Cassa di Risparmio di Trieste was an Italian

savings bank A savings bank is a financial institution that is not run on a profit-maximizing basis, and whose original or primary purpose is collecting deposits on savings accounts that are invested on a low-risk basis and receive interest. Savings banks ha ...

headquartered in

Trieste Trieste ( , ; ) is a city and seaport in northeastern Italy. It is the capital and largest city of the Regions of Italy#Autonomous regions with special statute, autonomous region of Friuli-Venezia Giulia, as well as of the Province of Trieste, ...

that operated between 1842 and 2002. In 1992, as part of the Italian government restructuring of public credit institutions, known as the , the bank was split into three organizations: ''Cassa di Risparmio di Trieste - Banca S.p.A.'', its subsidiary in ''special credito'' and ''Fondazione CRTrieste''. Cassa di Risparmio di Trieste - Banca S.p.A. joined newly formed banking group

UniCredit UniCredit S.p.A. (formerly UniCredito Italiano S.p.A.) is an Italian multinational banking group headquartered in Milan. It is a systemically important bank (according to the list provided by the Financial Stability Board in 2022) and the world' ...

in 1999. The bank, as a brand and subsidiary, survived within UniCredit until 2002 when it was merged with 6 other sub-brands to form UniCredit Banca and other divisions of UniCredit.

History

Founded in 1842 in the

Imperial Free City of Trieste The Imperial Free City of Trieste and its Territory (, ) was a possession of the Habsburg monarchy in the Holy Roman Empire from the 14th century to 1806, a constituent part of the German Confederation and the Austrian Littoral from 1849 to 1920, ...

, in the

Austrian Empire The Austrian Empire, officially known as the Empire of Austria, was a Multinational state, multinational European Great Powers, great power from 1804 to 1867, created by proclamation out of the Habsburg monarchy, realms of the Habsburgs. Duri ...

. The city later became the capital of the

Austrian Littoral The Austrian Littoral (, , , , ) was a crown land (''Kronland'') of the Austrian Empire, established in 1849. It consisted of three regions: the Margraviate of Istria in the south, Gorizia and Gradisca in the north, and the Imperial Free City ...

of the empire and belongs to the Kingdom of Italy since 1921. Since joined Italy, the bank merged with other savings bank such as bank from

Postumia Postumia may refer to: * Postumia (vestal), 5thC BC Vestal virgin * Postumia gens, an ancient Roman family * Postojna, Slovenia - ''Postumia'' in Italian * Via Postumia The Via Postumia was an ancient military Roman road of northern Italy constr ...

due to a decree-law enacted in 1927. (Postumia belongs to Italy between the two world war, but now located in Slovenia.) A report by

Mediobanca Mediobanca S.p.A. is an Italian investment bank founded in 1946 at the initiative of Raffaele Mattioli (at that time CEO of Banca Commerciale Italiana) and Enrico Cuccia to facilitate the post-World War II reconstruction of Italian industry. Cu ...

, shown the bank was ranked 75th by total assets in 1988, among all type of commercial banks of Italy. In 1992, due to , the bank was split into two organizations, a

società per azioni (; abbr. S.p.A. or spa ) is a form of corporation in law of Italy, Italy, meaning 'company with shares' (although often translated as 'joint-stock company', which may or may not be a limited liability entity). It is more or less equivalent to ...

(s.p.a.) and a

banking foundation Banking foundation is a type of foundation that originated as a bank. The banking reforms split the banks (usually local and community owned savings banks, as a statutory corporation) into limited company and holding company (or banking foundation). ...

. At first the S.p.A. had a share capital of 220

billion Billion is a word for a large number, and it has two distinct definitions: * 1,000,000,000, i.e. one thousand million, or (ten to the ninth power), as defined on the short scale. This is now the most common sense of the word in all varieties of ...

lire. In 1998, ''

The Economist ''The Economist'' is a British newspaper published weekly in printed magazine format and daily on Electronic publishing, digital platforms. It publishes stories on topics that include economics, business, geopolitics, technology and culture. M ...

'' credited the bank as "Italy's most successful international bank" for its cross-border banking subsidiary Trscanska Stedionica – Banka. In the same year, a subsidiary, Cassa di Risparmio di Trieste Specialcredito, which specialize in such as public works and medium-long-term loan, was sold to

Assicurazioni Generali Assicurazioni Generali S.p.A. ( , ; meaning 'general insurances') or commonly known as Generali Group is an Italian insurance company based in Trieste. As of 2022, it is the largest insurance company in Italy and ranks among the world's largest i ...

, which became Banca Generali. Before the handover of the company, the medium-long-term loan business was sold back to Cassa di Risparmio di Trieste. In 1999, the banking foundation sold the controlling interests of the bank (s.p.a.) to

. , the foundation retained 20% shares of the S.p.A., as well as owned 0.79% shares of UniCredit. The foundation also owned a private equity fund "Fondo Gestiveneto 6", which was managed by Pioneer Investments of UniCredit group. In 2002 the S.p.A. was absorbed by

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 ...

; the

legal person In law, a legal person is any person or legal entity that can do the things a human person is usually able to do in law – such as enter into contracts, lawsuit, sue and be sued, ownership, own property, and so on. The reason for the term "''le ...

of Credito Italiano then renamed into UniCredit Banca, as the new retail arm of the banking group. Several subsidiaries were also spin off from UniCredit Banca in 2003 as separate entities of the group. The Croatian subsidiary of C.R. Trieste was merged into

Zagrebačka banka Zagrebačka banka d.d. is the largest bank in Croatia, owned by Milan-based UniCredit. Overview Zagrebačka banka was formed in 1977, intended to provide loans for local companies, taking over some former assets and operations including from th ...

, while C.R. Trieste Ireland was liquidated, as it was overlapped with UniCredit Bank Ireland (UniCredito Italiano Bank (Ireland) plc).

Subsidiaries

* C.R. Trieste Ireland Ltd. (99.99%) * Cassa di Risparmio di Trieste – Banca d.d. Zagreb (, 83.95%) * Cassa di Risparmio di Trieste – Specialcredito S.p.A. (former)

Equity investments

* The

Bank of Italy The Bank of Italy (Italian language, Italian: ''Banca d'Italia'', , informally referred to as ''Bankitalia'') is the National central bank (Eurosystem), national central bank for Italy within the Eurosystem. It was the Italian central bank from ...

(0.44%) * Friulia (1.27%) * Friulia-Lis (2.25%)) * Liseuro (35.11%)

Banking foundation

After the bank became defunct, the charity function, as well as the bank's arts collection were survived as an organization Fondazione Cassa di Risparmio di Trieste or Fondazione CRTrieste. , the foundation had an equity of €204 million. The foundation write-down the value of the shares of

its owned (17,444,018 number of shares before 2017 reverse stock split; 0.282%), as well as the shares of

Banca Mediocredito del Friuli Venezia Giulia Banca Mediocredito del Friuli Venezia Giulia S.p.A. is an Italian commercial bank based in Udine, Friuli – Venezia Giulia region. History Istituto di Credito per il Finanziamento a Medio Termine alle Medie e Piccole Industrie Situate nel Territo ...

(34,440,610 number of shares; 30.502%). In addition, the foundation owned 875,977 number of shares (0.256%) of

Cassa Depositi e Prestiti Cassa Depositi e Prestiti S.p.A., also known as CDP S.p.A., is a prominent Italian development bank founded on November 20, 1850, in Turin. Its original duty was to finance public works like roads and waterworks during the reign of Victor Emman ...

as well as other investment, such as

FriulAdria Crédit Agricole FriulAdria S.p.A. formerly known as Banca Popolare FriulAdria S.p.A., or known as FriulAdria in short (abb. of Friuli and Adriatic Sea), is an Italian bank, which is part of Crédit Agricole Italia, the Italian arm of French ban ...

Fincantieri Fincantieri S.p.A. () is an Italian shipbuilding company based in Trieste, Italy. Already the largest shipbuilder in Europe, after the acquisition of Vard in 2013, Fincantieri group doubled in size to become the fourth largest in the world (2014 ...

(0.071%) and

GEDI Gruppo Editoriale GEDI Gruppo Editoriale S.p.A., formerly known as S.p.A., is an Italian media conglomerate. Founded in 1955, it is based in Turin, Italy, and controlled by the Agnelli family through Exor. The company is known for publishing newspapers ''La Re ...

References

External links