑ Lua error in Module:Citation/CS1/Configuration at line 2123: attempt to index field '?' (a nil value).
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