Banca Commerciale Italiana
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Banca Commerciale Italiana (BCI, colloquially known as Comit), founded in 1894, was a major Italian bank based in
Milan Milan ( , , ; ) is a city in northern Italy, regional capital of Lombardy, the largest city in Italy by urban area and the List of cities in Italy, second-most-populous city proper in Italy after Rome. The city proper has a population of nea ...
. In 1999, it merged with the group recently formed by the combination of
Cassa di Risparmio delle Provincie Lombarde Cassa di Risparmio delle Provincie Lombarde, known in shorthand as Cariplo SpA, was an Italian bank founded in 1823. On 2 January 1998, it merged with Banco Ambrosiano Veneto to form Banca Intesa. Cariplo SpA became a short-lived sub-holding comp ...
and Banco Ambroveneto to form IntesaBCI, in which BCI temporarily became a sub-holding company. On 1 January 2003, the group's name changed to
Banca Intesa Banca Intesa S.p.A. was an Italian banking group, formed in 1998 by merger of Cassa di Risparmio delle Provincie Lombarde (Cariplo) and Banco Ambrosiano Veneto. The next year, the banking group merged with Banca Commerciale Italiana to become ...
, later
Intesa Sanpaolo Intesa Sanpaolo Società per azioni, S.p.A. is an Italian international banking group. It is Italy's largest bank by total assets and the world's 27th largest. It was formed through the merger of Banca Intesa and Sanpaolo IMI in 2007, but has a ...
.


History

BCI's predecessor was the Credito Mobiliare, founded in 1862. On 10 October 1894, BCI was re-established as a private joint-stock bank with capital contributed by banks from Germany (78 percent), Austria (13 percent), and Switzerland (9 percent). These included Creditanstalt,
Deutsche Bank Deutsche Bank AG (, ) is a Germany, German multinational Investment banking, investment bank and financial services company headquartered in Frankfurt, Germany, and dual-listed on the Frankfurt Stock Exchange and the New York Stock Exchange. ...
, Darmstädter Bank, Berliner Handels-Gesellschaft, Disconto-Gesellschaft, and S. Bleichröder, with stakes from 10 to 13 percent each, whereas the other participating German and Swiss banks had individual stakes in the low single digits. The Germanic dominance didn’t last long, however, as the Banque de Paris et des Pays-Bas also became a significant shareholder in 1898. BCI was originally modelled along the lines of German banks, making both short- and long-term loans. The young BCI continued to specialize in loans to industry, especially to companies in shipping, textiles, and electricity. Giuseppe Toeplitz was the managing director of Banca Commerciale Italiana. His Villa Toeplitz is still located in Varese In the mid of the 20th century, the bank was nationalized by Istituto per la Ricostruzione Industriale. In 1936, along with Banco di Roma and
Credito Italiano ''Credito Italiano'', often referred to by the shorthand Credit, was a significant Italian bank based in Milan. It was established in 1895, succeeding the ''Banca di Genova'' established in 1870 in Genoa. In 1998 it merged with Unicredito to form ...
, they were classified as "a bank of national interest" under the Banking Law of 1936. In 1999 70% shares of BCI were acquired by
Banca Intesa Banca Intesa S.p.A. was an Italian banking group, formed in 1998 by merger of Cassa di Risparmio delle Provincie Lombarde (Cariplo) and Banco Ambrosiano Veneto. The next year, the banking group merged with Banca Commerciale Italiana to become ...
. On 1 January 2001 BCI sold Banca di Legnano to Banca Popolare di Milano. In the same year, the company was absorbed into the parent company.


International expansion through World War II

*1905: BCI took a majority stake in the newly established Banque Commerciale Tunisienne. *1906: BCI participated in the augmentation of the capital of Banco Comerciale Italo-Brasiliano, which had been founded in 1900 as Banco Comerciale Italiano di S. Paolo. *1908: BCI took an important stake in Banca della Svizzera Italiana (BSI), which had been founded in 1873. In 1910 BCI took control of BSI. *1910: BCI established Banque Française et Italienne pour l'Amerique du Sud, later known as Sudameris. Sudameris took over the activities of Banco Comerciale Italo-Brasiliano, which was in liquidation. *1911: BSI established a branch in London. *1911: BSI liquidated Banque Commerciale Tunisienne, which was merged into Société Générale de l'Afrique du Nord. *1918: BCI established a branch in New York, and Banca Commerciale Italiana (France), in Paris. The French subsidiary would establish branches in Marseilles and Casablanca. *1919: BCI acquired or created four foreign operations. In
Lima Lima ( ; ), founded in 1535 as the Ciudad de los Reyes (, Spanish for "City of Biblical Magi, Kings"), is the capital and largest city of Peru. It is located in the valleys of the Chillón River, Chillón, Rímac River, Rímac and Lurín Rive ...
, Peru, it acquired a stake in Banco Italiano, which had been founded in 1889. It established Società Italiana de Credito Commerciale out of Società Generale Commissionaria, which had been founded in Italy in 1918 and which had a branch in Vienna. BCI created Banca Commerciale Italiana e Bulgara (Bulcomit) in
Sofia Sofia is the Capital city, capital and List of cities and towns in Bulgaria, largest city of Bulgaria. It is situated in the Sofia Valley at the foot of the Vitosha mountain, in the western part of the country. The city is built west of the Is ...
, Bulgaria. Lastly, it established a branch in Istanbul. *1920: This was also a busy year for BCI's international expansion. It created Banca Ungaro-Italiano Bankunit) out of the merger of the Credit Instut Ungarscher Holzhändler e Ungarsche Landesbank and Agrar-Bank. It also established Banca Italiana e Romena (Romcomit) by assuming the branches in
Transylvania Transylvania ( or ; ; or ; Transylvanian Saxon dialect, Transylvanian Saxon: ''Siweberjen'') is a List of historical regions of Central Europe, historical and cultural region in Central Europe, encompassing central Romania. To the east and ...
of Banca Agrara Timisana. BCI also acquired a stake in Prague-based Böhmische Union Bank. Lastly, Società Italiana de Credito Commerciale changed its name to Società Italiana di Credito. *1923: BCI established Banco Italiano – Guayaquil in Ecuador. *1924: BCI established Banca Commerciale Italiana per l'Egitto (Comitegit) in
Alexandria Alexandria ( ; ) is the List of cities and towns in Egypt#Largest cities, second largest city in Egypt and the List of coastal settlements of the Mediterranean Sea, largest city on the Mediterranean coast. It lies at the western edge of the Nile ...
. A branch in Cairo would follow. In the US, BCI established Banca Commerciale Italiana Trust Co. – New York. *1927: BCI acquired a stake in Bank Handlowy w Warszawie, founded in 1870. However, BCI reduced its stake in Böhmische Union-Bank to a minority position. *1928: BCI established a branch in
İzmir İzmir is the List of largest cities and towns in Turkey, third most populous city in Turkey, after Istanbul and Ankara. It is on the Aegean Sea, Aegean coast of Anatolia, and is the capital of İzmir Province. In 2024, the city of İzmir had ...
(that time called Smyrna). *1929: BCI established Banca Commerciale Italiana e Greca (Comitellas) in Athens. In the US, BCI established Banca Commerciale Italiana Trust Co. – Boston and Banca Commerciale Italiana Trust Co. – Philadelphia. *1930: BCI acquired a stake in Hrvatska Banks in Zagreb. *1934: BCI sold its shares in Società Italiana di Credito. *1935: BCI sold its stake in Bank Handlowy. *1937: BCI established a representative office in Belgrade, while closing Banca Commerciale Italiana Trust Co. – Boston. *1938: BCI liquidated Banca Commerciale Italiana Trust Co. – Philadelphia, having sold the business to Liberty Title and Trust Co. *1939: BCI sold Banca Commerciale Italiana Trust Co. – New York to Manufacturers Trust Co. *1940: BCI's branch in London was liquidated. *1941: BCI sold its shares in Banco Italiano – Guayaquil, which became Banco de Guayaquil. BCI's branch in New York was sequestrated and liquidated immediately after the United States declared war on Italy. *1942: Banco Italiano, in Lima, changed its name to Banco de Crédito del Perú. *1943: BCI closed its representative offices in Berlin and Belgrade.


References

*Banca Commercial Italiana (1997) ''Archivo Storico: Collana Inventari''. (Milan). * * {{Authority control Defunct banks of Italy Banks established in 1894 Italian companies established in 1894 Banks disestablished in 2001 Italian companies disestablished in 2001 Companies based in Milan Banca Commerciale Italiana Formerly government-owned companies of Italy Companies formerly listed on the Borsa Italiana