Banca Nuova Explained

Banca Nuova
Native Name:Banca Nuova S.p.A.
Native Name Lang:it
Type:Subsidiary
Industry:Financial services
Successor:branches of Intesa Sanpaolo
Fate:absorbed by Intesa Sanpaolo
Defunct:April 2018
Hq Location City:Palermo
Hq Location Country:Italy
Key People:Gabriele Piccini (CEO)[1]
Footnotes:source: 2016 Annual Report[2] and 2017 Half-yearly report[3]

Banca Nuova S.p.A. was an Italian bank headquartered in Palermo, Sicily island. The bank served the island (the region) mostly, with branches in the Calabria region; It was a subsidiary of Banca Popolare di Vicenza (BPVi), in turn owned by Atlante, a banking sector owned bail-out fund from 2016 to mid-2017. In June 2017 the bank was acquired by Intesa Sanpaolo by another government-funded bail-out, and a plan to absorb the bank was announced in October 2017.

History

The predecessors of the bank, [old] Banca Nuova S.p.A. and Banca del Popolo – Banca Popolare (Banca del Popolo S.p.A., located in Trapani), were formed/acquired by Banca Popolare di Vicenza (BPVi) of the northern Italy in 2000.[4] In July 2002 the [old] Banca Nuova was merged into Banca del Popolo,[5] which the legal person of Banca del Popolo was renamed to [newer] Banca Nuova S.p.A., relocating its headquarters from Trapani to Palermo.

[old] Banca Nuova S.p.A. was a new company incorporated on 25 August 2000 in the Province of Treviso,[6] and acquired 20 branches (19 in Calabria region and 1 in Rieti, Lazio region) from Banca Intesa banking group (from its subsidiaries Banca Carime and Cassa di Risparmio di Rieti respectively) on 1 January 2001.[7] [8] [9] [10] In February 2002, it had 30 branches in the aforementioned area, as well as in Sicily Island, where the company was headquartered.[4] The bank started to open branches on its own since 2000.[11]

Banca del Popolo – Banca Popolare (1883–2002)

Banca del Popolo – Banca Popolare S.c. a r.l.[12] was a cooperative bank founded in 1883 in Trapani.[13] In 1996, it was exposed that one of the shareholders of the bank (8% of the share capital), Vincenzo Piazza, was linked to mafia.[14]

In terms of branches, Banca del Popolo was not part of the top 10 on the island in 1999;[15] However, the bank was a leader (second) inside the Province of Trapani for 12.06% market share in 1997, in terms of deposits (Italian: raccolta).[16]

The majority stake of the bank was acquired by BPVi circa 2000 and a "public offer to acquire" (Italian: offerta pubblica di acquisto, OPA) The remaining shares were started in late 2000.[17] and completed in February 2001.[18] After the acquisition, the bank was demutualized and became a società per azioni circa 2000-01.

The bank was merged with BPVi's Banca Nuova network in July 2002, the legal person of Banca del Popolo was the surviving entity after the merger, but not the name.

Banca Nuova (2002–2018)

Since the merger of Banca Nuova and Banca del Popolo, the bank has grown its network by acquiring from other banking groups, as well as opening new branches by the bank itself. In 2004, Banca Antoniana Popolare Veneta sold 30 branches to Banca Nuova.[7] [19] [20]

A subsidiary (later sister company), PrestiNuova S.p.A., was found in 2005. The company was specialized in secured loan (by a fifth of salary)., Banca Nuova owned 88.67% shares. The other shareholders at that time were parent company BPVi (6.34%) and fellow Sicilian bank Banca Popolare Sant'Angelo (5%).[13]

On 1 March 2011, the old legal person of Banca Nuova was replaced by another of the same name,[21] the latter was incorporated on 31 August 2010.[22] After the deal, PrestiNuova became a sister company of Banca Nuova, instead of a subsidiary, which BPVi owned 95% and reaching 100% of the shares in 2013.

Banca Nuova and its parent company BPVi suffered from capital shortfall in 2016 (for example, Banca Nuova's CET1 capital ratio was 6.74% at 31 December 2015,[23] barely above the requirement; same condition in the parent company (Group's CET1 ratio was 6.65%[24])). After the failure of the initial public offering of its shares since it became a società per azioni, the parent company was bail-out by its underwriter Atlante in mid-2016 for about €1.5 billion, which replaced UniCredit as underwriter.

As part of the scandal of the parent company BPVi in 2016–17, the bank was suffered from lawsuit regarding mis-selling of the shares of BPVi to the depositors of the bank, during which the parent company was a cooperative (Italian: società cooperativa per azioni).[25]

After the financial condition of BPVi deteriorated further, it was declared by the European Central Bank (the supervisor of BPVi) that the banking group was insolvent in 2017. An Italian government funded bail-out of the depositors (and bail-in of the investor of BPVi) saw Intesa Sanpaolo, the second largest banking group of Italy by total assets, acquire most of the good assets and liabilities of BPVi, as well as Banca Nuova.[26] However, it was also announced on 26 October,[27] that the bank would be absorbed by Intesa Sanpaolo as branches, losing its brand and the separate incorporated status. The merger plan was approved by the board of directors of Intesa Sanpaolo on 5 February 2018.

A public version of a decision of the Italian Competition Authority, revealed that the bank (as part of BPVi), had a market share in terms of deposits (Italian: raccolta bancaria), 5–10% in the Province of Trapani, as well as 0–5% in other 8 provinces of Sicily before the merger;[28] the same decision also revealed that BPVi (through Banca Nuova and sister company) had a market share, in terms of lending to families (Italian: impieghi bancari (famiglie consumatrici)), 10–20% in the Province of Trapani and 5–10% in the Provinces of Agrigento, Caltanissetta, Enna, Messina, Palermo and 0–5% in the Provinces of Catania, Ragusa and Syracuse (Siracusa).[28]

On 11 July 2017 it was also announced that Banca Nuova had sold back some of the non-performing loans back to BPVi which now acted as a bad bank.[29]

Sister companies

PrestiNuova

PrestiNuova was a subsidiary of Banca Nuova but later a sister company. It specialized in consumer loan., the company had a CET1 capital ratio of 10.09%, total assets of €354 million and a net equity of €42 million.[30] [31] The remaining 5% shares of PrestiNuova was acquired from Banca Popolare Sant'Angelo in 2013, for about €1.9 million.[32]

FarmaNuova

Banca Nuova also owned 30% shares of associate company FarmaNuova in 2009.[13] The company was dedicated to pharmacies. FarmaNuova was absorbed by sister company FarBanca in 2012.[33]

Sponsorship

The bank was a sponsor of basketball team Pallacanestro Trapani,[2] football clubs U.S. Città di Palermo[34] [35] [36] [37] and Trapani Calcio (until the 2015–16 season).[2]

See also

other Sicilian banks
other Calabrian bank

External links

Notes and References

  1. Revisione della struttura organizzativa di Banca Nuova . 14 June 2017. 28 October 2017. Banca Popolare di Vicenza. Italian.
  2. Web site: 2016 Bilancio di Esercizio. 2016 Annual Report. 2017. Banca Nuova. Italian. 28 October 2017. https://web.archive.org/web/20171028142428/https://www.bancanuova.it/bn-web/data/bpvi/documentiSocietari/bilanci/2016/Bilancio-di-Esercizio-2016/allegato/Bilancio_Banca_Nuova_%2031_dicembre_2016.pdf. 28 October 2017. dead.
  3. Web site: BILANCIO INTERMEDIO AL 30 GIUGNO 2017. 2017. 28 October 2017. Intesa Sanpaolo. Italian.
  4. News: Tagli alla Banca del Popolo in sessanta rischiano il posto . 14 February 2002. 28 October 2017. La Repubblica. it . Giuseppe. Marinaro.
  5. News: Banca Nuova S.p.A. . 30 July 2002 . 28 October 2017 . Gazzetta Ufficiale . it . Marino . Breganze.
  6. https://telematici.agenziaentrate.gov.it/VerificaPIVA/VerificaPiva.do agenzia delle entrate
  7. News: Da Bankitalia via libera a Banca Nuova Acquistati trenta sportelli da Antonveneta . 5 January 2005. 28 October 2017. La Repubblica. it.
  8. Provvedimento N°131/A: Banca Popolare di Vicenza / Gruppo Intesa. 4 January 2001. 28 October 2017. Bank of Italy. Rome. Italian. https://web.archive.org/web/20171029065016/http://www.agcm.it/concorrenza/concentrazioni/download/41256297003874BD/471F8FE3CC836156C12569EE004260F0.html?a=B265.pdf. 29 October 2017. dead.
  9. News: Banca Nuova S.p.A.. 11 January 2001. 28 October 2017. Gazzetta Ufficiale . it . Franco. Tonato.
  10. Book: http://www.group.intesasanpaolo.com/scriptIsir0/si09/contentData/view/023a154uk.pdf?id=CNT-04-000000001D20C&ct=application/pdf. Gruppo Intesa Report on Operations and Consolidated Financial Statements. 2001. 2000 Annual Report. Banca Intesa. Milan. 29 October 2017. 32.
  11. News: Un istituto con 30 sportelli nell'isola. Targato Vicenza . 6 September 2000. 29 October 2017. La Repubblica. it . e.d.m..
  12. News: Banca del Popolo. Giuseppe. Laudicina. 10 July 2000. 29 October 2017. Gazzetta Ufficiale . it.
  13. Web site: Relazione degli Amministratori al Progetto di Fusione per incorporazione in Banca Popolare di Vicenza - Società cooperativa per azioni di Banca Nuova S.p.A.. 12 October 2010. 28 October 2017. Banca Popolare di Vicenza. Italian. 13.
  14. News: ECCO IL PADRONE DI PALERMO . 21 June 1996. 28 October 2017. La Repubblica. it . a.b..
  15. Web site: Analyst Presentation: Acquisition of Mediocredito Centrale Group. https://web.archive.org/web/20030822050845/http://www.bancaroma.it/INVESTOR/presentazioni/pre1299ing.pdf. December 1999. 22 August 2003. Banca di Roma. 16.
  16. Provvedimento N°22: Banco di Sicilia / Sicilcassa . 3 April 1998. 21 April 2016. Bank of Italy. Italian. 9.
  17. News: BREVI . 12 November 2000. 28 October 2017. La Repubblica. it.
  18. News: Zonin acquisisce la Popolare di Trapani e piazza i suoi uomini ai posti di vertice . 13 February 2001. 28 October 2017. La Repubblica. it . G.M..
  19. Web site: Provvedimento N°269/A: Banca Nuova / rami di azienda di Banca Antoniana Popolare Veneta. 25 February 2005. 28 October 2017. Bank of Italy . it . https://web.archive.org/web/20171029064832/http://www.agcm.it/concorrenza/concentrazioni/download/41256297003874BD/0B7D6BB865593227C1256FC40062ADBD.html?a=B420.pdf. 29 October 2017. dead.
  20. Web site: 2004 Bilancio. 2004 Annual Report. 28 October 2017. Banca Antoniana Popolare Veneta . it.
  21. Avviso per i clienti di Banca Nuova spa. 28 February 2011. 28 October 2017. Banca Nuova. it. https://web.archive.org/web/20171029013419/https://www.bancanuova.it/bn-web/home/chiSiamo/newsComunicazioni/dettaglioNews.html?&bkUrl=%2Fbn-web%2Fhome%2FchiSiamo%2FnewsComunicazioni.html&hc=1_1857516953&pg1_1857516953=1&uuid=8c385e87-7541-4297-95ee-0533bf8288ca. 29 October 2017. dead.
  22. https://telematici.agenziaentrate.gov.it/VerificaPIVA/VerificaPiva.do agenzia delle entrate
  23. Web site: 2015 Bilancio. 2015 Annual Report. 2016. 28 October 2017. Banca Nuova. it. https://web.archive.org/web/20171028142422/https://www.bancanuova.it/bn-web/data/bpvi/documentiSocietari/bilanci/2015/Bilancio-di-esercizio-2015--3-MB-/allegato/BancaNuova_Bilancio2015.pdf. 28 October 2017. dead.
  24. Web site: 2015 Annual Report. 25 March 2016. 15 April 2016. Banca Popolare di Vicenza.
  25. News: Fallimento Banca Nuova, il tribunale di Palermo dà ragione a cinque risparmiatori. 12 October 2017. 28 October 2017. siciliainformazioni.com . it . https://web.archive.org/web/20171029064901/http://siciliainformazioni.com/redazione/699286/fallimento-banca-nuova-il-tribunale-di-palermo-da-ragione-a-cinque-risparmiatori. 29 October 2017. dead.
  26. Web site: Intesa Sanpaolo signs contract to acquire certain assets and liabilities of Banca Popolare di Vicenza and Veneto Banca. 26 June 2017. 26 June 2017. Intesa Sanpaolo.
  27. Progetto di fusione per incorporazione di Banca Nuova S.p.A. in Intesa Sanpaolo S.p.A.. Plan of the merger by incorporation of Banca Nuova S.p.A. in Intesa Sanpaolo S.p.A.. 26 October 2017. 28 October 2017. Intesa Sanpaolo. Italian.
  28. Web site: Provvedimento N°26658: C12103 - Intesa Sanpaolo / rami di azienda di Banca Popolare di Vicenza – Veneto Banca. 5 July 2017. 28 October 2017. Italian Competition Authority . it . https://web.archive.org/web/20171029013439/http://www.agcm.it/concorrenza/concentrazioni/download/41256297003874BD/4C62AB34C5F3A984C1258159003C57A6.html?a=p26658.pdf. 29 October 2017. dead.
  29. Banca Nuova S.p.A. - Contratto di cessione di crediti deteriorati. 11 July 2017. 28 October 2017. Bank of Italy . it.
  30. Web site: 2016 Bilancio. 2017. 29 October 2017. PrestiNuova. Rome. Italian. https://web.archive.org/web/20171028183417/http://www.prestinuova.it/prestinuova/repository/documenti/Bilancio_prestinuova_2016.pdf. 28 October 2017. dead.
  31. Web site: Bilancio 2016 Errata Corrige pagina 139. 2017. 29 October 2017. PrestiNuova. Rome. Italian. https://web.archive.org/web/20171028183411/http://www.prestinuova.it/prestinuova/repository/documenti/errata_corrige_pag_139.pdf. 28 October 2017. dead.
  32. Web site: 2013 Bilancio. 2013 Annual Report. 2014. 29 October 2017. Banca Popolare di Vicenza. Italian. 109, 122.
  33. THE BANCA POPOLARE DI VICENZA GROUP AND FARMANUOVA S.P.A. LAUNCH A MERGER BY INCORPORATION OF THE LATTER INTO FARBANCA S.P.A. – A COMPANY IN THE AFOREMENTIONED GROUP.. 23 February 2012. Vicenza. 29 October 2017. FarBanca.
  34. Web site: 2009 Bilancio. 2009 Annual Report. 2010. 28 October 2017. Palermo. Banca Nuova. Italian. 54. https://web.archive.org/web/20171028142531/https://www.bancanuova.it/bn-web/data/bpvi/documentiSocietari/bilanci-ex-banca-nuova/2009/Dati-di-bilancio-2009/Bilancio-di-esercizio-2009--4-2-MB-/allegato/bilancio_bnuova_2009.pdf. 28 October 2017. dead.
  35. Web site: 2004 Bilancio. 2004 Annual Report. 2005. 28 October 2017. Palermo. Banca Nuova. Italian. 18. https://web.archive.org/web/20171028144143/https://www.bancanuova.it/bn-web/data/bpvi/documentiSocietari/bilanci-ex-banca-nuova/2004/Dati-di-bilancio-2004/Bilancio-di-esercizio-2004--848-kB-/allegato/bilancio_bnuova_2004.pdf. 28 October 2017. dead.
  36. Banca Nuova rinnova il contratto con il Palermo Calcio. 8 August 2008. 28 October 2017. U.S. Città di Palermo. Italian.
  37. IL LOGO DI BANCA NUOVA SULLA MAGLIA DEI GIOCATORI DEL PALERMO. 26 November 2010. 28 October 2017. U.S. Città di Palermo. Italian.

This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article "Banca Nuova".

Except where otherwise indicated, Everything.Explained.Today is © Copyright 2009-2024, A B Cryer, All Rights Reserved. Cookie policy.