Nuova Banca delle Marche

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Banca Marche
Native name
Nuova Banca delle Marche S.p.A.
Società per azioni
Industry Financial services
Founded
  • 1994
  • 22 November 2015 (2015-11-22) (spin off)
Headquarters Ancona, Italy
Services Retail and corporate banking
Total assets €15.3 billion (2015)
Total equity €1.041 billion (2015)
Owner Italian National Resolution Fund
Parent Italian National Resolution Fund
Capital ratio 9% (Tier 1)
Website Official website

Nuova Banca delle Marche S.p.A. is an Italian bank based in Ancona. It has operations in several regions in central Italy. It was formed on 22 November 2015 by the spin off of the good assets of the original Banca delle Marche.

History

Banca delle Marche was founded in 1994 by the merging of two banks: Cassa di Risparmio della Provincia di Macerata and Pesaro; Cassa di Risparmio di Jesi joined in 1995. In 1990s Cassa di Risparmio delle Provincie Lombarde (Cariplo) was a minority shareholders of the bank for 5.13% (as in 1996),[1] which Cariplo was a minority shareholders of CR Jesi;[2] it was diluted to 4.60% in 2001,[3] which was sold by Banca Intesa in 2002 to Banca delle Marche as treasury shares, for €45 million.[4] In 1997 the bank acquired a controlling interests in Cassa di Risparmio di Loreto and Mediocredito Fondiario Centroitalia (Banca Marche owned 41.18% shares), the pro forma market share of the group in the loan of Marche region, was 26.7% (based on 1996 data), while before the acquisition, the bank already had a market monopoly of 53.6% in the deposits of the Province of Macerata (pro rata 55.0% after the acquisition), comparing to Banca Popolare di Ancona (14%), Banca di Roma (6.38%) and Banca Nazionale del Lavoro (5.60%). The pro forma market share of the deposits in the Province of Ancona was 32.3%, which ahead Banca Popolare di Ancona (13.03%), Unicredito (11.04%) and Banca di Roma (9.78%).[5][6]

On 1 July 2003 Sanpaolo IMI purchased 7% shares of the bank for €92.1 million. The banking foundations also had a put option to sell an additional 8% shares to Sanpaolo IMI.[7] However, the foundations did not excise the option. In 2007 the shares held by Sanpaolo IMI was transferred to Intesa Sanpaolo after the merger with Banca Intesa. Intesa Sanpaolo did not took part in the capital increase of Banca delle Marche in 2012.

Insolvency

On 24 October 2011, the board of directors proposed a capital increase of a minimum of €180,677,922.70 to a maximum of €212,562,262.00.[8] After the capital increase (of €179,573,391[9]), as at 31 December 2012, the bank had a Tier 1 capital ratio of just 5.62% in consolidated balance sheets, with a shareholders equity of €959.503 million.[10] According to Ricerche e Studi, the bank was the 19th largest bank in Italy by total assets as at 31 December 2012.[11]

On 15 October 2013 it was under special administration (A.S.) by the Ministry of Economy and Finance, after a temporary administration by the Banca d'Italia in August.[12][13] On 4 August 2014 Credito Fondiario credited Banca delle Marche for €1.8 billion,[14] which Credito Fondiario also planned to subscribe the new shares of Banca Marche, partnering with Fondo Interbancario di Tutela dei Depositi (FITD).[15] The plan was approved by Banca d'Italia on 3 December 2014.[15] However, the plan was scrapped due to European Commission's investigation on state aid.[16] After Banca Marche failed to repay the loan, Credito Fondiario sold the collateral in May–June 2015,[14] which fully reimbursed the loan, with a excess amount was return to Banca Marche in June.[17]

Another capital injection of more than €2 billion to Banca Marche, Banca Etruria, Carife, and CariChieti by FITD was planned in late 2015, (€1.2 billion maximum for Banca Marche)[18][19] subject to the permission from the Banca d'Italia and European Central Bank.[20]

Eventually they were bail-out by Italian National Resolution Fund (Italian: Fondo Nazionale di Risoluzione ) on 22 November instead, for about €2 billion. The rescue of the four banks were in line with EU Bank Recovery and Resolution Directive, which was in force in Italy in late 2015. Banca d'Italia was the assigned "national resolution authority" of this mechanism.[21] As the plans were following the directive, they were approved by the European Commission.[21] Banca Marche assets and liabilities would split into good and bad bank, while the old bank would be liquidated,[22] which the shareholders and subordinated bond holders would receive nothing due to bail-in.[23]

The fund had also injected an additional €1.7 billion to the 4 banks to cover the losses.[23]

Nuova Banca delle Marche

On 22 November 2015 the bank was split into a bad and good bank, which the good bank was called Nuova Banca delle Marche.[24] The new bank had a share capital of €1.041 billion[25] and a Tier 1 capital ratio of 9%.[26] While the bad debts was transferred to a single "bad bank" REV - Gestione Crediti, which was shared with Carichieti, Carife and Banca Etruria.[27]

In March 2016 Medioleasing was absorbed by Nuova Banca delle Marche.[28]

Shareholders

As of 22 November 2015 [29][30]
2001
Shareholders Stake (% of ordinary shares)
Fondazione Cassa di Risparmio della Provincia di Macerata 21.83%
Fondazione Cassa di Risparmio di Pesaro 21.83%
Fondazione Cassa di Risparmio di Jesi 10.45%
CGNU Holding 5.80%
Commercial Union Italia 2.49%
Banca Intesa 4.60%
others
2002
Shareholders Stake (% of ordinary shares)
Fondazione Cassa di Risparmio della Provincia di Macerata Steady 21.83%
Fondazione Cassa di Risparmio di Pesaro Steady 21.83%
Fondazione Cassa di Risparmio di Jesi Steady 10.45%
Aviva Italia Holding Steady 5.80%
Commercial Union Italia Steady 2.49%
others
Treasury shares Increase 4.86%
2003
Shareholders Stake (% of ordinary shares)
Fondazione Cassa di Risparmio della Provincia di Macerata Decrease 20.94%
Fondazione Cassa di Risparmio di Pesaro Decrease 20.94%
Fondazione Cassa di Risparmio di Jesi Decrease 10.03%
Aviva Italia Holding Steady 5.80%
Commercial Union Italia Steady 2.49%
Sanpaolo IMI Increase 7.00%
others
Treasury shares Decrease 0.10%
2007
Shareholders Stake (% of ordinary shares)
Fondazione Cassa di Risparmio della Provincia di Macerata Steady 20.94%
Fondazione Cassa di Risparmio di Pesaro Steady 20.94%
Fondazione Cassa di Risparmio di Jesi Steady 10.03%
Aviva Italia Holding Steady 5.80%
Aviva Italia Steady 2.49%
Intesa Sanpaolo Steady 7.00%
Fondazione Cassa di Risparmio di Fermo Increase 0.02%
others
Treasury shares Decrease 0.01%
2008
Shareholders Stake (% of ordinary shares)
Fondazione Cassa di Risparmio della Provincia di Macerata Steady 20.94%
Fondazione Cassa di Risparmio di Pesaro Steady 20.94%
Fondazione Cassa di Risparmio di Jesi Steady 10.03%
Aviva Italia Holding Steady 5.80%
Aviva Italia Steady 2.49%
Intesa Sanpaolo Steady 7.00%
Fondazione Cassa di Risparmio di Fermo Increase 0.06%
others
Treasury shares Increase 0.12%
2009
Shareholders Stake (% of ordinary shares)
Fondazione Cassa di Risparmio della Provincia di Macerata Steady 20.94%
Fondazione Cassa di Risparmio di Pesaro Steady 20.94%
Fondazione Cassa di Risparmio di Jesi Steady 10.03%
Intesa Sanpaolo Steady 7.00%
Aviva Italia Holding Decrease 3.52%
Aviva Italia Steady 2.49%
Fondazione Cassa di Risparmio di Fano Increase 2.30%
Fondazione Cassa di Risparmio di Fermo Steady 0.06%
others
Treasury shares Increase 0.18%
2010
Shareholders Stake (% of ordinary shares)
Fondazione Cassa di Risparmio della Provincia di Macerata Increase 22.40%
Fondazione Cassa di Risparmio di Pesaro Increase 22.40%
Fondazione Cassa di Risparmio di Jesi Increase 10.73%
Intesa Sanpaolo Steady 7.00%
Fondazione Cassa di Risparmio di Fano Increase 3.33%
Fondazione Cassa di Risparmio di Fermo Steady 0.06%
others
Treasury shares Increase 2.59%
2012
Shareholders Stake (% of ordinary shares)
Fondazione Cassa di Risparmio della Provincia di Macerata Increase 22.51%[31]
Fondazione Cassa di Risparmio di Pesaro Increase 22.51%[32]
Fondazione Cassa di Risparmio di Jesi Increase 10.78%[33]
Intesa Sanpaolo Decrease 5.84%[9]
Fondazione Cassa di Risparmio di Fano Increase 3.35%[34]
Fondazione Cassa di Risparmio di Fermo Increase 0.06%[35]
others
Treasury shares Increase 2.89%%[9]
2015
Shareholders Stake (% of ordinary shares)
Italian National Resolution Fund 100%

Subsidiaries

Cassa di Risparmio di Loreto, Medioleasing and Focus Gestioni SGR were subsidiaries of the group as at 2014.[36] Mediocredito Fondiario Centroitalia, which was absorbed into Banca delle Marche in 2003,[37][38] was a merger of Mediocredito delle Marche and Istituto di Credito Fondiario delle Marche, Umbria, Abruzzo e Molise in 1992.[39]

The bank also formed a joint venture company in bancassurance with CGU plc (via subsidiary now known as Aviva Italia Holding) in 1999.[40]

Sponsorship

The bank was a sponsor of sports team Associazione Sportiva Volley Lube and Fabriano Basket; the venue PalaRossini was named after the bank.

See also


References

  1. Cassa di Risparmio delle Provincie Lombarde S.p.A. bilancio (financial report and accounts) on 31 December 1996, PDF purchased in Italian C.C.I.A.A.
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  29. Bilanci di Fondazione Cassa di Risparmio di Jesi
  30. Bilanci di Banca delle Marche
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  40. Case No IV/M.1627 : CU Italia / Banca delle Marche / JV

External links