Credito Emiliano
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Credito Emiliano S.p.A. (Credem) is an Italian bank based in
Reggio Emilia Reggio nell'Emilia (; ), usually referred to as Reggio Emilia, or simply Reggio by its inhabitants, and known until Unification of Italy, 1861 as Reggio di Lombardia, is a city in northern Italy, in the Emilia-Romagna region. It has about 172,51 ...
, Emilia-Romagna. It was founded in Italy 1910. The company is a component of FTSE Italia Mid Cap Index. The company has several internal divisions: Credem Banca (retail banking), Credem Banca d'Impresa (corporate banking) and Credem Private Banking. Credem has been designated in 2015 as a Significant Institution under the criteria of European Banking Supervision, and as a consequence is directly supervised by the
European Central Bank The European Central Bank (ECB) is the central component of the Eurosystem and the European System of Central Banks (ESCB) as well as one of seven institutions of the European Union. It is one of the world's Big Four (banking)#International ...
. Credem has received widespread media attention because it stores wheels of Parmigiano Reggiano cheese as collateral for loans.


History

Founded in 1910 as Banca Agricola Commerciale di Reggio Emilia, the bank changed its name to Credito Emiliano in 1983. At that time the bank also acquired Banca Belinzaghi of Milan, starting its expansion. In 1991 Istituto Bancario Siciliano was acquired, followed by Banca di Girgenti and Banca Industriale Agricola di Radicena. In 1999, the bank was ranked 8th in terms of branches on Sicily island.


Coverage and media


Inclusion in research

According to a research by Mediobanca, Credito Emiliano was ranked the 11th largest bank in Italy by total assets as of 31 December 2015, despite several banking group being included in the research. If including central banks, postal savings and subsidiaries of foreign banking groups, the bank was ranked 10th (9th among retail and commercial conglomerates if omitting investment banks and insurance-bank conglomerates of Italy such as Banca Mediolanum and Mediobanca).


Parmigiano Reggiano cheese wheels as collateral

Credito Emiliano has received widespread publicity from major organizations such as ''
Forbes ''Forbes'' () is an American business magazine founded by B. C. Forbes in 1917. It has been owned by the Hong Kong–based investment group Integrated Whale Media Investments since 2014. Its chairman and editor-in-chief is Steve Forbes. The co ...
'', because they hold wheels of Parmigiano Reggiano cheese as collateral for debt, as opposed to holding assets such as gold. In fact, the bank itself is actually backed by the wheels of Parmigiano Reggiano, rather than bars of gold like conventional banks. The reason behind this is that Parmigiano Reggiano cheese not only holds its value, but it actually increases in value, because the more the cheese ages, the more delicious and valuable it becomes. According to the case, "Eighteen-month cheese gives pasta zing. Thirty-six-month cheese makes angels sing."


Shareholders

On 1 January 1993, Credito Emiliano Holding was formed as the holding company for the bank. Currently owned 75.57% stake, with the rest were floated in Borsa Italiana. The largest shareholders of Credem Holding were Cofimar S.r.l. and Max Mara Finance S.r.l., which in turn owned 29.44% and 8.30% stake of the bank respectively.


Acquisitions

Between 1994 and 1998, the group acquired the following * Banca Popolare Vittorio Emanuele di Paternò * Banca Euromobiliare * BCC Corleone * Banca Creditwest e dei Comuni Vesuviani * Banca Tamborino Sangiovanni * Banca Popolare San Marco Argentano * BCC Ciminna, BCC Bonifati * BCC Curinga * Banca dei Comuni Nolani * 3 branches of Deutsche Bank in Catania * BCC San Giovanni Gemini * Banca della Provincia di Napoli. From 1999 to 2008 the group acquired the following * Banca Popolare Dauna * BCC Fortore-Miscano * BCC San Fili, BCC Jonica * BCC Alto Crotonese * Banca Popolare Andriese * Banca dei Laghi * Banca di Latina * Euromobiliare Corporate Finance * Credimmobili * Anteprima


Subsidiaries and joint ventures

;Banks * Euromobiliare Bank ;Specialized banks * Credemleasing * Credemfactor * Credem Private Equity SGR * Euromobiliare Fiduciaria * Euromobiliare Asset Management SGR ;Insurance companies * Credemvita * Credemassicurazioni (50-50 joint venture with Reale Mutua Assicurazioni)


See also

* Parmigiano Reggiano


References

{{Authority control Banks of Italy Banks established in 1910 Companies based in Reggio Emilia Italian companies established in 1910 Banks under direct supervision of the European Central Bank