Dexia Crediop S.p.A. was an Italian bank specializing in financing public infrastructure which 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, and disappeared in 2023 in the context of Dexia's orderly resolution plan.

History

Consorzio di Credito per le Opere Pubbliche (Crediop) was found by Alberto Beneduce in 1919 as a public entity.

Sanpaolo Bank

The privatization was started in late 1980s. In 1989

Istituto Bancario San Paolo di Torino Istituto Bancario San Paolo di Torino S.p.A., commonly known as just San Paolo, was an Italian bank. It was headquartered in Turin, Piedmont. The bank is the predecessor of Sanpaolo IMI, as well as the current largest bank in Italy in terms of t ...

was the second largest owner for 35%, which was purchased from

Istituto Nazionale della Previdenza Sociale The National Institute for Social Security (, INPS) is the main public entity and authority of the Italian public retirement system. All waged labourers and most of self-employed, without a proper autonomous social security fund, must be subscribe ...

and Istituto Nazionale Assicurazioni, with

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 ...

(CDP) retained 60.7%. In late 1991 Sanpaolo Group bought 50% ownership from CDP. Due to Legge Amato, In 1992 it became 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 ...

(limited company) from

statutory corporation A statutory corporation is a corporation, government entity created as a statutory body by statute. Their precise nature varies by jurisdiction, but they are corporations owned by a government or controlled by national or sub-national government ...

, 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 The Istituto Mobiliare Italiano (IMI, ) was a public financial institution in Italy based in Rome, founded in 1931, privatized in the 1990s and eventually acquired in 1998 by Istituto Bancario San Paolo di Torino. Its name survives in Banca IMI, t ...

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 Banco Popolare Società Cooperativa was an Italian bank, formed in 2007 from the merger of Banco Popolare di Verona e Novara (BPVN) and Banca Popolare Italiana (BPI). The bank merged with Banca Popolare di Milano on 1 January 2017. to form Banco ...

in 2007),

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 ...

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 ...

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. During the

2008 financial crisis The 2008 financial crisis, also known as the global financial crisis (GFC), was a major worldwide financial crisis centered in the United States. The causes of the 2008 crisis included excessive speculation on housing values by both homeowners ...

, the parent company Dexia entered severe financial difficulties and received a €6 billion bailout from the French, Belgian and Luxembourgish governments. In 2011, Dexia suffered big losses due to the

European debt crisis The euro area crisis, often also referred to as the eurozone crisis, European debt crisis, or European sovereign debt crisis, was a multi-year debt crisis and financial crisis in the European Union (EU) from 2009 until, in Greece, 2018. The e ...

and the debt haircut on Greek government bonds, leading to the design of an orderly resolution plan for the Dexia Group, validated by the

European Commission The European Commission (EC) is the primary Executive (government), executive arm of the European Union (EU). It operates as a cabinet government, with a number of European Commissioner, members of the Commission (directorial system, informall ...

in 2012. As part of this resolution plan, Dexia Crediop Dexia Crediop ceased to exist on 30 September 2023 when Dexia Crédit Local finalised the merger by absorption of Dexia Crediop : this absorption of its 100%-owned Italian subsidiary (Dexia Crediop) takes place within the framework of the simplification of the Dexia group structure in preparation for the withdrawal of Dexia Crédit Local's banking licence.

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