Credito Italiano
| Industry | Banking |
|---|---|
| Predecessor | Banca di Genova |
| Founded | 1870 |
| Defunct | 2002 |
| Fate | Merged with Unicredito to form UniCredito Italiano; later rebranded as UniCredit Banca |
| Successor | UniCredit Banca |
| Headquarters | Milan , Italy |
Area served | Italy, Europe, China (historically) |
Key people | Giacomo Castelbolognesi (leader during restructuring in 1895) |
| Products | Banking services, retail banking (later as subsidiary) |
| Parent | UniCredito Italiano (after 1998 merger) |
Credito Italiano, widely recognized as Credit, was a prominent banking institution in Italy with its main office located in Milan. Established in 1895 as the successor to the Banca di Genova, originally founded in 1870 in Genoa, it combined forces with Unicredito in 1998, resulting in the creation of Unicredito Italiano, which was subsequently renamed UniCredit.
After this consolidation, UniCredit maintained a subsidiary under the Credito Italiano brand to oversee its retail banking operations. On 1 July 2002, this entity integrated assets from affiliated banks and was rebranded as UniCredit Banca.
Bank of Genoa and foundation of Credito Italiano
The was established on 28 April 1870 with an initial equity of 3 million lire. Its investors comprised members of the local aristocracy (including Pallavicino and Balbi), financiers (such as Quartara and Polleri), and traders (like Lagorio, Dodero, and Bacigalupo). By 1872, it had initiated pioneering trans-Atlantic financial services connecting with Buenos Aires.
In response to a financial crisis in Italy during 1895, the Bank of Genoa underwent restructuring supported by both Italian and international financiers, notably Manzi & Co. from Rome and Kuster & Co. based in Turin. Under the leadership of Giacomo Castelbolognesi from , it merged with a Milanese institution named , adopting the new title Credito Italiano,[1] and establishing its headquarters in Milan with a paid-in capital totaling 14 million lire.
20th-century expansion
Credito Italiano expanded its operations by acquiring Banca Manzi in 1901 and later Banca Meuricoffre located in Naples in 1905. The bank relocated its headquarters to Piazza Cordusio and inaugurated a branch in London by 1911. By 1913, its equity capital had grown to 75 million lire alongside significant deposit increases. Throughout the period from 1896 to 1913, the bank played a vital role financing Italy's industrial sectors including iron and steel production, electric utilities, sugar-beet processing, urban transit systems, and chemical manufacturing.
At the outbreak of First World War, Credito Italiano's executives advocated for neutrality. Despite this stance, it encountered opposition from nationalist and liberal factions connected to competing enterprises like Gio. Ansaldo & C. and Banca Italiana di Sconto.
Post-World War I, Credito Italiano pursued growth through acquisitions such as Banca del Monferrato, Banca di Legnano, Credito Varesino, and the Swiss-based Banca Unione di Credito (1919). In 1920, it became part of "Compagnia Finanziaria Nazionale" and established banking operations in China, Vienna, and Tirol. Additional branches were launched in Paris and Berlin by 1921; subsequent ventures included founding Banca Italo Egiziana (1924) and involvement with the National Bank of Albania (1925). The bank benefited from Italy’s industrial surge between 1922 and 1925 but experienced decline thereafter.
During the Great Depression era, Credito Italiano faced insolvency leading to nationalization; it was later revitalized with support from Istituto per la Ricostruzione Industriale spanning from 1933 into the 1990s. A legislative decree in 1936 required separation between short- and medium-term credit activities. In 1946, Credito Italiano partnered with BCI and Banco di Roma to establish Mediobanca.
From 1973 until its sale to Credito Emiliano in 1995,[2] Banca Creditwest e dei Comuni Vesuviani (previously known as Banca Milanese di Credito) was predominantly owned by Credito Italiano with National Westminster Bank holding a minority share. This institution operated approximately thirty branches across major cities including Rome, Milan, and Naples.
Throughout the 1990s, the bank transitioned into private sector ownership as government shares were divested. It secured about half ownership of Banca Popolare di Spoleto in 1992 and acquired a 35% stake in Banca Cattolica di Molfetta by 1994.
In 1995, Credito Italiano obtained controlling interests in Credito Romagnolo (alongside its subsidiary Banca Popolare del Molise) as well as in Carimonte Banca (including subsidiary Banca Popolare di Rieti). These entities were consolidated into Rolo Banca, except for Banca Popolare di Rieti which was separated from Carimonte.
Conversion into UniCredito Italiano and UniCredit Banca
Towards the end of 1998, Credito Italiano merged with Unicredito, which was incorporated into Credito Italiano, prompting the rebranding of Credito Italiano as UniCredito Italiano. Shareholders from the original Unicredito held approximately 38.46% ownership in the newly formed UniCredito Italiano.
During that same year, Banca Popolare di Spoleto was divested in July, followed by the sale of Banca Cattolica di Molfetta in October. Additionally, Banca Popolare del Molise and Banca Popolare di Rieti were integrated into Rolo Banca and subsequently into UniCredit throughout 1998 and 1999. In December 1999, Credito Italiano was reconstituted as a subsidiary entity rather than remaining a division.
On 1 July 2002, Credito Italiano underwent a name change to UniCredit Banca, consolidating retail banking operations from Rolo Banca, Banca CRT, Cariverona Banca, Cassamarca, Cassa di Risparmio di Trento e Rovereto, and Cassa di Risparmio di Trieste. Subsequently, on 1 January 2003, both UniCredit Private Banking and UniCredit Banca d'Impresa were separated as independent units. By 2010, UniCredit Banca had been fully integrated into the broader UniCredit group.
See also
Further reading
- Cohen, Jon S. "Financing industrialization in Italy, 1894–1914: The partial transformation of a late-comer." Journal of Economic History 27.3 (1967): 363-382.
- Gale Directory of Company Histories. "Credito Italiano" (2012) online
- Pohl, Manfred, ed. Handbook on the history of European banks (Edward Elgar Publishing, 1994) pp 652–55.
- Sraffa, Piero. "The bank crisis in Italy." Economic Journal 32.126 (1922): 178-197. online
- Vasta, Michelangelo, and Alberto Baccini. "Banks and industry in Italy, 1911–36: new evidence using the interlocking directorates technique." Financial History Review 4.2 (1997): 139-159.
External links
- (redirects to UniCredit)
- ↑ Cite error: Invalid
<ref>tag; no text was provided for refs namedHybrid - ↑ CREDITO EMILIANO: VIA A FUSIONE CON BANCA CREDITWEST Adnkronos, 15 November 1995
- Articles with short description
- Defunct banks of Italy
- UniCredit Group
- Credito Italiano Group
- Former UniCredit subsidiaries
- Banks established in 1870
- Banks disestablished in 2002
- Italian companies established in 1870
- Italian companies disestablished in 2002
- Formerly government-owned companies of Italy
- Companies based in Genoa
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