Cassa di Risparmio di Fano

Cassa di Risparmio di Fano S.p.A., commonly known as Carifano, was a regional Italian savings bank headquartered in Fano, in the Marche region. Its institutional origins dated to 14 January 1843, when a savings institution was established in Fano in the Papal States. For much of its history, the bank served households, businesses and local institutions in the surrounding territory. At its later operating peak, it maintained approximately 40 branches located in Marche and Umbria. The bank’s legal structure changed substantially during the Italian banking reforms associated with the 1990 Legge Amato. On 28 May 1992, the former savings-bank institution was divided into a banking company organized as a Società per Azioni and a separate banking foundation, Fondazione Cassa di Risparmio di Fano. This separation distinguished commercial banking activities from the foundation’s later philanthropic and cultural role. The foundation progressively sold its ownership in the bank while retaining a civic and charitable mission in Fano and nearby communities. During the late 1990s, Banca Popolare di Ancona acquired control of Carifano. Its holding rose from approximately 60% in the middle of the decade to more than 66% by 1999. In 2002, the foundation sold its remaining stake to Banca Popolare di Ancona for €75 million, leaving the purchaser with virtually all of the bank’s shares. In 2003, Carifano became part of Banche Popolari Unite through the ownership chain involving Banca Popolare di Ancona and Banca Popolare di Bergamo–Credito Varesino. A further ownership change took place in 2005. Banca Popolare di Ancona sold almost all of Carifano to Banca Intesa, through Casse del Centro, and to FCM S.p.A., a special-purpose vehicle. The transaction valued the acquired interest at €280 million. Following the creation of Intesa Sanpaolo, Carifano remained connected to that banking group until Credito Valtellinese acquired an 81.63% interest in December 2008 for approximately €382.941 million. The transaction also initiated an offer for shares not included in the initial purchase; Credito Valtellinese held about 94.85% in 2009 and increased its ownership to approximately 99.73% in 2011. The final restructuring involved the creation of Nuova Carifano S.p.A. in April 2011 to receive the former bank’s assets and liabilities. The privatization process was completed on 1 January 2012, and the original Carifano entity was absorbed into Credito Valtellinese. In September 2016, Credito Valtellinese announced a further plan to absorb Carifano, with the legal completion then expected for November of that year. Accordingly, Carifano is best understood as a historical regional banking brand and legal entity rather than an independent active bank. The associated foundation continued separately as Fondazione Cassa di Risparmio di Fano. Its activities focused on charitable, cultural and community initiatives in Fano and the surrounding area. The foundation also maintained an art collection and owned the San Domenico site used to display part of that collection. The bank’s history therefore spans three related phases: a nineteenth-century local savings institution, a modern regional commercial bank, and a subsidiary ultimately integrated into larger Italian banking groups.

Cassa di Risparmio di Fano originated on 14 January 1843 in Fano, then part of the Papal States. It developed as a local savings institution serving the city and surrounding communities. Its later commercial footprint comprised about 40 branches in Marche and Umbria, giving the bank a distinctly regional rather than national identity. The Italian banking reforms connected with the Legge Amato led to a major institutional separation on 28 May 1992. The banking operations were transferred into a Società per Azioni, while the original institutional body became Fondazione Cassa di Risparmio di Fano. The foundation subsequently focused on charitable and cultural activities, while the S.p.A. operated as the commercial bank. Ownership consolidated around Banca Popolare di Ancona during the late 1990s. In 1996, Banca Popolare di Ancona held 59.76% of Carifano, while Banca Popolare di Bergamo–Credito Varesino held a small additional interest. By 1999, the combined interests had risen to roughly two-thirds. In 2002, the foundation sold its remaining 33.38% holding to Banca Popolare di Ancona for €75 million. The following year, Carifano entered the Banche Popolari Unite group. On 27 July 2005, Banca Popolare di Ancona sold 99.92% of Carifano to Banca Intesa, through Casse del Centro, and FCM S.p.A. The transaction was valued at €280 million. After Intesa Sanpaolo became the relevant banking group, Credito Valtellinese acquired 81.63% of Carifano on 3 December 2008 for approximately €382.941 million. A public offer was triggered for the remaining shares, although FCM retained a minority interest. Credito Valtellinese held 94.85% in 2009 and increased its ownership to 99.73% in 2011. A restructuring vehicle, Nuova Carifano S.p.A., was incorporated on 18 April 2011 to receive the assets and liabilities of the former Carifano. The privatization process was completed on 1 January 2012, when the former bank was absorbed into Credito Valtellinese. In September 2016, Credito Valtellinese announced another absorption plan, expected to take legal effect in November. This marked the end of Carifano as an independently operating bank and left it as a historical brand and former legal entity within a larger banking group. The foundation continued independently after the bank’s privatization. It supported charitable initiatives in Fano and its surrounding area and maintained cultural assets, including an art collection displayed at San Domenico. The foundation’s post-bank role illustrates the standard separation between the commercial operations of an Italian savings bank and the community-oriented foundation created through banking-sector reform.

1. 2016Further absorption plan announced

   Credito Valtellinese announced a plan to absorb Carifano again, with completion expected in November.

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2. 2012Privatization and absorption completed

   The privatization was completed and the former Carifano entity was absorbed into Credito Valtellinese.

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3. 2011Nuova Carifano created

   Nuova Carifano S.p.A. was incorporated to receive the assets and liabilities of the former bank.

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4. 2008Credito Valtellinese acquires majority control

   Credito Valtellinese purchased an 81.63% stake and launched an offer for additional shares.

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5. 2005Control transferred to Banca Intesa and FCM

   Banca Popolare di Ancona sold 99.92% of the bank to Banca Intesa and FCM S.p.A.

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6. 2003Joins Banche Popolari Unite

   Carifano became part of Banche Popolari Unite through its controlling banking group.

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7. 2002Foundation exits the bank

   The foundation sold its remaining stake to Banca Popolare di Ancona for €75 million.

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8. 1992Bank and foundation separated

   Under the Legge Amato reform framework, the banking company and Fondazione Cassa di Risparmio di Fano were established as separate entities.

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9. 1843Savings institution established in Fano

   Cassa di Risparmio di Fano was founded on 14 January in Fano, in the Papal States.

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A locally rooted savings and commercial bank serving customers and enterprises in the Marche and Umbria regions.

• Retail savings and depositsRetail banking

  The bank’s historical savings-bank model centered on deposit-taking and household financial services for customers in Fano and the wider Marche and Umbria regions.

• Household lendingConsumer banking

  Carifano provided regional banking services that included credit and lending for households, although the available reference material does not identify individual loan products or product names.

• Business bankingCommercial banking

  As a regional commercial bank, Carifano served local companies and institutions through its branch network. Specific business-account, lending or treasury products are not documented in the supplied sources.

• 2011Create Nuova Carifano for asset and liability transferStrategy

  Credito Valtellinese was consolidating its near-total ownership and restructuring the bank’s legal position.

  What changed. Nuova Carifano S.p.A. was incorporated to receive the former bank’s assets and liabilities.

  Aftermath. The restructuring preceded completion of the privatization and the absorption of the original entity into Credito Valtellinese.

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• 2008Acquire majority control through Credito ValtellineseM&A

  Carifano was being held through the ownership structure associated with Intesa Sanpaolo and FCM S.p.A.

  What changed. Credito Valtellinese acquired an 81.63% interest and initiated an offer for the remaining shares.

  Aftermath. Credito Valtellinese’s ownership reached approximately 94.85% in 2009 and 99.73% in 2011.

  Acquisition price. €382.941 million (2008)

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• 2005Transfer near-total ownership to Banca Intesa and FCMM&A

  Banca Popolare di Ancona controlled nearly all of Carifano and decided to dispose of the holding.

  What changed. It sold 99.92% of Carifano to Banca Intesa, through Casse del Centro, and FCM S.p.A.

  Aftermath. Carifano became connected to the Intesa banking group before its later transfer to Credito Valtellinese.

  Transaction value. €280 million (2005)

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• 2002Sell the foundation’s remaining ownershipM&A

  Banca Popolare di Ancona had already become the dominant shareholder, while the foundation retained a 33.38% interest.

  What changed. The foundation sold its remaining stake to Banca Popolare di Ancona for €75 million.

  Aftermath. Banca Popolare di Ancona became the virtually sole owner of Carifano.

  Purchase price. €75 million (2002)

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• 1992Convert the banking business into a joint-stock companyStrategy

  Italian banking reform associated with the Legge Amato required the historical savings-bank structure to be separated from the banking business.

  What changed. A Società per Azioni was created alongside Fondazione Cassa di Risparmio di Fano.

  Aftermath. The foundation later pursued community and cultural activities while the joint-stock company continued commercial banking.

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• 2016Credito Valtellinese announces further absorption of Carifano

  Credito Valtellinese announced a plan to absorb Carifano, with the legal completion expected on 28 November 2016.

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• 2008Credito Valtellinese acquires control of Carifano

  Credito Valtellinese acquired an 81.63% interest in Carifano from Intesa Sanpaolo and FCM S.p.A. for approximately €382.941 million and triggered an offer for additional shares.

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• 2005Banca Popolare di Ancona sells Carifano interests

  Banca Popolare di Ancona sold 99.92% of Carifano to Banca Intesa, through Casse del Centro, and FCM S.p.A. for €280 million.

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• 2003Carifano becomes part of Banche Popolari Unite

  Following the consolidation of its controlling banking group, Carifano became part of Banche Popolari Unite.

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• 2002Foundation sells remaining Carifano stake

  Fondazione Cassa di Risparmio di Fano sold its remaining 33.38% interest to Banca Popolare di Ancona for €75 million, completing the transfer of the bank’s ownership to the banking group.

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• 1999Banca Popolare di Ancona increases control of Carifano

  Banca Popolare di Ancona increased its ownership of Cassa di Risparmio di Fano to approximately 66.14%, with a further minority interest held through Banca Popolare di Bergamo–Credito Varesino.

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1. Cassa di Risparmio di Fano