FinecoBank explained

FinecoBank
Type:Listed
Traded As:
FTSE MIB Component
Services:online brokerage

FinecoBank S.p.A., known as FinecoBank or just Fineco is an Italian bank that specializes in online brokerage. Launched in 1999 with its Fineco Online service for retail traders, Fineco became a listed company in 2014 and has been independent from UniCredit banking group since 2019.[1]

FinecoBank is a constituent of FTSE MIB (since 2016), the blue chip index of the Borsa Italiana.[2] Since 2015 it has over a million customers in Italy, where its role has been compared to that of Schwab in USA.[3]

FinecoBank has been designated in 2021 as a Significant Institution under the criteria of European Banking Supervision, and as a consequence is directly supervised by the European Central Bank.[4]

History

Predecessors

The predecessor of Fineco was a financial institution known as GI-FIN S.r.l. in 1982 and then GI-FIN S.p.A. from October 1982.[5] In 1983, the institution was incorporated as Istituto per le Cessioni del Quinto S.p.A. (ICQ),[5] which later known as Novara ICQ S.p.A.[6] and then ICQ Banca Cisalpina S.p.A..[5] [7] ICQ Banca Cisalpina was a subsidiary of Banca Popolare di Novara (BP Novara).[5] In 1990–91, BP Novara owned 51.21% shares of ICQ Banca Cisalpina.[6] ICQ Banca Cisalpina was also a listed company, which was delisted in 1996 by its new owner Banca Popolare di Brescia (Bipop).[8] [9]

In 1999, Bipop merged with Cassa di Risparmio di Reggio Emilia (Carire) to form Bipop Carire.[5] As of 1990, Banca Popolare di Brescia also partially owned the namesakes Fin-Eco Leasing (33.33%) and Fin-Eco Factoring (30%).[10] As of 1994, Bipop owned the aforementioned companies via an intermediate holding company Fin-Eco Holding. The Holding also owned another subsidiary Fin-Eco SIM. Bipop also attempted to acquire another namesake Cisalpina Gestioni in 1994.[11]

After the 1999 merger, the banking group re-organized ICQ Banca Cisalpina as well as Fin-Eco Leasing and Fin-Eco Factoring.[12]

FinecoBank

ICQ Banca Cisalpina was renamed to "Fin-Eco Banca ICQ S.p.A." (Banca Fin-Eco in short) in 1999,[5] which was considered as the launch date of the current Fineco.[13] In 2002, Bipop Carire and Fineco became part of Capitalia banking group.[14] In 2007, Capitalia was absorbed into UniCredit banking group, while Fineco was kept as a separate subsidiary.

In 2014 FinecoBank started its initial public offering.[15] In 2016 UniCredit sold a further 30% shares to public market.[16] [17] [18] In May 2019, UniCredit sold another 17% shares of FinecoBank.[19] As UniCredit owned 18% shares of FinecoBank after the transaction, FinecoBank is no longer an associate company of UniCredit.[20]

In 2020, Fineco decided to spend 7 million euros on a marketing campaign to grow its services in UK,[21] whose launch was authorised earlier in the same year.[22]

FinecoBank Banca Fineco serves customers in the United Kingdom and Italy.[23]

UniCredit sold its remaining stake in FinecoBank in 2019.[24]

External links

Notes and References

  1. Web site: FinecoBank Banca Fineco SpA (FBK : BIT) Stock Price & News - Google Finance. 2021-09-11. www.google.com. en.
  2. Web site: Fineco Bank - London South East. 2021-09-11. www.lse.co.uk. en.
  3. Web site: 2021-01-30. Fineco, come guadagna la banca online venduta da UniCredit. Il Sole 24 ORE. Maximilian Cellino. 2019-05-08.
  4. Web site: European Central Bank . List of supervised entities . .
  5. Book: Prospetto. 114. La fase iniziale. Prospectus . FinecoBank. Italian. 2014.
  6. Book: Major Companies of Italy. Major Companies of Europe 1991-1992 Vol.1 : Major Companies of the Continental European Community . 978-1-85333-598-3. Graham & Trotman (Kluwer Academic Publishers Group). 1991. R. M.. Whiteside. A.. Wilson. S.. Blackburn. S. E.. Hörnig. C. P.. Wilson. London. 10.1007/978-94-011-3016-5_7. Whiteside . R. M. . Wilson . A. . Blackburn . S. . Hörnig . S. E. . Wilson . C. P. . 651–750 .
  7. Web site: FinecoBank. 2021-09-24. Forbes. en.
  8. Web site: COMPANIES DELISTED FROM JANUARY 1995 TO 31 AUGUST 2010. 19 July 2019. Borsa Italiana. Italian.
  9. News: POP. BRESCIA: NULLA OSTA CONSOB AD OPA ICQ CISALPINA . 7 October 1996. 19 July 2019. Adnkronos. Rome. Italian.
  10. Book: Major Companies of Italy. Major Financial Institutions of Continental Europe 1990/91. 978-1-85333-471-9. Graham & Trotman (Kluwer Academic Publishers Group). 1990. 10.1007/978-94-011-3022-6_9. R. M.. Whiteside. J.. Forsyth. A.. Wilson. London. Whiteside. R. M.. Forsyth. J.. Wilson. A.. 121–140.
  11. Web site: Provvedimento №2179 (C1536): Banca Popolare di Brescia / Cisalpina Gestioni. 25 July 1994. 16 April 2016. Italian Competition Authority (AGCM). Italian. https://web.archive.org/web/20160416152942/http://www.agcm.it/concorrenza--delibere/concorrenza-provvedimenti/download/41256297003874BD/B4E2B8646703F638C12560C30021A10A.html?a=p2179.pdf. 16 April 2016.
  12. Web site: eco+bank. 2021-09-11. library.answerthepublic.net.
  13. Web site: About Fineco. Fineco Bank. 19 July 2019.
  14. Book: Bilancio al 31 dicembre 2002. 2002 Annual Repoort. 2003. Capitalia. Borsa Italiana. Italian. https://web.archive.org/web/20160313035323/http://www.borsaitaliana.it/bitApp/view.bit?target=DocViewerDownload&filename=db%2Fpdf%2F3316.pdf. 13 March 2016. 16 December 2019. live.
  15. News: UniCredit's Online Unit Raises at Least $916 Million in I.P.O.. "Dealbook" section. The New York Times. 27 June 2014. 19 July 2019. Chad. Bray. The company, founded in 1999,....
  16. News: Unicredit vende il 10 per cento di FinecoBank. Incasso da 328 milioni di euro. 12 July 2016. 19 July 2019. La Repubblica. Rome. Gruppo Editoriale L'Espresso. 2499-0817.
  17. UniCredit launches placement of ordinary shares in FinecoBank S.p.A. representing 20% of the Company's existing share capital. 12 October 2016. 24 January 2017. UniCredit.
  18. News: Unicredit cede il 20% di Fineco, ma il mercato non brinda. 13 October 2016. 19 July 2019. La Repubblica. Rome. Gruppo Editoriale L'Espresso. 2499-0817. Milan.
  19. News: UniCredit sells 17 percent stake in online broker FinecoBank. Reuters. Milan. Valentina. Za. Silvia. Aloisi. 7 May 2019. 19 July 2019. Additional reporting by Helen Reid. Mark. Potter. Jane. Merriman.
  20. UniCredit announces FinecoBank is not anymore part of the Group starting today. 10 May 2019. 19 July 2019. UniCredit.
  21. Web site: 2021-01-30. Fineco, Foti: «2020 un anno di successo. Distribuiremo cedole appena possibile». Il Sole 24 ORE. 2020-11-09. Eleonora Micheli.
  22. Web site: 2021-01-30. Fineco prepara lo sbarco in Gran Bretagna ed esclude M&A. Il Sole 24 ORE. Eleonora Micheli. 2020-02-11.
  23. Web site: FinecoBank Banca Fineco SpA - Company Profile and News. 2021-09-24. Bloomberg.com. en.
  24. Web site: UniCredit successfully completes the sale of its remaining stake in FinecoBank. UniCredit. 2019-07-08.

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