Cassa di Risparmio di Calabria e Lucania

Cassa di Risparmio di Calabria e Lucania, commonly known as Carical, was an Italian savings bank based in Cosenza, Calabria. Its institutional origin dates to the establishment of Cassa di Risparmio di Calabria on 24 September 1861. The organization developed as a regional savings institution, collecting deposits and extending credit to households, businesses, and local economic activity in southern Italy. Its geographical remit later expanded beyond Calabria into Lucania, the historical name associated with much of present-day Basilicata, leading to the name Cassa di Risparmio di Calabria e di Lucania and subsequently Cassa di Risparmio di Calabria e Lucania. The bank’s later history was shaped by financial restructuring and changes in Italian banking regulation. From March 1987 until July 1988, it was placed under special administration by the Italian state. A recapitalization followed, reflecting the institution’s need to strengthen its capital position and governance. In 1992, the banking operations were reorganized into a new joint-stock company, Cassa di Risparmio di Calabria e Lucania S.p.A. The original statutory institution became Fondazione Cassa di Risparmio di Calabria e di Lucania, a banking foundation that retained a significant ownership and institutional connection to the bank. At the time of the 1992 restructuring, the new bank was divided between the foundation and a group of institutional banking shareholders. The foundation initially held half of the shares, while the remainder was distributed among institutions including Banca CRT, Cariplo, ICCRI, Caripuglia, Sicilcassa, and other investors. A sub-holding company, initially called Fincarical, was then used to consolidate ownership and support a planned recapitalization. The restructuring increased the role of Cariplo and gradually reduced the foundation’s direct influence. Carical remained a significant regional lender. Around 1993, it held approximately 16.07 percent of the lending market in Basilicata in the market segment cited by the historical record, placing it behind Banca Mediterranea but ahead of Banco di Napoli. The bank also divested its minority interest in ISVEIMER to Banco di Napoli in 1993, an action consistent with the broader rationalization of its investment portfolio. During the middle of the 1990s, Cariplo expanded its control through Fincarime, the renamed successor to Fincarical, and through direct shareholdings. In July 1997, Cariplo acquired the remaining shares held by the banking foundation. On 31 December 1997, Fincarime was renamed Banca Carime. Carical, together with Caripuglia and Carisal, began transferring its banking business into the new Banca Carime structure. Carical was ultimately absorbed by Cariplo in May 1999, ending its existence as an independent banking brand and legal operating bank. The associated foundation survived as a separate charitable institution in Cosenza. Following the sale and later absorption of the bank, Fondazione Cassa di Risparmio di Calabria e di Lucania became the principal institutional heir of the original savings-bank organization. The foundation continued to hold financial assets and minority interests, including interests connected with Cassa Depositi e Prestiti and CDP Reti. The former bank itself, however, should not be confused with the foundation: Carical was the operating banking company, while the foundation became a philanthropic and asset-holding entity after the banking business was separated and sold.

The institution began as Cassa di Risparmio di Calabria, founded on 24 September 1861 in the post-unification Italian banking environment. It was established as a regional savings institution and operated from Cosenza, serving the economic and social needs of Calabria. Over time, its activity expanded into Lucania, the historical name for the territory largely corresponding to modern Basilicata. This expansion was reflected in the bank’s changing name, first as Cassa di Risparmio di Calabria e di Lucania and later as Cassa di Risparmio di Calabria e Lucania, commonly shortened to Carical. The bank experienced significant institutional pressure in the late 1980s. From March 1987 through July 1988 it was placed under special administration by the state. A recapitalization subsequently took place. These events formed part of a broader period of modernization and consolidation in the Italian banking sector, during which many regional savings banks were reorganized, capitalized, or connected with larger banking groups. A major legal and organizational change occurred in 1992. The banking business was transferred into a newly established company limited by shares, Cassa di Risparmio di Calabria e Lucania S.p.A. The original statutory body became Fondazione Cassa di Risparmio di Calabria e di Lucania. At first, the foundation held half of the operating bank, while the other half belonged to a group of financial institutions, including Banca CRT, Cariplo, ICCRI, Caripuglia, Sicilcassa, and other shareholders. A sub-holding called Fincarical was created to coordinate ownership interests and participate in a planned recapitalization. The recapitalization plan contemplated an increase in the bank’s share capital and share premium reserve. Fincarical was also recapitalized, with Cariplo playing an increasingly important role. When not all shareholders participated proportionally in the capital increase, the ownership structure shifted toward Fincarical and its associated institutions. On 24 February 1994, Fincarical acquired Banca CRT’s stake, increasing its control of Carical. Later in 1994, the foundation sold its interest in Fincarical to Cariplo and reacquired a direct holding in Carical, leaving Cariplo and the foundation as the principal shareholders. Carical continued to operate as a regional lender during this period. Historical market data cited for approximately 1993 placed the bank at a 16.07 percent share of the relevant lending market in Basilicata. It ranked behind Banca Mediterranea and ahead of Banco di Napoli in that comparison. In the same period, Carical sold its minority interest in ISVEIMER to Banco di Napoli, reducing a non-core participation. By 1996, Cariplo controlled Carical through its wholly owned subsidiary Fincarime, formerly Fincarical, as well as through direct and affiliated holdings. In July 1997, Cariplo acquired the remaining shares held by the banking foundation. At the end of that year, Fincarime was renamed Banca Carime. Carical, Caripuglia, and Carisal then began contributing their banking operations to Banca Carime. Carical was absorbed by Cariplo in May 1999, bringing the independent banking company to an end. The foundation continued separately in Cosenza as Fondazione Cassa di Risparmio di Calabria e di Lucania. It became the surviving institutional successor to the original savings-bank entity, while the operating bank’s activities were incorporated into larger banking structures. The foundation later held interests in institutions including Cassa Depositi e Prestiti and CDP Reti, and some assets were managed through investment-management arrangements. The former Carical banking brand is therefore defunct, although its historical and philanthropic legacy continued through the foundation.

1. 1999Carical absorbed by Cariplo

   Carical was absorbed by Cariplo in May, ending its existence as an independent bank.

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2. 1997Cariplo acquired the foundation’s remaining stake

   Cariplo completed the purchase of the remaining shares held by the banking foundation in July.

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3. 1997Banca Carime structure created

   Fincarime was renamed Banca Carime on 31 December, after which several regional banks began transferring their operations into it.

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4. 1996Cariplo group holdings consolidated

   Cariplo’s subsidiary Fincarime and related direct and affiliated holdings represented a controlling position in Carical.

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5. 1994Fincarical increased control

   Fincarical acquired Banca CRT’s stake on 24 February, strengthening the holding company’s position in Carical.

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6. 1993ISVEIMER participation sold

   Carical sold its minority interest in ISVEIMER to Banco di Napoli.

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7. 1992Operating bank separated from banking foundation

   The banking business was placed in Cassa di Risparmio di Calabria e Lucania S.p.A., while the original institution became a foundation.

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8. 1988Post-administration recapitalization

   The bank was recapitalized after the period of special administration.

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9. 1987Special administration begins

   The bank entered state special administration in March, a period that lasted until July 1988.

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10. 1861Cassa di Risparmio di Calabria founded

    The original savings institution was established in Calabria on 24 September 1861.

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A regional savings bank serving households, businesses, and local institutions in Calabria and Basilicata, with a traditional focus on deposit-taking and lending.

• Savings depositsRetail banking

  As a traditional Italian savings bank, Carical’s core activity included collecting deposits from households and other local customers. The available historical material identifies savings and deposit-taking as central to the institution’s regional banking role, although it does not provide names of specific account products.

• Loans and regional creditLending

  Carical provided lending services in Calabria and Basilicata, including credit associated with households, enterprises, and local economic activity. Historical references specifically discuss its position in the Basilicata lending market, but do not identify distinct branded loan products.

• Investment participationsBanking investments

  The bank held minority interests in other financial institutions during its corporate history. One documented example is its participation in ISVEIMER, which it sold to Banco di Napoli in 1993 as ownership and portfolio structures were reorganized.

• 1999Absorption by CariploM&A

  Following Cariplo’s acquisition of the banking foundation’s remaining interest and the creation of the Banca Carime structure, Carical no longer functioned as an independent bank.

  What changed. Carical was legally absorbed by Cariplo in May 1999.

  Aftermath. The Carical banking brand and standalone corporate identity were discontinued, while the associated foundation remained a separate charitable organization.

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• 1997Integration into the Banca Carime structureM&A

  Cariplo had consolidated control of Carical and related regional banking interests through Fincarime.

  What changed. Fincarime was renamed Banca Carime, and Carical began contributing its banking business to the new structure alongside Caripuglia and Carisal.

  Aftermath. Carical ceased to operate as an independent regional banking platform and was subsequently absorbed by Cariplo.

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• 1993Sale of ISVEIMER minority interestStrategy

  Carical held a minority participation in ISVEIMER during a period of portfolio and ownership rationalization.

  What changed. The bank sold its minority interest to Banco di Napoli.

  Aftermath. The transaction reduced Carical’s non-core investment holdings and transferred the participation to another major Italian bank.

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• 1992Separation of banking operations into a joint-stock companyStrategy

  The original statutory savings-bank institution was reorganized during the modernization of Italy’s banking sector.

  What changed. A new Cassa di Risparmio di Calabria e Lucania S.p.A. was established to conduct the banking business, while the original entity became a banking foundation.

  Aftermath. The restructuring enabled ownership by the foundation and several banking institutions and set the stage for later consolidation under Cariplo.

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• 1999Carical absorbed by Cariplo

  The independent legal existence of Carical ended when it was absorbed by Cariplo in May 1999.

  M&ABankruptcy
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• 1997Cariplo acquired the remaining foundation-held shares

  Cariplo completed the acquisition of the banking foundation’s remaining interest in Carical, consolidating control of the bank.

  M&A
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• 1997Fincarime renamed Banca Carime as regional banking businesses were combined

  Fincarime changed its name to Banca Carime, and Carical, Caripuglia, and Carisal began transferring their banking operations into the new structure.

  M&ALeadership change
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• 1993Carical divested its minority interest in ISVEIMER

  The bank sold its minority participation in ISVEIMER to Banco di Napoli.

  M&A
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• 1992Banking operations reorganized as a joint-stock company

  The operating bank was separated from the original statutory institution, which became Fondazione Cassa di Risparmio di Calabria e di Lucania.

  Regulation
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• 1987Cassa di Risparmio di Calabria placed under special administration

  The bank entered a period of state special administration that continued into 1988, followed by a recapitalization.

  RegulationOther
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1. Cassa di Risparmio di Calabria e Lucania
2. Fondazione Cassa di Risparmio di Calabria e di Lucania