Casse Emiliano Romagnole
| Company type | Holding company |
|---|---|
| Industry | Banking |
| Headquarters | Bologna , Italy |
Area served | Emilia-Romagna, Italy |
| Products | Banking services |
| Owner | Fondazione Carisbo (majority shareholder) |
| Parent | None |
Gruppo Bancario Casse Emiliano Romagnole (CAER) was an Italian banking group and holding company headquartered in Bologna, Emilia-Romagna. The principal entity within the group was Cassa di Risparmio in Bologna (Carisbo).
History
In response to Legge Amato, all Italian savings banks () were converted into joint-stock companies and banking foundations. The Fondazione Carisbo created Casse Emiliano Romagnole (CAER) as a sub-holding company for their bank, holding 81.08% ownership. Additionally, CAER possessed minority shares in several regional savings banks, including Carpi (20%), Cento (20%), Faenza (1.51% directly plus 29.96% through Carisbo), Imola (20%), Lugo, and Piacenza e Vigevano. In August 1992, CR Lugo merged with Banca Monte Lugo to establish Cassa di Risparmio e Banca del Monte Lugo, with CAER holding 1.32% directly and another 37.4% via Carisbo. The controlling shareholder, Fondazione Banca Monte Lugo, became a stakeholder in CAER.
In 1993, CR Piacenza combined with CR Parma to create CR Parma e Piacenza, which subsequently left the group. Through Carisbo, CAER also held minority interests in CR Mirandola, CR Ferrara, Credito Romagnolo, Banco S.Geminiano e S.Prospero, and controlled BIMER Banca (formerly Mediocredito Emilia–Romagna). By the end of 1993, Fondazione Carisbo was the dominant shareholder of CAER with 93.2%, followed by foundations of CR Carpi (2.28%), CR Imola (1.79%), CR Cento (1.61%), CR Lugo (0.55%), BMCR Faenza (0.41%), and Banca Monte Lugo (0.16%).
In 1995, CRBM Lugo and CR Faenza merged to form Banca di Romagna, with CAER owning a combined 36% stake both directly and indirectly.
In 1994, Credito Romagnolo launched a public tender offer to acquire CAER shares by exchanging its own stock; however, this bid was declined. The following year, Credito Romagnolo became part of Credito Italiano.
Alliance with Unipol Assicurazioni
In 1995, Unipol Assicurazioni purchased a 3.64% share from Fondazione Carisbo, becoming a minority investor in CAER. In exchange, CAER acquired a 9.80% stake in Unipol’s parent company, Finsoe, while increasing its holding in Banca dell'Economia Cooperativa from 12% in 1993 to 19.99% by 1997. Through Carisbo’s subsidiary Fincaer, the group also acquired minority stakes in insurance companies such as UniSalute (9.9%), Noricum Assicurazioni (34%) in 1995, and Linear Assicurazioni (20%) in 1996. Nonetheless, CAER chose not to participate in capital increases for Unipol Banca in January 1999 and divested its shares in UniSalute, Linear Assicurazioni, Finsoe, and the bank by 2001 as part of the restructuring under Cardine Banca.
Expansion and Withdrawal
In 1996, CAER took a 35.2% equity position in Banca Agricola di Gorizia. By 1997, minority holdings in CR Cento (19.35%) and CR Imola (17.48%) were sold back to their respective foundations, which also ceased to be shareholders of CAER. Meanwhile, Fondazione Carisbo strengthened its ownership by acquiring shares from the foundations of Faenza, Lugo, and Carpi while issuing new shares to Unipol. As of January 1998, ownership was predominantly held by Fondazione Carisbo at 91.56%, with Unipol owning 6.61%. In the same year, CAER secured majority control (52.08%) of Banca Popolare dell'Adriatico through both direct holdings and via Carisbo but divested from Banca di Romagna.
Following the Merger
In 1999, CAER issued additional shares to the minority stakeholders of Carisbo, resulting in Carisbo becoming a fully owned subsidiary. Foundation Carisbo retained a 72.27% stake, Unipol held 4.55%, while the remaining shares were owned by private investors. At the same time, Foundation CRBM Lugo withdrew from its shareholder position.
By 31 December 1999, CAER’s portfolio of direct subsidiaries encompassed:
- Cassa di Risparmio in Bologna (Carisbo)
- Banca Agricola di Gorizia
- Banca Popolare dell'Adriatico
- Finemiro Banca
- CAER Leasing
- CAER Servizi
- CAER Ireland
- Caerfid
- CAER Suisse
Its minority investments included stakes in:
- Cassa di Risparmio di Carpi (17.32%)
- Finsoe (9.82%)
- Unipol Banca (8.00%)
- La Compagnia Finanziaria (13.30%)
- Sanpaolo IMI (0.14%)
- Beni Stabili
On 1 February 2000, CAER combined with Casse Venete Banca, leading to the creation of Cardine Banca.