Banca Intesa

Banca Intesa S.p.A. was an Italian banking group that operated from 1998 until its combination with Sanpaolo IMI in 2007. It was created through the merger of Cassa di Risparmio delle Provincie Lombarde, commonly known as Cariplo, and Banco Ambrosiano Veneto. The latter brought together the legacy of Nuovo Banco Ambrosiano and the earlier Banco Ambrosiano, as well as Banca Cattolica del Veneto. The transaction established a large national banking platform with strong roots in northern Italy. The group expanded its scale and geographic reach through a further combination with Banca Commerciale Italiana. Banca Commerciale Italiana entered the group in 1999, and the resulting organization adopted the name IntesaBCi following the legal merger completed in 2001. On 1 January 2003, the group restored the Banca Intesa name. During this period, it also acquired or controlled a number of regional savings banks and commercial banking operations, including Cariparma, FriulAdria, Carisap and Carifol. Other subsidiaries and branch networks were sold or transferred as part of portfolio management and competition remedies. Banca Intesa's activities covered the principal segments of universal banking. Its retail operations served individuals, small businesses, small and medium-sized enterprises and nonprofit organizations, with services including deposits, lending, retail banking, wealth management, private banking and industrial credit. The corporate division served medium-sized and large companies, financial institutions and public administrations. Its capabilities included mergers and acquisitions advisory, structured finance, merchant banking, capital-markets services, global custody and international banking. Italian subsidiary banks provided regionally anchored services, while international subsidiaries supplied retail and commercial banking services, particularly in Central and Eastern Europe. The group also maintained branches and representative offices in several international regions. The group had a complex shareholder structure before its final merger. Crédit Agricole was a significant shareholder, alongside Italian banking foundations, insurance interests and financial holding groups. Banca Intesa's expansion and the concentration created by its combination with Banca Commerciale Italiana also attracted scrutiny from Italian competition authorities. The group responded by disposing of branches and selected banking businesses, including transfers to Banca Nuova, Banca Popolare di Vicenza and Unipol Banca, among other transactions. In August 2006, Banca Intesa and Sanpaolo IMI announced plans to combine. The merger became effective on 1 January 2007, with Sanpaolo IMI merging into Banca Intesa and the enlarged institution adopting the name Intesa Sanpaolo S.p.A. Turin became the registered office of the new group, while Milan remained a secondary registered office. Banca Intesa therefore ceased to exist as a standalone banking group, although many of its businesses, customer relationships and organizational capabilities continued within Intesa Sanpaolo.

Banca Intesa emerged in 1998 from the merger of Cariplo and Banco Ambrosiano Veneto. Cariplo was one of Italy's important savings-bank institutions, while Banco Ambrosiano Veneto represented the post-restructuring banking business associated with the former Banco Ambrosiano and related predecessor institutions. Their combination created a substantial banking group with a particularly strong base in northern Italy. The group pursued rapid consolidation. In 1999, Banca Commerciale Italiana entered the organization, bringing the assets and commercial-banking heritage of one of Italy's historic national banks. After the legal merger process, the group used the name IntesaBCi from 2001. On 1 January 2003, it changed its name back to Banca Intesa, simplifying the corporate identity while retaining the enlarged platform created by the earlier combinations. Expansion also took place through regional banking subsidiaries and investments. The group acquired or incorporated interests in banks including Cariparma, FriulAdria, Carisap and Carifol. At the same time, it divested certain institutions, including Carispezia, Cassa di Risparmio di Alessandria, Banca di Legnano, Cassa di Risparmio di Carrara and Banca Carime. Some branch disposals were connected with the Italian Competition Authority's concerns about the concentration of banking distribution following the Banca Commerciale Italiana transaction. Branches were transferred to Banca Nuova and its parent Banca Popolare di Vicenza, as well as to Unipol Banca. By the middle of the 2000s, Banca Intesa was organized around four broad areas. Retail banking served consumers, smaller enterprises, small and medium-sized businesses and nonprofit organizations. Corporate banking addressed larger companies, financial institutions and public administrations, offering advisory, structured finance, merchant banking, capital-markets and custody capabilities. Italian subsidiary banks preserved regional distribution and customer relationships, while international subsidiary banks provided retail and commercial services outside Italy, especially in Central and Eastern Europe. The group also operated branches and representative offices in a range of overseas markets. Ownership before the final merger combined institutional, foundation and insurance investors with a broad public shareholder base. Crédit Agricole was a major shareholder, while Fondazione Cariplo, Fondazione Cariparma, the Generali group and a Lombard voting syndicate were also represented. This shareholder configuration reflected the importance of banking foundations and strategic financial investors in Italian banking during the period. In August 2006, Banca Intesa and Sanpaolo IMI announced their intention to merge. The transaction was completed on 1 January 2007. Sanpaolo IMI was merged into Banca Intesa, and the surviving group changed its name to Intesa Sanpaolo S.p.A. The new group's registered office was established in Turin, with Milan retained as a secondary registered office. Banca Intesa consequently became a historical predecessor rather than an active standalone brand. Its retail, corporate, subsidiary-bank and international operations continued in reorganized form within Intesa Sanpaolo.

1. 2007Formation of Intesa Sanpaolo

   The merger became effective on 1 January, and the combined institution adopted the Intesa Sanpaolo name.

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2. 2006Merger agreement with Sanpaolo IMI announced

   Banca Intesa and Sanpaolo IMI announced plans to create a major Italian and European banking group.

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3. 2003Return to the Banca Intesa name

   The group's name was changed from IntesaBCi back to Banca Intesa on 1 January.

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4. 2001Adoption of the IntesaBCi name

   Following the merger process involving Banca Commerciale Italiana, the group adopted the name IntesaBCi.

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5. 1999Banca Commerciale Italiana enters the group

   Banca Commerciale Italiana joined the expanding banking group, leading to a subsequent change in the group's corporate name.

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6. 1998Creation through the Cariplo–Banco Ambrosiano Veneto merger

   Cassa di Risparmio delle Provincie Lombarde and Banco Ambrosiano Veneto merged to form Banca Intesa.

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A large Italian universal bank combining mass-market banking, corporate finance, wealth management, regional subsidiary banks and international commercial banking.

• Retail bankingBanking

  The retail division served individuals, small businesses, small and medium-sized enterprises and nonprofit organizations. Its activities included conventional retail banking, consumer and business lending, deposits, wealth management, private banking and industrial credit. Regional subsidiary banks helped extend distribution and preserve local-market relationships across Italy.

• Corporate and institutional bankingCorporate finance

  Banca Intesa provided financial services to medium-sized and large companies, financial institutions and public administrations. The offering included mergers and acquisitions advisory, structured financial services, merchant banking, capital-markets activities, global custody and specialized international banking. These services complemented the group's deposit-taking and lending franchises.

• International subsidiary bankingInternational banking

  The international subsidiary banks division supplied retail and commercial banking services outside Italy, with particular emphasis on Central and Eastern Europe. Banca Intesa also maintained branches and representative offices in Europe, Asia, Latin America, North America and Africa, supporting cross-border corporate and institutional activity.

• 2006Agree to merge with Sanpaolo IMIM&A

  Banca Intesa sought to combine with another major Italian banking group and create a larger institution with national scale and substantial international operations.

  What changed. The two groups announced a merger that was scheduled to take effect on 1 January 2007.

  Aftermath. The transaction created Intesa Sanpaolo and ended Banca Intesa's existence as an independent group.

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• 2001Dispose of branches in response to competition concernsStrategy

  The expansion associated with the Banca Commerciale Italiana merger increased concentration in parts of the Italian banking market and prompted scrutiny by the Italian Competition Authority.

  What changed. Banca Intesa transferred or sold branch networks to Banca Nuova, Banca Popolare di Vicenza and Unipol Banca, among other portfolio transactions.

  Aftermath. The disposals formed part of the group's response to competition concerns and reshaped its Italian distribution network.

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• 2007Intesa Sanpaolo begins operations after merger

  The merger of Banca Intesa and Sanpaolo IMI became effective on 1 January, creating Intesa Sanpaolo S.p.A. and ending Banca Intesa's independent existence.

  M&ALeadership change
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• 2006Banca Intesa and Sanpaolo IMI announce merger plan

  The two Italian banking groups announced a proposed combination intended to create Italy's largest banking group by assets and one of Europe's largest.

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• 2001Branch disposals follow competition scrutiny

  Banca Intesa sold or transferred branches to Banca Nuova, Banca Popolare di Vicenza and Unipol Banca in connection with competition concerns surrounding consolidation with Banca Commerciale Italiana.

  RegulationOther
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1. Banca Intesa