Banca CR Firenze

Banca CR Firenze, formally Banca Cassa di Risparmio di Firenze S.p.A., was an Italian savings-bank group headquartered in Florence. Its institutional origin lay in Cassa di Risparmio di Firenze, founded in 1829 as the central savings institution of the Grand Duchy of Tuscany. The modern banking company emerged in 1992, when Italy’s Legge Amato separated the banking business from the charitable and institutional ownership of the savings-bank foundation. The operating bank became a società per azioni, while Ente Cassa di Risparmio di Firenze retained a major ownership role. During the 1990s and 2000s, Banca CR Firenze developed from a primarily Tuscan institution into a multi-regional banking group. In 1992 it participated in Casse Toscane, a holding structure involving several Tuscan savings banks. Although the arrangement was subsequently reduced and reorganized, Banca CR Firenze continued to use acquisitions and equity investments to extend its reach. It acquired controlling interests in Cassa di Risparmio di Civitavecchia and Cassa di Risparmio di Orvieto, purchased Cassa di Risparmio di Mirandola, took a minority position in Cassa dei Risparmi di Forlì, and absorbed Credito Fondiario Toscano. It also increased its holding in Findomestic Banca and acquired Cassa di Risparmio della Spezia, commonly known as Carispezia. The group became a publicly traded company in 2000 after the foundation sold shares to outside investors, including Sanpaolo IMI and BNP Paribas. Its shareholder structure combined the Florence foundation, other banking foundations, strategic financial institutions, and a public float. Listing gave Banca CR Firenze access to capital and supported its expansion, but also placed the institution within the consolidation process affecting Italy’s savings-bank sector. Banca CR Firenze expanded outside Italy in 2006 through the acquisition of Romanian bank Banca Daewoo, which was renamed Banca CR Firenze Romania. The group’s structure changed substantially after Intesa Sanpaolo began acquiring it in 2007. The transaction was completed through a combination of share ownership and an exchange arrangement in which Banca CR Firenze shareholders received Intesa Sanpaolo shares. The former Florence foundation consequently became a shareholder of Intesa Sanpaolo, while Banca CR Firenze became controlled within the Intesa Sanpaolo group. The post-acquisition period involved extensive portfolio rationalization. Certain subsidiaries and branches were transferred to other banking groups, including Banca Popolare di Bari and Crédit Agricole’s Italian operations. Other regional savings banks were reorganized under Intesa Sanpaolo-related structures. Banca CR Firenze Romania was merged with Banca Comercială Intesa Sanpaolo Romania in 2012. Regional entities in Umbria were consolidated, and several local savings-bank holdings were later exchanged for Intesa Sanpaolo shares or returned to the parent group. In 2015, Ente Cassa di Risparmio di Firenze exercised a put option concerning its remaining minority stake in Banca CR Firenze, selling 10.26 percent to Intesa Sanpaolo for €182.5 million. The transaction further reduced the historical foundation’s direct economic connection with the former Florence banking company. That year, additional regional subsidiaries were closed or reorganized, and Casse dell’Umbria was transferred back to the parent company. Banca CR Firenze is therefore best understood as a historical Italian banking brand and corporate banking group whose operations and subsidiaries were progressively absorbed, transferred, or reorganized within Intesa Sanpaolo rather than as an independent contemporary retail bank.

The institutional history of Banca CR Firenze began with the establishment of Cassa di Risparmio di Firenze on 30 March 1829. The savings bank served as the central savings institution of the Grand Duchy of Tuscany, although other local savings banks later became independent from Florence. Its original model was therefore both regional and public-interest oriented, combining deposit-taking with the civic role traditionally associated with Italian casse di risparmio. A decisive restructuring occurred in 1992 under Italy’s Legge Amato. The banking operations of the savings bank were separated from the ownership and charitable functions of Ente Cassa di Risparmio di Firenze. The operating business became a joint-stock company, while the foundation retained shares and continued to represent the institution’s historical ownership base. In the same year, the bank participated in Casse Toscane with the savings banks of Livorno, Pisa, Pistoia-Pescia, San Miniato, and Banca del Monte di Lucca. The alliance was subsequently reduced: several participants withdrew, and by 1998 the shares of Pistoia-Pescia and San Miniato had been returned to their foundations. Florence later acquired a 51 percent interest in Pistoia-Pescia. The group pursued a broad acquisition strategy during the late 1990s and early 2000s. It obtained significant holdings in the savings banks of Civitavecchia and Orvieto, reaching controlling positions in both by 2000. In November 1999, the Florence foundation sold part of the bank to Sanpaolo IMI and BNP Paribas. Banca CR Firenze was listed on Borsa Italiana in 2000, creating a mixed shareholder structure consisting of the foundation, strategic financial investors, other banking foundations, and public shareholders. Expansion continued after the listing. The group acquired Cassa di Risparmio di Mirandola, increased its interest in Cassa dei Risparmi di Forlì, and absorbed Credito Fondiario Toscano. Its holding in Findomestic Banca rose from 35 percent to 50 percent in 2001. In 2003, Banca CR Firenze acquired Cassa di Risparmio della Spezia from Banca Intesa and Fondazione Carispezia through a cash-and-shares transaction. The holding in Carispezia later rose to 80 percent. The group also expanded internationally by acquiring Romanian bank Banca Daewoo in March 2006 and renaming it Banca CR Firenze Romania. The next stage was consolidation into Intesa Sanpaolo. Intesa Sanpaolo acquired Banca CR Firenze beginning in 2007, and the transaction was completed through ownership changes and a share exchange. Intesa Sanpaolo ultimately became the controlling shareholder, while Ente Cassa di Risparmio di Firenze received Intesa Sanpaolo shares. The integration led to a substantial reorganization of subsidiaries and branches. CR Orvieto and four former Banca CR Firenze branches were sold to Banca Popolare di Bari in 2009. Findomestic was transferred to BNP Paribas in stages between 2009 and 2011. Carispezia and eleven former Banca CR Firenze branches were transferred to Crédit Agricole’s Italian operations in 2010 as part of the reorganization of the Intesa Sanpaolo and Crédit Agricole relationship. The remaining regional network was reorganized in 2012. Several Umbria savings banks were combined to form Casse di Risparmio dell’Umbria, and CR Spoleto was renamed CR Umbria. Banca CR Firenze Romania was merged into Banca Comercială Intesa Sanpaolo Romania. In 2015, Cassa di Risparmio di Civitavecchia, CR Viterbo, and CR Rieti were closed or otherwise removed from the group structure, with interests exchanged for Intesa Sanpaolo shares. The Florence foundation also sold its remaining 10.26 percent stake in Banca CR Firenze to Intesa Sanpaolo for €182.5 million. Casse dell’Umbria was transferred back to the parent company later that year. These transactions marked the effective end of Banca CR Firenze as an autonomous banking group and completed its transition from an independent listed savings-bank institution to a legacy structure within Intesa Sanpaolo.

1. 2015Final foundation stake is sold

   Ente Cassa di Risparmio di Firenze sells a 10.26 percent interest to Intesa Sanpaolo for €182.5 million.

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2. 2012Regional banking structure is reorganized

   Several Umbrian savings banks are combined into Casse di Risparmio dell’Umbria, while the Romanian subsidiary is merged with Intesa Sanpaolo Romania.

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3. 2008Control passes to Intesa Sanpaolo

   The acquisition and related share exchange make Intesa Sanpaolo the dominant owner.

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4. 2007Intesa Sanpaolo acquisition begins

   Intesa Sanpaolo begins acquiring Banca CR Firenze.

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5. 2006Romanian expansion

   The group acquires Banca Daewoo and renames it Banca CR Firenze Romania.

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6. 2003Carispezia joins the group

   Banca CR Firenze acquires Cassa di Risparmio della Spezia through a cash-and-shares transaction.

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7. 2001Findomestic holding increases

   The group increases its interest in Findomestic Banca from 35 percent to 50 percent.

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8. 2000Banca CR Firenze is listed

   The bank becomes a publicly traded company on Borsa Italiana.

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9. 1999Strategic shareholders acquire stakes

   The Florence foundation sells part of its holding to Sanpaolo IMI and BNP Paribas.

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10. 1992Banking operations are separated from the foundation

    Under Legge Amato, the banking business becomes a joint-stock company and Ente Cassa di Risparmio di Firenze becomes the associated banking foundation.

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11. 1992Casse Toscane is formed

    Banca CR Firenze joins a common holding structure with several Tuscan savings banks.

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12. 1829Cassa di Risparmio di Firenze is founded

    The Florence savings bank is established on 30 March as the central savings institution of the Grand Duchy of Tuscany.

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A historic, locally rooted Italian savings-bank institution that expanded into a multi-regional banking group before being integrated into Intesa Sanpaolo.

• Savings and retail bankingBanking services1829

  The institution’s historical core was savings banking associated with the Florentine caisse de risparmio tradition. Its retail activities were delivered through a regional branch network and affiliated local savings banks. The available reference material identifies the bank principally as a savings-bank group, but does not provide a detailed product catalogue of specific accounts, cards, or digital services.

• Regional banking subsidiariesCommercial banking1990

  Banca CR Firenze expanded its banking presence through holdings in local savings banks, including institutions associated with Civitavecchia, Orvieto, Mirandola, Pistoia-Pescia, Forlì, La Spezia, and Umbria. These entities gave the group a multi-regional operating footprint, although many were later sold, merged, closed, or transferred within the Intesa Sanpaolo group.

• Findomestic Banca investmentConsumer finance investment2001

  The group increased its holding in Findomestic Banca to 50 percent in 2001. This was an ownership and strategic investment rather than a separately described consumer-finance product branded by Banca CR Firenze. The interest was later sold to BNP Paribas during the post-acquisition restructuring.

• 2015Foundation sells remaining minority stakeM&A

  Ente Cassa di Risparmio di Firenze retained a minority interest after Intesa Sanpaolo had taken control of Banca CR Firenze.

  What changed. The foundation exercised a put option and sold its 10.26 percent stake to Intesa Sanpaolo for €182.5 million.

  Aftermath. The transaction further consolidated Intesa Sanpaolo’s ownership and left the former foundation with a much smaller direct and indirect economic connection to Banca CR Firenze.

  Purchase price for 10.26% stake. €182.5 million (2015)

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• 2012Consolidate Umbrian savings banksStrategy

  Several local savings banks remained within the post-acquisition structure, creating overlapping regional entities and brands.

  What changed. Foligno, Città di Castello, Terni e Narni, and Spoleto were combined into Casse di Risparmio dell’Umbria, with CR Spoleto renamed CR Umbria.

  Aftermath. The consolidation simplified the regional structure before Casse dell’Umbria was later returned to Intesa Sanpaolo.

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• 2010Transfer Carispezia and branches to Crédit AgricoleM&A

  Following the integration of Banca CR Firenze into Intesa Sanpaolo, the group reorganized selected regional banking assets in connection with its relationship with Crédit Agricole.

  What changed. Carispezia and eleven former Banca CR Firenze branches were transferred to Crédit Agricole’s Italian subsidiary, Cariparma.

  Aftermath. The transfer reduced Banca CR Firenze’s direct regional footprint and aligned the affected assets with another banking group.

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• 2007Accept acquisition by Intesa SanpaoloM&A

  Banca CR Firenze was a listed savings-bank group with a substantial foundation holding and a broad portfolio of regional subsidiaries. The Italian banking sector was undergoing consolidation, and Intesa Sanpaolo moved to acquire the group.

  What changed. Intesa Sanpaolo acquired control through share purchases and a transaction that was completed with an exchange of Intesa Sanpaolo ordinary shares for Banca CR Firenze shares.

  Aftermath. Banca CR Firenze became part of Intesa Sanpaolo, and its subsidiaries and branches were subsequently reorganized, sold, or transferred within the wider group.

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• 2015Ente Cassa di Risparmio di Firenze sells remaining Banca CR Firenze stake

  The former owner exercised a put option and sold a 10.26 percent interest to Intesa Sanpaolo for €182.5 million, further consolidating ownership.

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• 2012Banca CR Firenze Romania merges with Intesa Sanpaolo Romania

  The Romanian subsidiary was merged with Banca Comercială Intesa Sanpaolo Romania, with Banca CR Firenze retaining an 8.18 percent interest immediately after the transaction.

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• 2008Banca CR Firenze becomes integrated with Intesa Sanpaolo

  The acquisition and share-exchange process was completed, leaving Intesa Sanpaolo with a dominant holding and making the former Florence foundation a shareholder of Intesa Sanpaolo.

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• 2007Intesa Sanpaolo begins acquisition of Banca CR Firenze

  Intesa Sanpaolo moved to acquire control of Banca CR Firenze, initiating the process that transformed the Florence-based listed banking group into a controlled company within the Intesa Sanpaolo group.

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1. Banca CR Firenze