Cassa di Risparmio di Civitavecchia

Cassa di Risparmio di Civitavecchia, commonly abbreviated as Cariciv, was a local Italian savings bank headquartered in Civitavecchia, in the Metropolitan City of Rome Capital. Its institutional history reached back to a nineteenth-century savings institution created in the Papal States, while its modern corporate identity was established during the 1992 restructuring of Italian banking foundations. The bank served the local economy and retail customers in Civitavecchia and the surrounding Lazio area, operating as one of several regional savings-bank subsidiaries that later became part of the Intesa Sanpaolo group. The origins of the institution are associated with the local monte di pietà, or mount of piety, a charitable lending institution that preceded the formal savings bank. In 1847, under an instruction issued by Pope Pius IX, a Cassa di Risparmio was established in Civitavecchia. Father Felice Guglielmi was its first president. Local public and commercial bodies, including the municipality and chamber of commerce, were among its principal supporting institutions. This origin placed the bank within the broader Italian tradition in which savings banks combined deposit-taking and credit activity with a civic and charitable role. A decisive transformation occurred in 1992 as a result of the Amato law, which separated the operating banking business from the institution's philanthropic and social-purpose assets. The banking operations were transferred to Cassa di Risparmio di Civitavecchia S.p.A., while the charitable ownership and grant-making role continued through a separate entity, initially called Ente Cassa di Risparmio di Civitavecchia and later renamed Fondazione Cassa di Risparmio di Civitavecchia. This separation created the corporate bank that subsequently became part of a larger consolidation process in Italian banking. Banca di Roma acquired a 28.57 percent stake in the bank during the 1992 reorganization. Cassa di Risparmio di Civitavecchia was later acquired by Banca CR Firenze. In 2000, the Florence savings bank increased its holding from 40 percent by purchasing an additional 11 percent for 30.7 billion Italian lire, while the foundation retained a substantial minority position. The bank subsequently followed Banca CR Firenze into the Intesa Sanpaolo group when that group was formed in 2008. Intesa Sanpaolo moved to simplify the ownership structure in December 2014 by purchasing the foundation's remaining 49 percent stake for 52 million euros. The transaction took place against the background of Italian reforms requiring banking foundations to diversify their investments and reduce excessive concentration in a single holding. At the end of 2013, the foundation's stake in the bank represented 46.66 percent of its total assets on the valuation basis described in the bank's historical reporting. In 2015, Cassa di Risparmio di Civitavecchia and the two other Lazio regional subsidiaries, Cassa di Risparmio di Rieti and Cassa di Risparmio della Provincia di Viterbo, were absorbed by their parent, Intesa Sanpaolo. The absorption ended Cariciv as a separate banking company and brand within the group. The associated foundation continued to operate separately after the bank's disappearance as an independent corporate entity. The bank's final reported shareholders' equity was 76,183,889 euros at 31 December 2014.

The institutional roots of Cassa di Risparmio di Civitavecchia lay in the charitable-credit traditions of the Papal States. Civitavecchia had a local monte di pietà, or mount of piety, before the creation of the savings bank. In 1847, following an instruction from Pope Pius IX, a formal Cassa di Risparmio was established in the city. Father Felice Guglielmi served as its first president. The municipality and the local chamber of commerce were among the institution's principal financial and civic supporters. Like many historic Italian savings banks, it combined banking activity with a local public-interest mission. The bank's modern corporate form emerged from the 1992 implementation of the Amato law. That reform separated the commercial banking operation from the social, cultural, and charitable functions traditionally associated with savings-bank institutions. Cassa di Risparmio di Civitavecchia S.p.A. became the operating bank, while the separated non-profit body became Ente Cassa di Risparmio di Civitavecchia and was later renamed Fondazione Cassa di Risparmio di Civitavecchia. During the 1992 restructuring, Banca di Roma acquired 28.57 percent of the bank. Ownership later shifted to Banca CR Firenze. In 2000, Banca CR Firenze bought a further 11 percent, raising its holding from 40 percent; the reported purchase price was 30.7 billion Italian lire, approximately 16 million euros. The foundation maintained a 49 percent position. When Banca CR Firenze became part of Intesa Sanpaolo in 2008, Cassa di Risparmio di Civitavecchia entered the Intesa Sanpaolo group alongside other regional savings banks. The next major change involved the foundation's minority holding. In December 2014, Intesa Sanpaolo acquired the remaining 49 percent for 52 million euros. The transaction supported the simplification of the group's ownership arrangements and occurred while Italian banking-foundation reforms were encouraging foundations to diversify their assets. The bank holding had represented 46.66 percent of the foundation's total assets at 31 December 2013 under the historical valuation basis cited in the bank's reporting. In 2015, Intesa Sanpaolo absorbed Cassa di Risparmio di Civitavecchia together with its regional subsidiaries in Rieti and Viterbo. This ended Cariciv's existence as a separate bank. The foundation, whose activities had been separated from the bank in 1992, remained in operation after the absorption. The last reported shareholders' equity of the bank was 76,183,889 euros at 31 December 2014.

1. 2015Absorbed into Intesa Sanpaolo

   Cariciv was absorbed by Intesa Sanpaolo together with the savings banks of Rieti and Viterbo.

   Source
2. 2014Intesa Sanpaolo acquired the foundation's remaining stake

   Intesa Sanpaolo purchased the foundation's remaining 49 percent interest for 52 million euros.

   Source
3. 2008Became part of Intesa Sanpaolo through Banca CR Firenze

   The bank followed Banca CR Firenze into the Intesa Sanpaolo group.

   Source
4. 2000Banca CR Firenze increased its holding

   Banca CR Firenze purchased an additional 11 percent, increasing its holding from 40 percent.

   Source
5. 1992Banking and charitable functions separated

   The Amato law led to the creation of Cassa di Risparmio di Civitavecchia S.p.A. as the operating bank and a separate foundation for the institution's charitable role.

   Source
6. 1992Banca di Roma acquired a minority stake

   Banca di Roma acquired 28.57 percent of the reorganized bank.

   Source
7. 1847Savings bank established in Civitavecchia

   A Cassa di Risparmio was created in Civitavecchia under an instruction from Pope Pius IX, with Father Felice Guglielmi as its first president.

   Source

A locally rooted savings and retail bank serving households, small businesses, and the civic economy of Civitavecchia and the surrounding Lazio area.

• Retail banking servicesRetail banking

  Cariciv operated as a local retail and savings bank, providing banking services for households and the local economy. The available reference material identifies its broad retail-banking role but does not provide a reliable catalog of named accounts, cards, mortgages, or other individual products.

• Savings and deposit servicesDeposits

  As a historic Italian cassa di risparmio, the institution's core activity included savings and deposit-taking. Specific branded deposit products and their terms are not identified in the available sources.

• Local lendingCredit

  The bank supported the Civitavecchia area through local banking and lending activity. The available references do not specify separate loan products or lending segments in sufficient detail.

• 2015Absorption into Intesa SanpaoloM&A

  After consolidating ownership, Intesa Sanpaolo reorganized its Lazio regional savings-bank subsidiaries.

  What changed. Cassa di Risparmio di Civitavecchia was absorbed together with the savings banks of Rieti and Viterbo.

  Aftermath. Cariciv ceased to exist as a separate bank, although the associated Cassa di Risparmio di Civitavecchia foundation continued operating.

  Source
• 2014Intesa Sanpaolo bought the remaining foundation stakeM&A

  Intesa Sanpaolo sought to simplify the ownership structure of its regional savings-bank subsidiaries, while banking-foundation reforms encouraged portfolio diversification.

  What changed. Intesa Sanpaolo acquired the foundation's remaining 49 percent interest for 52 million euros.

  Aftermath. The transaction gave Intesa Sanpaolo full ownership before the subsequent absorption of the bank.

  Purchase price for the remaining 49 percent stake. (December 2014)

  Source
• 2000Banca CR Firenze increased its ownershipM&A

  Banca CR Firenze already held 40 percent of the bank and sought a larger ownership position.

  What changed. It acquired an additional 11 percent for 30.7 billion Italian lire, reported as approximately 16 million euros.

  Aftermath. The foundation retained 49 percent, leaving the bank with a substantial local institutional shareholder until the later Intesa Sanpaolo purchase.

  Purchase price for an additional 11 percent stake. (2000)

  Source
• 1992Corporate separation under the Amato reformStrategy

  Italian banking reform required the separation of the operating bank from the charitable and institutional functions historically associated with savings banks.

  What changed. The banking business was placed in Cassa di Risparmio di Civitavecchia S.p.A., while a separate entity continued the foundation's non-commercial role.

  Aftermath. The restructuring created the corporate bank that later became part of the Banca CR Firenze and Intesa Sanpaolo consolidation chains.

  Source

• 2015Cassa di Risparmio di Civitavecchia was absorbed by Intesa Sanpaolo

  Cariciv and the regional savings banks of Rieti and Viterbo were absorbed into Intesa Sanpaolo, ending their existence as separate banking subsidiaries.

  M&A
  Source
• 2014Intesa Sanpaolo acquired the remaining stake in Cassa di Risparmio di Civitavecchia

  Intesa Sanpaolo purchased the foundation's remaining 49 percent interest for 52 million euros as part of a plan to simplify the group's ownership structure.

  M&A
  Source

1. Cassa di Risparmio di Civitavecchia