ISVEIMER

Istituto per lo Sviluppo Economico dell'Italia Meridionale S.p.A. (ISVEIMER)

Company type	Società per azioni
Industry	Financial services
Founded	1938
Defunct	1996 (liquidation began)
Fate	Undergoing voluntary liquidation since 1996
Headquarters	Naples (headquarters moved to Rome during liquidation) , Italy
Area served	Southern Italy (excluding Sardinia and Sicily)
Owner	Intesa Sanpaolo (65.47% as of 2007)
Parent	Intesa Sanpaolo

Istituto per lo Sviluppo Economico dell'Italia Meridionale S.p.A., commonly referred to as ISVEIMER, was a financial institution headquartered in Naples, Campania, Italy. Since 1996, the bank has been undergoing liquidation, with its main office moved to Rome. As of 2015, the company remained in the process of winding down due to the presence of subsidized loans.

History

Established in 1938, ISVEIMER became one of the 19 Mediocredito entities in Italy by 1953 and was among three Istituti Meridionale supported by Cassa per il Mezzogiorno. Its primary function was to offer medium-term financing to small and medium-sized enterprises in Southern Italy, excluding Sardinia and Sicily, which were served by Credito Industriale Sardo and IRFIS – FinSicilia, respectively. Following the enactment of Legge Amato, ISVEIMER transitioned into a società per azioni (joint-stock company) in 1993. At that point, Banco di Napoli owned 44.859% of shares and acquired an additional 6.16% from various regional banks such as Cassa di Risparmio di Calabria e Lucania, Banca Popolare di Novara, among others.

In 1996, ISVEIMER commenced voluntary liquidation proceedings. After this phase began, Banco di Napoli raised its ownership stake to 65.22% by 2001, while Banca dell'Adriatico, later integrated into the Sanpaolo IMI Group, held a minor 0.17% share. These holdings were subsequently transferred to Sanpaolo IMI (65.40% in 2006) and then to Intesa Sanpaolo in 2007 (65.47%). Additionally, a small stake of 0.04% was retained by Cassa di Risparmio di Ascoli Piceno, a subsidiary of Banca Intesa.