Banca Mediterranea Explained

Banca Mediterranea
Native Name:Nuova Banca Mediterranea S.p.A.
Native Name Lang:it
Type:subsidiary of a coop company
Industry:Financial services
Former Name:Banca Mediterranea
Defunct:2004
Hq Location:1 Via Nazario Sauro
Hq Location City:Potenza
Hq Location Country:Italy
Area Served:Basilicata, Apulia and Campania regions
Services:Retail banking
Owner:Banca Popolare di Bari
Parent:Banca Popolare di Bari

Nuova Banca Mediterranea S.p.A. was an Italian bank based in Potenza, Basilicata. The bank was absorbed by Banca Popolare di Bari in 2004.

History

Banca Mediterranea

Banca Mediterranea S.p.A., based in Pescopagano, in the Province of Potenza, was found in 1992 by the merger of Banca Popolare Cooperativa di Pescopagano e Brindisi and Banca di Lucania.[1] At that time BP Pescopagano had about 40 branches and Banca di Lucania 30.[2] In 1994 Banca di Roma acquired 30% stake in the bank.[3]

The two banks at that time had a significant market share in Basilicata and Molise combined (Banca Mediterranea significantly in the Province of Potenza, Basilicata and Banca di Roma significantly in the Province of Campobasso, Molise). In the lending market (short term, year missing), Banca Mediterranea had a market share of 38.44% (Banca di Roma 2.16%) in Basilicata, comparing to competitors Cassa di Risparmio di Calabria e Lucania (16.07%) and Banco di Napoli (12.67%).[3] In 1994 Banca Mediterranea had 85 branches, 45 in Basilicata, 23 in Apulia, 16 in Campania and 1 in Molise.[3] The acquisition also caused a lengthy legal battle between the bank and the minority shareholders, which in 2014 quantified that the minority shareholders suffered a loss of €12 million.[4]

In 2000 Banca Mediterranea was absorbed into Banca di Roma (which owned 53.09% stake of Banca Mediterranea).[5] At the same time Nuova Banca Mediterranea was formed on 1 July 2000 as a wholly owned subsidiary of Banca di Roma.

Nuova Banca Mediterranea

Nuova Banca Mediterranea S.p.A. (known as Banca Mediterranea in short) was formed in 2000 in Potenza with 78 branches (out of 87 branches of old Banca Mediterranea).

At that time the bank had a market share of 10.69% in lending in Basilicata region.[6]

In 2001 the bank was sold to Nuova Finanziaria Mediterranea for €284 million,[7] a consortium of Banca Popolare di Bari (59.9%), Veneto Banca (25%) and Cattolica Assicurazioni (15.1%).[8] [9] [10] Veneto Banca later acquired 29 branches from Banca Mediterranea to form Banca Meridiana, as well as sold all the stake in Nuova Finanziaria Mediterranea in 2002.[11]

In 2004 Cattolica Assicurazioni sold the minority interests (20.12%) in Banca Mediterranea to BP Bari for €45,423,716.[12] [13] In the same year the bank was absorbed into the parent company BP Bari.[14]

See also

other banks from southern Italy with branches in Basilicata

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Notes and References

  1. Web site: Provvedimento N°408 (C373): Banca Popolare di Pescopagano / Banca di Lucania. 26 February 1992. 5 April 2016. Autorità Garante della Concorrenza e del Mercato (AGCM). Italian. https://web.archive.org/web/20160414053621/http://www.agcm.it/concorrenza/concentrazioni/download/41256297003874BD/F9343987CFB4C1A3C12560C3001FB421.html?a=p408.pdf. 14 April 2016. dead.
  2. Web site: AL SUD NASCE LA BANCA MEDITERRANEA . 20 February 1992. 5 April 2016. La Repubblica. Gruppo Editoriale L'Espresso. Italian.
  3. Web site: Provvedimento N°2139 (C1510): Banca di Roma / Banca Mediterranea. 15 July 1994. 5 April 2016. AGCM. Italian. https://web.archive.org/web/20160414054746/http://www.agcm.it/concorrenza/concentrazioni/download/41256297003874BD/789A5C768C5BDF21C12560C3002197C5.html?a=p2139.pdf. 14 April 2016. dead.
  4. Web site: Mediterranea: 12 mln danni ad azionisti. 24 February 2015. 6 April 2016. ANSA. Italian.
  5. Web site: Estratto atto di fusione della "Banca Mediterranea S.p.A." nella "Banca di Roma S.p.A.". 29 June 2000. 5 April 2016. Banca di Roma / Banca Mediterranea. Italian Republic Official Gazette. Italian.
  6. Web site: Provvedimento N°168/A: Banca Popolare di Bari / Nuova Banca Mediterranea. 7 December 2001. 14 April 2016. Banca d'Italia. Italian. https://web.archive.org/web/20170511034625/http://www.agcm.it/concorrenza/concentrazioni/download/41256297003874BD/778875F54445A506C1256B4F00344635.html?a=B306.pdf. 11 May 2017. dead.
  7. Web site: 2001 Annual Report. 3 July 2002. 4 April 2016. Banca di Roma. Borsa Italiana archive.
  8. Web site: 2001 Bilancio. 30 April 2002. 5 April 2016. Veneto Banca. Italian.
  9. Web site: La Popolare di Bari fa shopping 550 miliardi per la Mediterranea . 3 August 2001. 5 April 2016. La Repubblica. Gruppo Editoriale L'Espresso. Italian.
  10. Web site: Da Bankitalia c' è il via libera a Popolare Bari . 29 January 2002. 5 April 2016. La Repubblica. Gruppo Editoriale L'Espresso. Italian.
  11. Web site: 2002 Bilancio. 11 July 2003. 5 April 2016. Veneto Banca. Italian.
  12. Web site: CATTOLICA ASSICURAZIONI CEDE LA PARTECIPAZIONE IN NUOVA BANCA MEDITERRANEA. 12 January 2004. 5 April 2016. Cattolica Assicurazioni. Italian.
  13. Web site: Cattolica cede a Popolare Bari il 20% di Banca Mediterranea . 14 January 2004. 5 April 2016. Il Mattino di Padova. Gruppo Editoriale L'Espresso. Italian.
  14. Web site: Nasce il più grande polo bancario autonomo del Mezzogiorno. https://web.archive.org/web/20041221002319/http://www.popolarebari.it/gruppo/news/news_10_06_04b.htm. 10 June 2004. 5 April 2016. 21 December 2004. Banca Popolare di Bari. Italian.

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