Dexia Crediop S.p.A. is an Italian bank specializing in financing public infrastructure. It was part of

Dexia Dexia N.V./S.A., or the Dexia Group, is a Franco-Belgian financial institution formed in 1996. At its peak in 2010, it had about 35,200 members of staff and a core shareholders' equity of €19.2 billion. In 2008, the bank entered severe ...

Group, as the owner of 70% shares. Banco Popolare,

Banca Popolare di Milano Banca Popolare di Milano S.p.A. also known as Bipiemme or just BPM is an Italian bank based in Milan, Lombardy. The bank is a wholly owned subsidiary of Banco BPM. Banca Popolare di Milano S.c. a r.l., an urban area cooperative bank, was founded ...

and

Banca Popolare dell'Emilia Romagna BPER Banca S.p.A., formerly known as Banca Popolare dell'Emilia Romagna S.C., is an Italian banking group offering traditional banking services to individuals, corporate and public entities. The company is based in Modena and is a constituent of ...

owned 10% each as minority shareholders.

History

Consorzio di Credito per le Opere Pubbliche (Crediop) was found by

Alberto Beneduce Alberto Beneduce (29 May 1877 – 26 April 1944) was an Italian politician, scholar and financier, who was among the founders of many significant state-run finance institutions in Italy. Early life and education Beneduce was born in Casert ...

in 1919 as a public entity.

Sanpaolo Bank

The privatization was started in late 1980s. In 1989 Istituto Bancario San Paolo di Torino was the second largest owner for 35%, which was purchased from Istituto Nazionale della Previdenza Sociale and

Istituto Nazionale Assicurazioni INA Assitalia S.p.A. was an insurance company, operating on the Italian market from 1912 to 2013. In the last years it belonged to the Assicurazioni Generali group. History INA, Istituto Nazionale delle Assicurazioni, was a public entity specia ...

, with

Cassa Depositi e Prestiti Cassa Depositi e Prestiti S.p.A. (also kwown as CDP or CDP Group) is a prominent Italian investment bank founded on November 20, 1850, in Turin. Its main duty was to finance public works like roads and waterworks during the reign of Victor Emma ...

(CDP) retained 60.7%. In late 1991 Sanpaolo Group bought 50% ownership from CDP. Due to

Legge Amato Legge is a surname. Notable people with the surname include: * Alexander Legge (1866–1933), US businessman, president of International Harvester * Anthony Legge (1939–2013), British archaeologist specialized in zooarchaeology *Arthur Kaye Legge ...

, In 1992 it became a

società per azioni ''Società'' (Italian language, Italian: ''Society'') was an Italian communist cultural magazine published in Italy between 1945 and 1961. History and profile ''Società'' was founded as a quarterly magazine in Florence in 1945. The founders wer ...

(limited company) from statutory corporation , which San Paolo Bank Holding S.p.A. (52.3%), Istituto Bancario San Paolo di Torino S.p.A. (37%) and Cassa Depositi e Prestiti S.p.A. (10.7%) were the shareholders. In 1995 the bank was wholly owned by Sanpaolo bank group. The bank followed the parent company to merge with Istituto Mobiliare Italiano to form

Sanpaolo IMI Sanpaolo IMI S.p.A. was an Italian banking and insurance conglomerate, based in Turin. It employed about 44,000 people and had about 7 million customers. On 24 August 2006 a merger with Banca Intesa was announced, which on 1 December 2006 was ap ...

in 1998.

Dexia

Circa 1997

acquired 40% shares from Sanpaolo. In 1999 the banking group sold an additional 20% shares to Dexia for €218 million, making Dexia became the major shareholder for 60%. Sanpaolo IMI sold further 40% shares to Dexia for about €403 million, However, Dexia re-sold the 40% shares to Banca Popolare di Verona – Banco SGSP (became part of Banco Popolare in 2007),

and Banca Popolare di Bergamo – Credito Varesino (through BPB Partecipazioni), by buying 4% shares and convertible bonds equivalent to 6% share capital, for a total of 200 billion lire each (about €103 million for each bank). Banca Popolare di Bergamo withdrew in 2001. After the

European debt crisis The European debt crisis, often also referred to as the eurozone crisis or the European sovereign debt crisis, is a multi-year debt crisis that took place in the European Union (EU) from 2009 until the mid to late 2010s. Several eurozone memb ...

in 2010s, the parent company Dexia faced financial difficulties which Crediop became a for-sale assets to the group, or otherwise would run-off the bank. After the merger of Banco Popolare and

in 2017,

Banco BPM Banco BPM società per azioni, S.p.A. is an Italian bank that started to operate on 1 January 2017, by the merger of Banco Popolare and Banca Popolare di Milano (BPM) (approved by the board of directors on 24 May 2016). The bank is the third larges ...

would be the second largest shareholder of Crediop.

References

Banks established in 1919 Italian companies established in 1919 banks of Italy Companies based in Rome Sanpaolo IMI Banco Popolare BPER Banca Banca Popolare di Milano Formerly government-owned companies of Italy {{Italy-bank-stub

History

Sanpaolo Bank

Dexia

See also

References