Cassa di Risparmio delle Provincie Lombarde

Cassa di Risparmio delle Provincie Lombarde, widely known as Cariplo, was an Italian savings bank established in 1823 in the Kingdom of Lombardy–Venetia. It developed in Lombardy, one of the most industrialized areas of northern Italy, and became one of the country’s major banking institutions. Its original identity was that of a regional savings bank, but during the twentieth century it expanded through the absorption of other savings banks and, especially in the 1990s, through investments in banks across several Italian regions and in selected foreign institutions. The bank’s early development included the absorption of Cassa di Risparmio di Voghera in 1926 and Cassa di Risparmio di Novara in 1928. These transactions broadened its presence beyond its original institutional base and reflected the consolidation of Italian savings banks. For much of its existence, Cariplo combined ordinary banking activity with the public-interest and territorial role traditionally associated with Italian casse di risparmio. Its core activities were savings collection, lending, and related banking services, although the available reference material does not provide a detailed historical product catalogue. A major structural change followed the Amato banking reform. In December 1991, the operating bank was reorganized as a società per azioni, while Fondazione Cariplo was established as a separate foundation. This separation distinguished the commercial banking business from the ownership and philanthropic functions associated with the former savings-bank institution. The change created the corporate framework under which Cariplo pursued a more expansionary strategy in the 1990s. During that decade, Cariplo acquired or held interests in a wide range of savings banks and other financial institutions. In northern and central Italy it participated in the creation of Carinord Holding with the savings banks of Alessandria, Carrara, and Spezia. It also developed interests connected with banks in Calabria, Lucania, Puglia, and Salerno, later associated with the formation of Banca Carime. Additional holdings or investments extended into Marche, Umbria, Lazio, and Abruzzo. The bank also acquired minority interests in Banca Monte Parma and held stakes in Bankhaus Löbbecke in Germany and Európai Kereskedelmi Bank in Hungary. These moves positioned Cariplo as a consolidating force in the fragmented Italian savings-bank sector. Cariplo’s independent existence ended through a strategic combination with Banco Ambrosiano Veneto. In 1997, Fondazione Cariplo and Cariverona reached an arrangement concerning Banco Ambrosiano Veneto’s shares. On 2 January 1998, Cariplo merged with Banco Ambrosiano Veneto to form Banca Intesa. Cariplo SpA subsequently existed for a short period as an Intesa sub-holding company and was fully absorbed around 2000. The Cariplo name therefore survives primarily as a historical banking identity and through the institutional legacy of Fondazione Cariplo, rather than as an active standalone bank.

Cariplo began on 12 June 1823, when Count Giovanni Pietro Porro founded the institution in the Kingdom of Lombardy–Venetia. Its origins predated Italian unification, and its development was closely connected with Lombardy’s industrial and commercial economy. Over time, the savings bank grew from a regional institution into one of Italy’s major banks. The first documented expansion milestones in the reference material are the absorption of Cassa di Risparmio di Voghera in 1926 and Cassa di Risparmio di Novara in 1928. These transactions enlarged Cariplo’s institutional and geographic footprint and formed part of the broader consolidation of Italian savings banks. The bank’s traditional role centered on collecting savings and providing loans and other banking services to households, businesses, and local economies. The most consequential institutional change occurred in December 1991 following the Amato banking reform. Cariplo’s banking operations were placed in a società per azioni, while Fondazione Cariplo was created as a separate entity. This restructuring separated the bank’s commercial activities from the ownership, public-interest, and charitable responsibilities associated with the former savings-bank structure. It also gave the operating company a corporate form suited to acquisitions and strategic expansion. Cariplo pursued an extensive expansion strategy during the 1990s. It acquired interests in savings banks in several Italian regions and participated in the formation of Carinord Holding in 1995 with the savings banks of Alessandria, Carrara, and Spezia. Its interests also covered institutions associated with Calabria and Lucania, Puglia, and Salerno, which were linked to the formation of Banca Carime. In Marche, Cariplo held interests in the savings banks of Fermo and Ascoli and in Banca delle Marche. It also held investments connected with savings banks in Umbria, Lazio, and Abruzzo. Beyond Italy, the bank acquired Bankhaus Löbbecke in Germany and Európai Kereskedelmi Bank in Hungary, while also taking a minority position in Banca Monte Parma. Cariplo’s final transformation was driven by consolidation in the Italian banking sector. In 1997, Fondazione Cariplo and Cariverona agreed on an arrangement concerning shares in Banco Ambrosiano Veneto. At 30 September 1997, Fondazione Cariplo held 13.42% of Banco Ambrosiano Veneto and owned all of Cariplo SpA. The combination was completed on 2 January 1998, when Cariplo merged with Banco Ambrosiano Veneto to create Banca Intesa. Cariplo briefly remained within the new group as a sub-holding company before being fully absorbed around 2000. Its independent brand and corporate identity consequently became historical, while its institutional and philanthropic legacy continued through Fondazione Cariplo and the later Intesa banking group.

1. 2000Completion of absorption

   Cariplo SpA, which had briefly operated as an Intesa sub-holding company, was fully absorbed around 2000.

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2. 1998Merger into Banca Intesa

   Cariplo merged with Banco Ambrosiano Veneto on 2 January 1998 to form Banca Intesa.

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3. 1997Agreement involving Banco Ambrosiano Veneto

   Fondazione Cariplo and Cariverona agreed on a transaction involving Banco Ambrosiano Veneto shares, setting the stage for the later merger.

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4. 1995Creation of Carinord Holding

   Cariplo participated in the creation of Carinord Holding with the savings banks of Alessandria, Carrara, and Spezia.

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5. 1991Corporate separation under the Amato reform

   The bank became a società per azioni and Fondazione Cariplo was created separately to distinguish banking operations from ownership and charitable functions.

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6. 1928Absorption of Cassa di Risparmio di Novara

   Cariplo absorbed Cassa di Risparmio di Novara, further extending its position in northern Italy.

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7. 1926Absorption of Cassa di Risparmio di Voghera

   Cariplo absorbed Cassa di Risparmio di Voghera as part of its institutional expansion.

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8. 1823Foundation of the savings bank

   Count Giovanni Pietro Porro founded Cassa di Risparmio delle Provincie Lombarde on 12 June 1823 in the Kingdom of Lombardy–Venetia.

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A Lombardy-rooted savings bank that evolved into a major Italian banking institution and regional consolidator before becoming part of Banca Intesa.

• Savings accounts and depositsRetail banking

  Savings collection was central to Cariplo’s identity as a cassa di risparmio. The institution served as a deposit-taking bank for households and local economic communities. The available reference material does not identify particular branded account products or their terms.

• LoansLending

  Lending formed part of the bank’s ordinary banking role alongside deposit taking. Cariplo’s regional roots connected its lending activity with the households, companies, and local economies of Lombardy and, later, the other regions reached through its expansion. Specific loan products are not documented in the supplied sources.

• Commercial and retail banking servicesBanking services

  As it grew into a major Italian banking institution, Cariplo provided broader banking services in addition to its traditional savings-bank functions. The supplied material does not enumerate individual commercial, payment, investment, or insurance products.

• 1998Merger with Banco Ambrosiano VenetoM&A

  Cariplo’s expansion took place amid consolidation in the Italian banking industry. In 1997, Fondazione Cariplo and Cariverona reached an agreement concerning Banco Ambrosiano Veneto shares.

  What changed. Cariplo merged with Banco Ambrosiano Veneto on 2 January 1998, creating Banca Intesa.

  Aftermath. Cariplo became a short-lived sub-holding company within Intesa and was fully absorbed around 2000, ending its existence as an independent bank.

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• 1995Expansion through Carinord HoldingM&A

  Cariplo pursued regional consolidation after its corporate reorganization, seeking interests in other Italian savings banks.

  What changed. It participated with the savings banks of Alessandria, Carrara, and Spezia in forming Carinord Holding.

  Aftermath. The holding structure formed part of Cariplo’s wider expansion across Italy before its eventual combination with Banco Ambrosiano Veneto.

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• 1991Separation of banking operations and foundation functionsStrategy

  The Amato banking reform required changes in the organization of Italian savings banks and provided the context for separating Cariplo’s operating bank from its foundation and ownership functions.

  What changed. Cariplo was reorganized as a società per azioni, while Fondazione Cariplo was established as a separate foundation.

  Aftermath. The new structure enabled Cariplo to operate as a corporate banking company and pursue a broad acquisition strategy during the 1990s.

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• 1998Cariplo and Banco Ambrosiano Veneto merge to form Banca Intesa

  On 2 January 1998, Cariplo merged with Banco Ambrosiano Veneto, creating Banca Intesa and ending Cariplo’s operation as an independent bank.

  M&A
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• 1991Cariplo reorganized under the Amato banking reform

  The bank was converted into a società per azioni while Fondazione Cariplo was established separately, separating commercial banking operations from ownership and philanthropic functions.

  Regulation
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1. Cassa di Risparmio delle Provincie Lombarde