Reti Bancarie
| Company type | Subsidiary |
|---|---|
| Industry | Banking |
| Predecessor | Banco di Chiavari e della Riviera Ligure (BCRL) |
| Founded | 2003 |
| Fate | Absorbed into Banca Popolare di Lodi in 2006 |
| Headquarters | Lucca , Italy |
| Products | Retail banking |
| Parent | Banca Popolare di Lodi Group |
Reti Bancarie functioned as a mid-level holding entity within the Banca Popolare di Lodi Group (Bipielle; BPL). In 2003, the subsidiary Banco di Chiavari e della Riviera Ligure (BCRL) of BPL underwent a reverse listing through Reti Bancarie, which was subsequently reintegrated into BPL in 2006.
History
On 21 January 2003, BPL purchased a controlling interest of 69.62% (48.7 million out of 70 million shares) in BCRL from Banca Intesa for €405 million, thereby incorporating its banking operations. The remaining shareholders were offered €7 per share by BPL. By mid-2003, specifically 30 June, BPL’s sub-holding company Bipielle Retail held an 87.26% stake in BCRL. During that year, BCRL merged with Bipielle Retail, facilitating the listing of retail banks on the Borsa Italiana. The registered office was relocated to Lucca, Tuscany, and the entity was renamed Reti Bancarie Holding S.p.A..
Reti Bancarie exercised control over multiple retail banking institutions: Banca Popolare di Crema (95.01%), Banca Popolare di Cremona (94.81%), Banca Popolare di Mantova (56.35%), Banca Valori (77.70%), Bipielle Società di Gestione del Credito (70%, alongside a 30% stake held by CR Lucca), Bipielle International Holding (90%, including its Swiss and UK subsidiaries), Cassa di Risparmio di Lucca (56.99%, encompassing CR Livorno and CR Pisa), and Banca Caripe (51%). By the close of 2003, the shareholders’ equity had increased significantly to €1.316 billion from the €216 million reported by BCRL prior to the merger. Post-merger, BPL's ownership in Reti Bancarie stood at 79.23%. The company also reduced its share capital from €36.4 million to roughly €17 million by decreasing the number of shares from 70 million to about 32.6 million.
In May 2004, Reti Bancarie issued 15,975,818 new shares priced at €40 each to generate €639 million aimed at privatizing its retail subsidiaries; this action diluted BPL's holding to 66.90% by year-end. Insurance company Unipol Assicurazioni, through its subsidiary Aurora Assicurazioni, purchased a 5.79% stake (2.8 million shares) from BPL for €173.4 million and secured exclusive rights to distribute insurance products via Reti Bancarie’s retail banks for a duration of five years. As of December 2004, Fondazione Cassa di Risparmio di Lucca owned a 1.029% interest (500,550 shares valued at €20 million), backed by an agreement guaranteeing minimum returns and granting buyback rights to BPL.
In 2005, the foundation exchanged its shares for equity in CR Lucca and contributed capital to its recapitalization effort, which lowered Reti Bancarie’s shareholding in CR Lucca to 46.28%. Additionally, the foundation obtained a put option with BPL allowing it to sell all CR Lucca shares.
By 2006, both Reti Bancarie and Bipielle Investimenti were absorbed into BPL; shareholders received five BPL shares for every Reti Bancarie share held. Subsequently, Aurora Assicurazioni divested its stake to Mediobanca.