Privatization by Intesa Sanpaolo
However, in July 2007 the group was being acquired by Intesa Sanpaolo.[8] Before the completion of the acquisition and privatization in 2008, The ente was a significant shareholder for 41.925% shares, with Intesa Sanpaolo being the second largest shareholder of 18.570% shares, followed by BNP Paribas (6.547%), Fondazione Carispezia (3.909%), Foundation of Pistoia & Pescia Saving Bank (renamed from Ente to Fondazione in late 1990s) (3.680%) and Società Finanziaria di Banche Romagnole (1.088%), about 24.281% shares were held by the public.[9] After the merger the "ente" became the 7th largest shareholder of Intesa Sanpaolo (3.378%), due to the swap ratio of 1.194 Intesa Sanpaolo ordinary shares for each Banca CR Firenze share,[10] while Intesa Sanpaolo owned 89.71% shares of Banca CR Firenze. That made "Ente" owned about 13.3% interests on Banca CR Firenze directly and indirectly, but not in voting rights.
The merger also triggered the demerging of Banca CR Firenze's subsidiaries, which CR Orvieto (located in Umbria region) and 4 former Banca CR Firenze branches were sold to Banca Popolare di Bari in 2009,[11] as well as Findomestic Bank was sold to BNP Paribas from 2009 to 2011.
However Intesa Casse del Centro, previously under directly ownership of Intesa Sanpaolo (96.07% ownership),[12] was sold to Banca CR Firenze, made Banca CR Firenze had access to the saving banks of the Province of Viterbo, Ascoli, Città di Castello, Spoleto, Rieti, Foligno, Terni and Narni. (4 from Umbria, 2 from Lazio, 1 from Marche) Soon later the intermediate holding company Casse del Centro was dissolved.
In 2010 Intesa Sanpaolo spin off with French banking group Crédit Agricole, which Carispezia was sold to the French banking group, as well as 11 former Banca CR Firenze branches were sold to Crédit Agricole's subsidiary in Italy, Cariparma.
In 2012 the local saving banks were reorganized by selling relevant branches to matching subsidiaries, both within Banca CR Firenze and within Intesa Sanpaolo.[13] On 26 November 2012 subsidiary Casse di Risparmio dell'Umbria was formed by the merger of Foligno, Città di Castello, Terni e Narni and Spoleto saving banks, with CR Spoleto was renamed to CR Umbria.
On 23 July 2012 CR Pistoia e Pescia was renamed to Cassa di Risparmio di Pistoia e della Lucchesia. On 12 November 2012 Ascoli Piceno was sold back to Intesa Sanpaolo after Banca CR Firenze acquired 100% shares. On 1 October 2012 Banca CR Firenze Romania S.A. was merged with Banca Comercialà Intesa Sanpaolo Romania S.A., which Banca CR Firenze hold 8.18% of B.C. Intesa Sanpaolo Romania immediately after the deal.
In 2015 subsidiaries CR Viterbo, Rieti and Civitavecchia were closed down. The shares of the saving banks were exchanged with the shares of Intesa Sanpaolo. In the same year Ente Cassa di Risparmio di Firenze also excised a put option to sell the minority stake (10.26%) in the bank to Intesa Sanpaolo for €182.5 million. After the deal the former owner of Banca CR Firenze, would just own about 2% shares of Intesa Sanpaolo directly as well as the same ratio indirectly in Banca CR Firenze.
In November 2015 Casse dell'Umbria was sold back to the parent company by reduction of the share capital and reserve of Banca CR Firenze.
