Banca Teatina

former name

Nuova Cassa di Risparmio di Chieti

type

Subsidiary

industry

Financial services

predecessor

Cassa di Risparmio Marrucina Cassa di Risparmio di Guardiagrele Cassa di Risparmio della Provincia di Chieti

successor

Fondazione Chieti (charity only)

founded

1862 (C.R. Marrucina) 1938 (Marrucina & Guardiagrele merged) 1992 (S.p.A. and Foundation spin-off) 2015 (re-founded)

founder

Fondazione Chieti in 1992 Bank of Italy in Rome in 2015

hq location

Chieti Scalo, Chieti, Italy (de facto) Bergamo, Italy (registered office)

fate

Became UBI Banca branches

defunct

2018-02-26

num locations

63 branches (filiali)

num locations year

2016

area served

Abruzzo Region Rome, Perugia, San Benedetto del Tronto and Milan (cities outside Abruzzo)

key people

Osvaldo Ranica (chairman) Raffaele Avantaggiato (CEO)

services

Retail and corporate banking

net income

€8 million

net income year

2016

assets

€2.965 billion

assets year

2016

equity

€119 million

equity year

2016

owner

UBI Banca (100%)

num employees

548

num employees year

2016

parent

UBI Banca

ratio

11.29% (CET1, Dec.2016)

website

http://www.carichieti.it

footnotes

source‡R1R‡

Banca Teatina S.p.A. formerly known as Nuova Cassa di Risparmio di Chieti S.p.A. was an Italian savings bank headquartered in Chieti Scalo, Chieti, Abruzzo region. The bank was formed on 22 November 2015 to replace the old Cassa di Risparmio della Provincia di Chieti S.p.A. which was under special administration from 2014 to 2015. The bank was bought by UBI Banca on 18 January 2017 for a nominal fee. Cassa di Risparmio della Provincia di Chieti S.p.A. was the successor of the bank that known as "Cassa di Risparmio della Provincia di Chieti", which was under legal reconstruction in the 1990s. The former legal entity of "Cassa di Risparmio della Provincia di Chieti" became Fondazione Cassa di Risparmio della Provincia di Chieti, which was the majority shareholder of the S.p.A. before its failure in 2015.

History

Cassa di Risparmio della Provincia di Chieti was found in 1938 by the merger of Cassa di Risparmio Marrucina (found 1862) and Cassa di Risparmio di Guardiagrele.[2][3]

In 1992, Due to Legge Amato, the statutory corporation was split into a "company limited by shares" Cassa di Risparmio della Provincia di Chieti S.p.A. (in short Carichieti S.p.A.), and a banking foundation Fondazione Cassa di Risparmio della Provincia di Chieti ("Fondazione Chieti" in short). The foundation was the owner of Carichieti S.p.A. for 80%, with Cariplo

Insolvency

The company was under special administration (A.S.) from 2014. The last annual report of the bank, shown the bank had a shareholders' equity of €200 million and a Tier 1 capital ratio of 8.80% as at 31 December 2013.[5] The administrator from the Bank of Italy had made asset quality review, forcing the bank to make more provision to their non-performing loans.

In 2015 one of the two Italian deposit guarantee fund Fondo Interbancario di Tutela dei Depositi (which most of the banks except BCC banking group belongs to) had planned to bail-out CariChieti and 3 other banks that were also under A.S.,[6] but they were bail-out by Italian National Resolution Fund instead, for a recapitalisation of €2 billion (€141 million for CariChieti). The European Commission ruled that the bail out of Banca Tercas by FITD in 2014 was a state aid, while new Bank Recovery and Resolution Directive of EU required to bail-in some investors of the bank before any state intervention.

The Italian National Resolution Fund had also injected a combined €1.7 billion to Banca Marche, Banca Etruria, Carife, and CariChieti to cover the losses.[7] After forming the good bank and the bad bank, the old bank would be liquidated, which the shareholders and subordinated bond holders of the old bank would receive nothing due to bail-in. After the bail-in, the banking foundation had a net assets of just €11 million (decreased from €89 million) at 31 December 2015, due to the total write-off of the value of the shares of the old bank.[8]

On 3 May 2016, Decree-Law N°59/2016 was announced, which the retail investors of the bond of the 4 banks would be refunded (up to €100,000, same as deposit insurance) if they purchased the bond on or before 12 June 2014, the date of Bank Recovery and Resolution Directive was passed.[9] The decree-law was a response to criticism of the bail-in of all junior investor of the bank, which Italian bank often sold risky bond of themselves to their depositors. The refund scheme: Fondo di solidarietà, would be managed by FITD.[10]

Nuova Carichieti / Banca Teatina

On 22 November 2015 the bank split into a "good" and "bad bank",[11] the foundation lost the control on the company, which had no assets but share capital and subordinated debt. The new bank had a share capital of €141 million and a Tier 1 capital ratio of estimated 9%.[12][13] While the bad loans were transferred to a single "bad bank" REV - Gestione Crediti, which was shared with Carife, Banca Etruria and Banca Marche. The transfer was completed in January 2016.[14] The rescue of the four banks was in line with EU Bank Recovery and Resolution Directive, which the Bank of Italy

History

Insolvency

Nuova Carichieti / Banca Teatina

Banking foundation

Gallery

See also

External links

References