Cassa di Risparmio di Vercelli
| Company type | S.p.A. (from 1991) |
|---|---|
| Industry | Banking |
| Founded | August 19, 1851 |
| Defunct | 1994 |
| Fate | Merged with Cassa di Risparmio di Biella |
| Headquarters | Vercelli , Italy |
Cassa di Risparmio di Vercelli operated as an Italian retail banking institution and philanthropic entity headquartered in Vercelli, Piedmont. In 1991, it underwent a division resulting in the formation of two separate entities: Cassa di Risparmio di Vercelli S.p.A. and Fondazione Cassa di Risparmio di Vercelli. Subsequently, in 1994, the S.p.A. merged with the Piedmont-based Cassa di Risparmio di Biella.
Bank
The bank, originally known as Cassa di Risparmio della Città e Provincia di Vercelli, was founded through a royal decree dated 19 August 1851. Pursuant to the Legge Amato, on 23 December 1991 (officially recorded on 24 January 1992), it was reorganized into two entities: Cassa di Risparmio di Vercelli S.p.A. and Fondazione Cassa di Risparmio di Vercelli. By the end of 1994, the banking company merged with Cassa di Risparmio di Biella with ownership proportions set at 26.2% for Vercelli and 73.8% for Biella.
Banking foundation
The Fondazione Cassa di Risparmio di Vercelli initially held full ownership of the bank's shares in 1992, which were valued at 35 billion lire. Following the merger with C.R. Biella, its shareholding diminished to a 26.2% stake in the newly formed entity Cassa di Risparmio di Biella e Vercelli (BiverBanca), whose total share capital amounted to 235 billion lire. In 1997, the foundation divested approximately 14.4% of its shares to Banca Commerciale Italiana, further lowering its equity interest. After a recapitalization event in 2008, its ownership percentage declined to nearly 6%.
As reported on 31 December 2014, the foundation maintained minority investments in Cassa Depositi e Prestiti, CDP Reti, and BiverBanca, with shareholders' equity totaling €114.6 million.
See also
- other provincial capital banks located in Piedmont
- Cassa di Risparmio di Asti
- Cassa di Risparmio di Alessandria, currently integrated into Banca Popolare di Milano
- Cassa di Risparmio di Cuneo, now part of UBI Banca
- Cassa di Risparmio di Torino, presently incorporated within UniCredit