Cassa di Risparmio di Carrara

Cassa di Risparmio di Carrara S.p.A. was an Italian saving bank based in Carrara, Tuscany. The bank was absorbed by the parent company Banca Carige in 2015.

C.R. Carrara
Native name
Cassa di Risparmio di Carrara S.p.A.
Typesubsidiary of a listed company
IndustryFinancial services
Fateabsorbed by the parent company
Successor
  • Fondazione CR Carrara (charity)
  • branches of Banca Carige (banking)
Founded
  • 1843
  • 1992 (S.p.A.)
Defunct2015
Headquarters
Carrara
,
Italy
ServicesRetail and corporate banking
Total assets€1,225,203,326 (mid-2015)
Total equity€97,102,869 (mid-2015)
Owner
Parent
  • Fondazione CR Carrara (1992–95)
  • Carinord (1995–2004)
  • Banca Carige (2004–15)
Footnotes / references
in separate financial statements[1]

History

Cassa di Risparmio di Carrara was found in 1843 in Carrara in the Duchy of Modena and Reggio. In 1992 the statutory corporation was split into a limited company (Italian: società per azioni) and Fondazione Cassa di Risparmio di Carrara (a banking foundation).[2] At that time the banking foundation owned 66.67% stake of the company, with the rest was owned by Cassa di Risparmio delle Provincie Lombarde (Cariplo). In 1995, a sub-holding company "Carinord Holding" was formed, which Cariplo was the significant shareholder for 30.93% stake,[3] in turn the holding owned 90% stake of CR Carrara. The holding also owned the saving bank in Alessandria (50% + 1 share) and Spezia (68.19%).[4] In 1998 Cariplo became part of Banca Intesa. In 2002 Carinord was split into Carinord 1 and Carinord 2; CR Alessandria was owned by Carinord 1 S.p.A. and Carispezia and CAR Carrara were owned by Carinord 2. As at 31 December 2002, Banca Intesa owned 41.14% stake in Carinord 2 S.p.A. , with the banking foundations of Carispezia and CR Carrara remained as the minority shareholders of the sub-holding.

In 2003 CR Carrara and Carispezia were acquired by Banca Carige and Banca CR Firenze respectively.[5] Carige acquired about 43.49% stake in Carinord 2 from Intesa (16.46% for €46 million) and the banking foundation of CR Carrara (27.03%) for €183,764,644 in total (with 5,192,231 shares or 2.44% stake of Carinord 2 was re-sold to Banca CR Firenze for €10,301,778 in the eve of demerger).[6] In April 2004 Carinord 2 was demerged and Caricarrara Holding S.p.A. was created, making the 90% stake of the saving bank cost Carige about €173 million.

As at 31 December 2014, the banking foundation still owned 10% of the saving bank, as well as 0.679% stake in Banca Carige.[7]

In 2015 Banca Carige absorbed CR Carrara and sister companies Cassa di Risparmio di Savona and Columbus Carige Immobiliare. Carige purchased the remaining 10% stake by issuing new shares of Carige.[7]

Foundation

After spin off the banking activities, the original entity of the bank became Fondazione Cassa di Risparmio di Carrara. As at 31 December 2015, the foundation had a net assets of €109 million. It is a minority shareholder of Banca Carige and Cassa Depositi e Prestiti for 1.17% and 0.019% respectively.[8]

The foundation also signed a shareholders' agreement with Fondazione Cassa di Risparmio di Savona, Coop Liguria and Talea Società di Gestione Immobiliare for a total of 4.17% shares.[9]

References
  1. "Situazione patrimoniale CR Carrara 2015-06-30" (PDF) (in Italian). Banca Carige. 18 September 2015. Retrieved 17 May 2016.
  2. Ministry of the Treasury (10 June 1992). "Approvazione del progetto di ristrutturazione presentato dalla Cassa di risparmio di Carrara" (in Italian). Italian Republic Official Gazette. Retrieved 17 May 2016.
  3. Cassa di Risparmio delle Provincie Lombarde S.p.A. bilancio (financial report and accounts) on 31 December 1996 (in Italian), PDF purchased from Italian C.C.I.A.A.
  4. "Cariplo / Carinord" (PDF) (in Italian). Banca d'Italia. 5 October 1995. Retrieved 17 May 2016.
  5. "Comunicati stampa Intesa Sanpaolo" (in Italian). Banca Intesa. 17 July 2003. Retrieved 22 March 2015.
  6. "2004 Consolidated Financial Statements" (PDF). Banca Carige. 19 September 2005. Retrieved 17 May 2016.
  7. "2014 Bilancio Consuntivo" (PDF) (in Italian). Fondazione Cassa di Risparmio di Carrara. 18 May 2015. Archived from the original (PDF) on 15 August 2016. Retrieved 17 May 2016.
  8. "2015 Bilancio Consuntivo" [2015 Annual Report] (PDF) (in Italian). Fondazione Cassa di Risparmio di Carrara. 9 May 2016. Retrieved 23 April 2017.
  9. "Informazioni essenziali ai sensi dell'art. 122 del D. Lgs. 24 febbraio 1998 n. 58 (TUF) e dell'art. 130 del Reg. CONSOB 14 maggio 1999 n. 11971 (Reg. Emittenti) in merito a patto parasociale relativo ad azioni ordinarie di BANCA CARIGE S.p.A." (PDF) (in Italian). Banca Carige. 8 July 2015. Retrieved 23 April 2017.
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