Cassa di Risparmio della Provincia di Viterbo

Cassa di Risparmio della Provincia di Viterbo, commonly known as Carivit, was an Italian savings bank and associated charitable institution based in Viterbo. Established in 1855, when Viterbo was part of the Papal States, it developed as a regional financial institution serving households, businesses and local communities in the Province of Viterbo and the wider Lazio area. Its traditional role was that of a savings bank, combining deposit-taking and lending with a local institutional and philanthropic presence. The bank expanded its territorial base during the twentieth century. In 1927 it acquired the savings banks of Acquapendente, Bagnoregio and Carbognano. In 1937, following a reform that encouraged or required smaller savings banks to consolidate with larger institutions, it absorbed the Casse di Risparmio Riunite of Ronciglione, Sutri, Capranica and Caprarola. That same year it adopted the name Cassa di Risparmio della Provincia di Viterbo. Italian banking reform under the Amato Law separated the operating banking business from the institution's charitable and heritage functions. Carivit's banking activities were placed in a joint-stock company, while the related foundation became Ente Cassa di Risparmio della Provincia di Viterbo, later known as Fondazione Carivit. This structure left the foundation as a shareholder and charitable body while making the bank suitable for ownership consolidation within larger banking groups. During the 1990s, Cassa di Risparmio delle Provincie Lombarde, or Cariplo, acquired a significant stake in the banking company. Its ownership rose from 41.1% to 64.32% in 1997 and to 70.92% in 1998. In 1998 Cariplo merged with Banco Ambrosiano Veneto to create Banca Intesa, bringing Carivit into the emerging Intesa group. From 1999, Carivit was included in the Casse del Centro sub-holding structure, alongside other regional savings banks including those in Rieti, Foligno, Città di Castello and Spoleto. Ownership reached 75.81% in 2004. In December 2008, Banca CR Firenze became the new sub-holding company after acquiring Casse del Centro from Intesa Sanpaolo. The ownership structure later changed again as Intesa Sanpaolo consolidated its regional banking subsidiaries. On 11 December 2014, Intesa Sanpaolo acquired the remaining 11.09% stake held by Fondazione Carivit. The transaction was connected to the regulatory and financial diversification requirements applying to Italian banking foundations. At the end of 2014, Intesa Sanpaolo held shares directly and through Banca CR Firenze, while a small portion consisted of treasury shares and other third-party holdings. In 2015 Intesa Sanpaolo decided to absorb Carivit, together with the regional banks Cariri and Cariciv, into the parent company in order to simplify the group's corporate structure. The absorption ended Carivit's existence as a separately operating bank. The associated foundation continued as a distinct charitable and asset-holding institution, but the Carivit banking brand and legal entity were integrated into Intesa Sanpaolo.

Cassa di Risparmio di Viterbo was founded in 1855 in Viterbo, then within the Papal States. It operated as a regional savings institution, taking deposits and providing credit to local households, enterprises and institutions. Its development reflected the traditional Italian savings-bank model, in which banking activity was closely associated with local economic development and charitable purposes. The institution expanded through acquisitions and mandated consolidation. In 1927 it acquired the savings banks of Acquapendente, Bagnoregio and Carbognano. In 1937 it absorbed the Casse di Risparmio Riunite of Ronciglione, Sutri, Capranica and Caprarola. The same 1937 reorganization led to the adoption of the name Cassa di Risparmio della Provincia di Viterbo. The Amato banking reforms subsequently separated the commercial banking business from the bank's charitable and institutional assets. The operating business became a joint-stock company, while the related foundation was established as Ente Cassa di Risparmio della Provincia di Viterbo, later called Fondazione Carivit. This separation allowed the banking company to participate in the consolidation of Italy's financial sector while preserving a separate foundation for philanthropic and asset-management activities. Cariplo acquired 41.1% of the banking company during the 1990s. Its holding increased to 64.32% in 1997 and 70.92% in 1998. Cariplo's merger with Banco Ambrosiano Veneto in 1998 created Banca Intesa, placing Carivit within the Intesa corporate family. In 1999 the bank became part of the Casse del Centro sub-holding, which brought together several regional savings banks. That sub-holding's ownership reached 75.81% in 2004. In 2008 Banca CR Firenze became the sub-holding company after acquiring Casse del Centro from Intesa Sanpaolo. The final phase of Carivit's independent existence came with further ownership consolidation. On 11 December 2014, Intesa Sanpaolo acquired the 11.09% stake held by Fondazione Carivit. In 2015 the parent group absorbed Carivit into Intesa Sanpaolo, together with Cariri and Cariciv, to simplify its corporate structure. The banking entity consequently ceased to operate as a separate company, while Fondazione Carivit remained a separate foundation.

1. 2015Absorption into Intesa Sanpaolo

   The bank was absorbed into Intesa Sanpaolo as part of a simplification of the group's corporate structure.

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2. 2014Intesa Sanpaolo acquires the foundation's remaining stake

   Intesa Sanpaolo acquired Fondazione Carivit's remaining 11.09% stake.

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3. 2008Banca CR Firenze becomes sub-holding company

   Banca CR Firenze became the new sub-holding company after acquiring Casse del Centro.

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4. 2004Casse del Centro ownership reaches 75.81%

   The sub-holding's combined ownership increased to 75.81% of Carivit's ordinary and preferred shares.

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5. 1999Entry into Casse del Centro

   Carivit became part of the Casse del Centro regional savings-bank sub-holding.

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6. 1998Cariplo ownership rises to 70.92%

   Cariplo's holding reached 70.92%, and its merger with Banco Ambrosiano Veneto created Banca Intesa.

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7. 1997Cariplo ownership rises to 64.32%

   Cariplo increased its holding in the banking company to 64.32%.

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8. 1990Conversion into a joint-stock banking company and foundation

   Under the Amato reform, the banking operation was separated from the associated charitable foundation.

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9. 1937Regional consolidation and renaming

   It absorbed savings banks serving Ronciglione, Sutri, Capranica and Caprarola and adopted the name Cassa di Risparmio della Provincia di Viterbo.

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10. 1927Acquisition of three local savings banks

    The institution acquired the savings banks of Acquapendente, Bagnoregio and Carbognano.

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11. 1855Foundation in Viterbo

    Cassa di Risparmio di Viterbo was established in Viterbo, at that time part of the Papal States.

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A locally rooted savings bank serving households, businesses and institutions in Viterbo and surrounding areas, with a traditional emphasis on deposits, lending and regional economic support.

• Savings accounts and depositsRetail banking

  As a traditional savings bank, Carivit's core activities included accepting household and institutional savings through deposit accounts and related savings products. These services formed the funding base for its regional lending business.

• Loans and mortgagesLending

  Carivit provided credit to customers in its local market, including household borrowing, mortgages and financing for businesses and institutions. Specific product names and terms are not identified in the available reference material.

• Current accounts and payment servicesTransaction banking

  The bank's regional retail-banking role would have included current-account and payment functions associated with everyday banking. The available source confirms the institution's savings-bank activities but does not provide a detailed historical catalogue of account products.

• 2015Absorption into the parent groupM&A

  Intesa Sanpaolo sought to simplify its corporate structure and reduce the number of separately incorporated regional banking entities.

  What changed. Intesa Sanpaolo absorbed Carivit, together with Cariri and Cariciv, into the parent company.

  Aftermath. Carivit ceased to exist as a separate banking company and its business was integrated into Intesa Sanpaolo.

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• 2014Acquisition of Fondazione Carivit's minority stakeM&A

  Intesa Sanpaolo was consolidating ownership of Carivit while Italian banking foundations faced requirements to diversify their investments.

  What changed. On 11 December 2014, Intesa Sanpaolo bought Fondazione Carivit's remaining 11.09% stake.

  Aftermath. The transaction reduced the foundation's direct ownership and prepared the way for the bank's subsequent absorption into Intesa Sanpaolo.

  Purchase price for the 11.09% stake. €18,836,226.32 (11 December 2014)

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• 2015Intesa Sanpaolo absorbs Carivit

  Intesa Sanpaolo announced the absorption of Carivit, alongside Cariri and Cariciv, as part of a broader simplification of its regional banking structure.

  M&A
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• 2014Intesa Sanpaolo buys Fondazione Carivit's remaining stake

  Intesa Sanpaolo acquired the foundation's remaining 11.09% holding in Carivit for €18,836,226.32, completing the purchase of that minority stake.

  M&A
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• 2008Banca CR Firenze becomes Carivit's new sub-holding company

  Banca CR Firenze assumed the sub-holding role after acquiring Casse del Centro from Intesa Sanpaolo.

  M&A
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• 2004Casse del Centro ownership reaches 75.81%

  The Casse del Centro sub-holding company increased its combined ownership of Carivit to 75.81% across ordinary and preferred shares.

  Other
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• 1998Carivit becomes part of the Banca Intesa group

  Cariplo merged with Banco Ambrosiano Veneto to form Banca Intesa. Carivit's ownership by Cariplo had reached 70.92% during the same year.

  M&A
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• 1997Cariplo acquires a controlling stake in Carivit

  Cariplo's ownership of the banking company rose to 64.32%, strengthening the position of the Lombardy savings-bank group as Carivit's controlling shareholder.

  M&A
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1. Cassa di Risparmio della Provincia di Viterbo