FinecoBank

FinecoBank S.p.A., known as FinecoBank or just Fineco is an Italian bank that specialize in online brokerage.[1] Launched in 1999 with its Fineco Online service for retail traders,[2] Fineco became a listed company in 2014 and it's independent from the UniCredit banking group since 2019.

FinecoBank
Formerly
  • GI-FIN
  • Istituto per le Cessioni del Quinto
  • Novara ICQ
  • ICQ Banca Cisalpina
  • Fin-Eco Banca ICQ
TypeListed
BIT: FBK
FTSE MIB Component
Founded
1982(as GI-FIN)
1999(as Fineco)
Servicesonline brokerage
OwnerUniCredit (18%)

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

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.[3] In 1983, the institution was incorporated as Istituto per le Cessioni del Quinto S.p.A. (ICQ),[3] which later known as Novara ICQ S.p.A.[4]:665 and then ICQ Banca Cisalpina S.p.A..[3] ICQ Banca Cisalpina was a subsidiary of Banca Popolare di Novara (BP Novara).[3] In 1990–91, BP Novara owned 51.21% shares of ICQ Banca Cisalpina.[4]:665[5]:126 ICQ Banca Cisalpina was also a listed company, which was delisted in 1996 by its new owner Banca Popolare di Brescia (Bipop).[6][7]

In 1999, Bipop merged with Cassa di Risparmio di Reggio Emilia (Carire) to form Bipop Carire.[3] As of 1990, Banca Popolare di Brescia also partially owned the namesakes Fin-Eco Leasing (33.33%) and Fin-Eco Factoring (30%).[5]:125 As of 1994, Bipop owned the aforementioned companies via an intermediate holding company Fin-Eco Holding.[8] The Holding also owned another subsidiary Fin-Eco SIM.[8] Bipop also attempted to acquire another namesake Cisalpina Gestioni in 1994.[8]

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

FinecoBank

ICQ Banca Cisalpina was renamed to "Fin-Eco Banca ICQ S.p.A." (Banca Fin-Eco in short) in 1999,[3] which was considered as the launch date of the current Fineco.[9][10] In 2002, Bipop Carire and Fineco became part of Capitalia banking group.[11] 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.[9] In 2016 UniCredit sold a further 30% shares to public market.[12][13][14] In May 2019, UniCredit sold another 17% shares of FinecoBank.[1] As UniCredit owned 18% shares of FinecoBank after the transaction, FinecoBank is no longer an associate company of UniCredit.[15]

In 2020, Fineco decided to spend 7 million euros on a marketing campaign to grow its services in UK,[16] whose launch was authorised earlier in the same year.[17]

References
  1. Za, Valentina; Aloisi, Silvia (7 May 2019). Potter, Mark; Merriman, Jane (eds.). "UniCredit sells 17 percent stake in online broker FinecoBank". Reuters. Additional reporting by Helen Reid. Milan. Retrieved 19 July 2019.
  2. Maximilian Cellino (8 May 2019). "Fineco, come guadagna la banca online venduta da UniCredit". Il Sole 24 ORE. Retrieved 30 January 2021.
  3. "La fase iniziale". Prospetto [Prospectus] (PDF) (in Italian). FinecoBank. 2014. p. 114.
  4. Whiteside, R. M.; Wilson, A.; Blackburn, S.; Hörnig, S. E.; Wilson, C. P. (1991). "Major Companies of Italy". In Whiteside, R. M.; Wilson, A.; Blackburn, S.; Hörnig, S. E.; Wilson, C. P. (eds.). Major Companies of Europe 1991-1992 Vol.1 : Major Companies of the Continental European Community. London: Graham & Trotman (Kluwer Academic Publishers Group). pp. 651–750. doi:10.1007/978-94-011-3016-5_7. ISBN 978-1-85333-598-3.
  5. Whiteside, R. M.; Forsyth, J.; Wilson, A. (1990). "Major Companies of Italy". In Whiteside, R. M.; Forsyth, J.; Wilson, A. (eds.). Major Financial Institutions of Continental Europe 1990/91. London: Graham & Trotman (Kluwer Academic Publishers Group). pp. 121–140. doi:10.1007/978-94-011-3022-6_9. ISBN 978-1-85333-471-9.
  6. "COMPANIES DELISTED FROM JANUARY 1995 TO 31 AUGUST 2010" (PDF) (in Italian). Borsa Italiana. Retrieved 19 July 2019.
  7. "POP. BRESCIA: NULLA OSTA CONSOB AD OPA ICQ CISALPINA" (in Italian). Rome. Adnkronos. 7 October 1996. Retrieved 19 July 2019.
  8. "Provvedimento №2179 (C1536): Banca Popolare di Brescia / Cisalpina Gestioni" (PDF) (in Italian). Italian Competition Authority (AGCM). 25 July 1994. Archived from the original (PDF) on 16 April 2016. Retrieved 16 April 2016.
  9. Bray, Chad (27 June 2014). "UniCredit's Online Unit Raises at Least $916 Million in I.P.O." "Dealbook" section. The New York Times. Retrieved 19 July 2019. The company, founded in 1999,...
  10. "About Fineco". Fineco Bank. Retrieved 19 July 2019.
  11. Bilancio al 31 dicembre 2002 [2002 Annual Repoort] (PDF) (in Italian). Capitalia. 2003. Archived (PDF) from the original on 13 March 2016. Retrieved 16 December 2019 – via Borsa Italiana.
  12. "Unicredit vende il 10 per cento di FinecoBank. Incasso da 328 milioni di euro". La Repubblica. Rome: Gruppo Editoriale L'Espresso. 12 July 2016. ISSN 2499-0817. Retrieved 19 July 2019.
  13. "UniCredit launches placement of ordinary shares in FinecoBank S.p.A. representing 20% of the Company's existing share capital" (Press release). UniCredit. 12 October 2016. Retrieved 24 January 2017.
  14. Written at Milan. "Unicredit cede il 20% di Fineco, ma il mercato non brinda". La Repubblica. Rome: Gruppo Editoriale L'Espresso. 13 October 2016. ISSN 2499-0817. Retrieved 19 July 2019.
  15. "UniCredit announces FinecoBank is not anymore part of the Group starting today" (Press release). UniCredit. 10 May 2019. Retrieved 19 July 2019.
  16. Eleonora Micheli (9 November 2020). "Fineco, Foti: «2020 un anno di successo. Distribuiremo cedole appena possibile»". Il Sole 24 ORE. Retrieved 30 January 2021.
  17. Eleonora Micheli (11 February 2020). "Fineco prepara lo sbarco in Gran Bretagna ed esclude M&A". Il Sole 24 ORE. Retrieved 30 January 2021.
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