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Banca Teatina

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Banca Teatina
FormerlyNuova Cassa di Risparmio di Chieti
Company typeSubsidiary
IndustryFinancial services
Predecessor
  • Cassa di Risparmio Marrucina
  • Cassa di Risparmio di Guardiagrele
  • Cassa di Risparmio della Provincia di Chieti
Founded
  • 1862 (C.R. Marrucina)
  • 1938 (Marrucina & Guardiagrele merged)
  • 1992 (S.p.A. and Foundation spin-off)
  • 2015 (re-founded)
Founder
Defunct26 February 2018
FateBecame UBI Banca branches
SuccessorFondazione Chieti (charity only)
Headquarters
  • Chieti Scalo, Chieti, Italy (de facto)
  • Bergamo, Italy (registered office)
Number of locations
Steady 63 branches (filiali) (2016)
Area served
  • Abruzzo Region
  • Rome, Perugia, San Benedetto del Tronto and Milan (cities outside Abruzzo)
Key people
ServicesRetail and corporate banking
Increase €8 million (2016)
Total assetsDecrease €2.965 billion (2016)
Total equityIncrease €119 million (2016)
OwnerUBI Banca (100%)
Number of employees
Decrease 548[1]: 17  (2016)
ParentUBI Banca
Capital ratioIncrease 11.29% (CET1, Dec.2016)
Websitewww.carichieti.it
Footnotes / references
source[1]

Banca Teatina S.p.A. formerly known as Nuova Cassa di Risparmio di Chieti S.p.A. was an Italian savings bank headquartered in Chieti Scalo, Chieti, Abruzzo region. The bank was formed on 22 November 2015 to replace the old Cassa di Risparmio della Provincia di Chieti S.p.A. which was under special administration from 2014 to 2015. The bank was bought by UBI Banca on 18 January 2017 for a nominal fee. Cassa di Risparmio della Provincia di Chieti S.p.A. was the successor of the bank that known as "Cassa di Risparmio della Provincia di Chieti", which was under legal reconstruction in the 1990s. The former legal entity of "Cassa di Risparmio della Provincia di Chieti" became Fondazione Cassa di Risparmio della Provincia di Chieti, which was the majority shareholder of the S.p.A. before its failure in 2015.

History

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Cassa di Risparmio della Provincia di Chieti was found in 1938 by the merger of Cassa di Risparmio Marrucina (found 1862) and Cassa di Risparmio di Guardiagrele.[2][3]

In 1992, Due to Legge Amato [it], the statutory corporation was split into a "company limited by shares" Cassa di Risparmio della Provincia di Chieti S.p.A. (in short Carichieti S.p.A.), and a banking foundation Fondazione Cassa di Risparmio della Provincia di Chieti ("Fondazione Chieti" in short). The foundation was the owner of Carichieti S.p.A. for 80%, with Cariplo owned 20%.[4] Cariplo also owned 20% shares of Abruzzo savings banks Caripe and Tercas.

Intesa Sanpaolo, as the successor of Cariplo, still owned a minority interests in the bank until 2014 bankruptcy.

Insolvency

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The company was under special administration (A.S.) from 2014. The last annual report of the bank, shown the bank had a shareholders' equity of €200 million and a Tier 1 capital ratio of 8.80% as at 31 December 2013.[5] The administrator from the Bank of Italy had made asset quality review, forcing the bank to make more provision to their non-performing loans.

In 2015 one of the two Italian deposit guarantee fund Fondo Interbancario di Tutela dei Depositi (which most of the banks except BCC banking group belongs to) had planned to bail-out CariChieti and 3 other banks that were also under A.S.,[6] but they were bail-out by Italian National Resolution Fund [it] instead, for a recapitalisation of €2 billion (€141 million for CariChieti). The European Commission ruled that the bail out of Banca Tercas by FITD in 2014 was a state aid, while new Bank Recovery and Resolution Directive of EU required to bail-in some investors of the bank before any state intervention.

The Italian National Resolution Fund had also injected a combined €1.7 billion to Banca Marche, Banca Etruria, Carife, and CariChieti to cover the losses.[7] After forming the good bank and the bad bank, the old bank would be liquidated, which the shareholders and subordinated bond holders of the old bank would receive nothing due to bail-in. After the bail-in, the banking foundation had a net assets of just €11 million (decreased from €89 million) at 31 December 2015, due to the total write-off of the value of the shares of the old bank.[8]

On 3 May 2016, Decree-Law N°59/2016 was announced, which the retail investors of the bond of the 4 banks would be refunded (up to €100,000, same as deposit insurance) if they purchased the bond on or before 12 June 2014, the date of Bank Recovery and Resolution Directive was passed.[9] The decree-law was a response to criticism of the bail-in of all junior investor of the bank, which Italian bank often sold risky bond of themselves to their depositors. The refund scheme: Fondo di solidarietà, would be managed by FITD.[10]

Nuova Carichieti / Banca Teatina

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On 22 November 2015 the bank split into a "good" and "bad bank",[11] the foundation lost the control on the company, which had no assets but share capital and subordinated debt. The new bank had a share capital of €141 million and a Tier 1 capital ratio of estimated 9%.[12][13] While the bad loans were transferred to a single "bad bank" REV - Gestione Crediti, which was shared with Carife, Banca Etruria and Banca Marche. The transfer was completed in January 2016.[14] The rescue of the four banks was in line with EU Bank Recovery and Resolution Directive, which the Bank of Italy was the national resolution authority of the Single Resolution Mechanism.[15] At 31 December 2015, CariChieti had a net equity of €117 million and a CET1 ratio of 9.53%.[16]

On 12 January 2017, UBI Banca made a biding bid of a nominal €1 for Nuova CariChieti, Nuova Banca Etruria and Nuova Banca Marche.[17] The banking group also requested conditions that the balance sheets of the three banks would be cleaned up before the completion of the deal (which was done by selling NPLs to Atlante II and Credito Fondiario[18]) as well as recapitalized the banks for an estimated €450 million (eventually €713 million[18]). On 18 January the bid was accepted.[19] On 10 May, the transaction was completed, which Nuova CariChieti was renamed to Banca Teatina[18] (effective in September).[20] On the same day, a plan to merge the 3 banks into UBI Banca was also announced.

Banking foundation

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The bank, previously a subsidiary of Fondazione Chieti – Abruzzo e Molise, was spun off from its former largest shareholder. It still operates as a charity organization. Due to the bail-in of all the equity investment in the bank, As of 31 December 2016 the foundation owned a net assets of €11 million,[21] comparing to €89 million in 2014.[22]

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  • Headquarters in Chieti
    Headquarters in Chieti
  • The old headquarters
    The old headquarters
  • former logo
    former logo

See also

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References

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  1. ^ a b "2016 Bilancio" [2016 Annual Report] (in Italian). Nuova Cassa di Risparmio di Chieti. 9 June 2017. Archived from the original (PDF) on 1 December 2017. Retrieved 18 June 2017.
  2. ^ "Incorporazione della Cassa di Risparmio di Guardiagrele nella Cassa di Risparmio Marrucina di Chieti" (PDF). Gazzetta Ufficiale (in Italian). Vol. 79, no. 285. Rome. 15 December 1938 [written on 1 December 1938, digitized on 14 January 2009]. p. 5164. Retrieved 2 December 2017 – via Agenzia per l'Italia Digitale.
  3. ^ "Cenni storici" (in Italian). Fondazione Cassa di Risparmio della Provincia di Chieti. Retrieved 18 June 2017.
  4. ^ "Approvazione del progetto di ristrutturazione presentato dalla Cassa di risparmio della provincia di Chieti" (in Italian). Italian Republic Official Gazette. 7 July 1992. Retrieved 8 March 2016.
  5. ^ "2013 bilancio" (in Italian). Cassa di Risparmio della Provincia di Chieti. 24 June 2014. Archived from the original on 8 March 2016. Retrieved 8 March 2016.
  6. ^ "Fitd, 2 mld per salvataggi banche" [FITD, 2 billion to rescue banks] (in Italian). ANSA. 27 October 2015. Retrieved 9 April 2016.
  7. ^ "Information on resolution of Banca Marche, Banca Popolare dell'Etruria e del Lazio, Carichieti, and Cassa di Risparmio di Ferrara crises". Bank of Italy. 22 November 2015. Retrieved 8 March 2016.
  8. ^ "2015 Bilancio d'esercizio" (in Italian). Fondazione Cassa di Risparmio della Provincia di Chieti. 5 May 2016. Archived from the original on 11 August 2016. Retrieved 26 June 2016.
  9. ^ President of Italy (3 May 2016). "Decreto-legge 3 maggio 2016, №59" [Decree-law 3 May 2016, №59]. Gazzetta Ufficiale (in Italian). Retrieved 21 July 2016.
  10. ^ "Accesso al Fondo di Solidarietà" (in Italian). FITD. Retrieved 21 July 2016.
  11. ^ "Soluzione della crisi di quattro banche in amministrazione straordinaria" (in Italian). Banca d'Italia. 22 November 2015. Retrieved 13 February 2016.
  12. ^ "Chi siamo" (in Italian). Nuova Cassa di Risparmio di Chieti (Nuova Carichieti). Archived from the original on 8 December 2015. Retrieved 6 March 2016.
  13. ^ "Statuto sociale" [Articles of association] (in Italian). Nuova Carichieti. 14 January 2016. Archived from the original on 16 February 2017. Retrieved 6 March 2016.
  14. ^ "Nuova Cassa di Risparmio di Chieti S.p.A.. Cessione dei crediti in sofferenza a REV – Gestione Crediti S.p.A., ai sensi del D.Lgs. 180/2015" (PDF) (Press release) (in Italian). Bank of Italy. 29 January 2016. Retrieved 8 March 2016.
  15. ^ "State aid: Commission approves resolution plans for four small Italian banks Banca Marche, Banca Etruria, Carife and Carichieti". European Commission. 22 November 2015. Retrieved 9 March 2016.
  16. ^ "2015 Bilancio" (in Italian). Nuova Cassa di Risparmio di Chieti. 16 September 2016. Archived from the original (PDF) on 23 September 2016. Retrieved 23 September 2016.
  17. ^ "UBI Banca: binding offer for the purchase of the 3 Target Bridge Institutions" (PDF). UBI Banca. 12 January 2017. Retrieved 19 January 2017.
  18. ^ a b c "Closing of the deal to purchase the three Bridge Banks, new names and Senior Management appointments" (PDF) (Press release). UBI Banca. 10 May 2017. Retrieved 14 May 2017.
  19. ^ "Sale of good banks to UBI" (PDF) (Press release). Bank of Italy. 18 January 2017. Retrieved 19 January 2017.
  20. ^ "Cambio denominazione sociale" (Press release) (in Italian). Banca Teatina. 6 September 2017. Archived from the original on 2 December 2017. Retrieved 2 December 2017.
  21. ^ "2016 Bilancio" (in Italian). Fondazione Chieti – Abruzzo e Molise. 2017. Archived from the original (PDF) on 29 September 2017. Retrieved 29 September 2017.
  22. ^ "2014 Bilancio" (PDF) (in Italian). Fondazione Carichieti. 2015. Retrieved 29 September 2017.
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