Credito Valtellinese (known as Creval) was an Italian bank based in

Sondrio Sondrio (; ; ; archaic or ; ) is an Italian city, ''comune'' and administrative centre for the province of Sondrio, located in the heart of the Valtellina. , Sondrio counted approximately 21,876 inhabitants. In 2007, Sondrio was named the Alpine ...

(in

Lombardy The Lombardy Region (; ) is an administrative regions of Italy, region of Italy that covers ; it is located in northern Italy and has a population of about 10 million people, constituting more than one-sixth of Italy's population. Lombardy is ...

, Italy) prior to its acquisition by

Crédit Agricole Italia Crédit Agricole Italia S.p.A., formerly Crédit Agricole Cariparma S.p.A., is an Italian banking group, a subsidiary of French banking group Crédit Agricole. Crédit Agricole Italia was ranked as the 11th largest bank in Italy by total assets a ...

in 2021. The company was a former component of

FTSE Italia Mid Cap The FTSE Italia Mid Cap is a stock market index for the Borsa Italiana, the main stock exchange of Italy. It is one of the indices in the FTSE Italia Index Series. Components The index consists of listings See also * FTSE MIB References ...

Index of the

Borsa Italiana Borsa Italiana () or Borsa di Milano (), based in Milan at Palazzo Mezzanotte, Mezzanotte Palace, is the Italy, Italian stock exchange. It manages and organises domestic market, regulating procedures for admission and listing of companies and i ...

(Milan Stock Exchange), but was removed and added as a component of Index in May 2017; the bank was added back to the reserve list of FTSE Italia Mid Cap in August 2017. The bank was named after the area

Valtellina Valtellina or the Valtelline (occasionally spelled as two words in English: Val Telline; (); or ; ; ) is a valley in the Lombardy region of northern Italy, bordering Switzerland. Today it is known for its ski centre, hot spring spas, bresa ...

. The bank had 363 branches in Northern Italy (as Credito Valtellinese), 40 branches in

Marche Marche ( ; ), in English sometimes referred to as the Marches ( ) from the Italian name of the region (Le Marche), is one of the Regions of Italy, twenty regions of Italy. The region is located in the Central Italy, central area of the country, ...

and

Umbria Umbria ( ; ) is a Regions of Italy, region of central Italy. It includes Lake Trasimeno and Cascata delle Marmore, Marmore Falls, and is crossed by the Tiber. It is the only landlocked region on the Italian Peninsula, Apennine Peninsula. The re ...

(former Carifano), and 133 branches in

Sicily Sicily (Italian language, Italian and ), officially the Sicilian Region (), is an island in the central Mediterranean Sea, south of the Italian Peninsula in continental Europe and is one of the 20 regions of Italy, regions of Italy. With 4. ...

(as Credito Siciliano). Credito Siciliano had three more branches outside the island of Sicily. It had a market share of 32% in Sondrio. However, only 2.9% in whole Lombardy region in terms of deposits, as of 30 June 2014, as well as only 1.7% in terms of branches as the 10th of Italy. Since 2021, it is part of

after a successful

takeover bid In business, a takeover is the purchase of one company (the ''target'') by another (the ''acquirer'' or ''bidder''). In the UK, the term refers to the acquisition of a public company whose shares are publicly listed, in contrast to the acquisi ...

by Crédit Agricole Italia. Crédit Agricole successfully concludes the tender offer, acquiring 91.17% of the shares in Creval, for a cost of 855 million. The delisting from the

Italian Stock Exchange Borsa Italiana () or Borsa di Milano (), based in Milan at Palazzo Mezzanotte, Mezzanotte Palace, is the Italy, Italian stock exchange. It manages and organises domestic market, regulating procedures for admission and listing of companies and i ...

took place on Friday 4 June 2021 following the success of the residual takeover bid and the consequent "squeeze-out", which led Crédit Agricole to hold 100% of the capital of Creval.

History

Credito Valtellinese is a former co-operative bank based in Sondrio found in 1908, as Banca Piccolo Credito Valtellinese. (Not to be confused with Banca Popolare di Sondrio) The bank expanded by the acquisition of Technoleasing (later Bancaperta) in the 1980s, and Credito Artigiano in 1996, which was the parent company of Banca dell'Artigianato e dell'Industria. In 2002, Sicilian banks Banca Popolare Santa Venera in Acireale, Cassa San Giacomo in Caltagirone and Banca Regionale Sant'Angelo were merged to become Credito Siciliano. In 2008, Credito Piemontese, Cassa di Risparmio di Fano, Banca Cattolica di Montefiascone and Credito del Lazio (former ''Banca della Ciociaria'') joined. From 2004 to 2013, Creval was a minority shareholder of

Banca di Cividale Banca may refer to: Places * Bangka Island, an island lying east of Sumatra, part of Indonesia * Banca, Pyrénées-Atlantiques, a commune of the Pyrénées-Atlantiques ''département'', France * Banca, Tasmania, a locality in Tasmania, Australia * ...

. In 2016, the bank was demutualized, being registered as a ''Banca Popolare''. The new Italian Law N°3/2015 required that banks with more than €8 billion total assets in that category had to be transformed into 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 ...

''. The withdrawal price for the shareholders was set at €0.4747 per share. At the same time a plan to combine 10 old shares to 1 new share was announced.

References

External links

{{Authority control Banks of Italy Companies based in Sondrio Banks established in 1908 Italian companies established in 1908 Former cooperative banks of Italy