Finsoe S.p.A. (acronym of Finanziaria dell'economia Sociale) is an intermediate holding company for several coop societies of Coop (Italy). Finsoe was the major shareholders of

Unipol Unipol Assicurazioni S.p.A. is an Italian financial services holding company operating in the insurance and banking fields with headquarters in the Unipol Tower, Bologna. As of 2009 it was ranked as the country's fourth-largest insurer. The com ...

(31.40% share capitals) and in the past, had a direct minority shareholding in Unipol Banca (sold to Unipol in August 2008). Until 2015 Unipol had two class of shares, making Finsoe hold 50.75% voting rights and 31.40% share capital on Unipol. However, in mid-2015 all shares were converted to ordinary shares.

History

Alliance with Casse Emiliano Romagnole

From 1995 to 2001,

Casse Emiliano Romagnole Gruppo Bancario Casse Emiliano Romagnole (CAER) was an Italian holding company and banking group, based in Bologna, Emilia-Romagna. The main company of the group was Cassa di Risparmio in Bologna (Carisbo). History Due to Legge Amato, all savin ...

(CAER), the Bank Group of Cassa di Risparmio in Bologna (Carisbo), had a cross ownership with Finsoe. CAER was a minority shareholders of Finsoe for 9.80% in 1995 and

(at that time Unipol Assicurazioni) had a minority ownership in CAER for 3.64%. Unipol and Carisbo also had some joint venture at that time, namely UniSalute, Noricum Assicurazioni, Linear Assicurazioni and Banca dell'Economia Cooperativa (renamed to Unipol Banca in 2008). In 2001

Cardine Banca Cardine Banca S.p.A. was an Italian banking group that operated between 2000 and 2002. It was acquired by Sanpaolo IMI an banking and insurance conglomerate. History The bank was founded in 2000 by the merger of Casse Emiliano Romagnole and Cas ...

(ex-CAER) sold all the shares in Finsoe and Unipol Banca, which that year Cardine and Unipol had cross ownership only (Fincaer, a subsidiary, owned 3.73% ordinary shares of Unipol (2.261% of shares capitals); Unipol owned 1.80% shares of Cardine), as well as only Noricum Assicurazioni remained as a joint venture.

Alliance with BAM and Banca MPS

In 1998

Banca Agricola Mantovana Banca Agricola Mantovana S.p.A. (BAM) was an Italian bank based in Mantua, Lombardy. The bank was a subsidiary of Banca Monte dei Paschi di Siena. On 31 March 2008, the bank had a total assets of €13,502,864,975. History Found 1871 as Banca Agr ...

(BAM) became a minority shareholders of Finsoe (5.601% as in 2000). In the same year

Quadrifoglio Vita The ; ) is the brand used by the Italian auto manufacturer Alfa Romeo to indicate a high performance model. The is usually placed on the side panels of the car, above or behind the front wheels—on the Fender (vehicle), front wings in the case ...

became a joint venture of Unipol, a subsidiary of Finsoe and BAM. BAM was acquired by

Banca Monte dei Paschi di Siena Banca Monte dei Paschi di Siena S.p.A. (), known as BMPS or just MPS, is an Italian bank. Tracing its history to a mount of piety founded in 1472 () and established in its present form in 1624 (), it is the world's List of oldest banks, oldest ...

(Banca MPS) in 1999. In 2001 Banca MPS purchased 20% shares of Finsoe . At the same time Unipol also owned 2% of Banca MPS. In February 2003 Banca MPS purchased an additional 170,281,786 number of shares of Finsoe from Hopa S.p.A. for €179.3 million, making Banca MPS owned 39% shares of Finsoe. Banca MPS also purchased 20,475,000 of Hopa shares from Fingruppo Holding for €52.9 million, which was increased from 7.671% to 9.17%. Banca MPS also contributed in the capital increases of Finsoe which was used to acquire Winterthur Italia. In 2004 Finsoe bought back the minority interests of Linear Assicurazioni and UniSalute from Banca MPS. In 2005 Banca MPS did not participate in the capital increases of Finsoe. Banca MPS's ownership ratio on Finsoe was fall from 39% to 27.839%. After Unipol failed to takeover

Banca Nazionale del Lavoro Banca Nazionale del Lavoro S.p.A. (BNL) is an Italian bank headquartered in Rome. Established in 1913, the bank has been a subsidiary of BNP Paribas since 2006. Integration process was concluded in 2008, BNL with its group oversees the commercial ...

, on 13 February 2007 Banca MPS sold 14.839% shares of Finsoe to Holmo for €350.4 million. Immediately after the deal, Holmo owned 71.074% shares of Finsoe and Banca MPS owned 13% shares of Finsoe. In June 2008 Banca MPS sold all the shares to Finsoe and Holmo for €234.4 million. Quadrifoglio Vita was also sold by Unipol to

AXA Axa S.A. is a French multinational insurance corporation headquartered in the 8th arrondissement of Paris. It also provides investment management and other financial services via its subsidiaries. As of 2024, it is the fourth largest financi ...

(via Banca MPS) in 2008.

Alliance with BNP Paribas

In February 2006

BNP Paribas BNP Paribas (; sometimes referred to as BNPP or BNP) is a French multinational universal bank and financial services holding company headquartered in Paris. It was founded in 2000 from the merger of two of France's foremost financial instituti ...

acquired 4.5% shares of Finsoe from Holmo. The French company also acquired all the shares of

that Unipol owned. From 2010 to 2012 BNP Paribas sold all the shares of Finsoe to Spring 2 S.r.l., another intermediate holding company for the coop societies. BNP Paribas also acquired 51% shares of

BNL Vita BNL may refer to: Entertainment * '' Banjo Newsletter'', a magazine devoted to the 5-string banjo * Barenaked Ladies, a rock band from Canada * Basketball National League, South Africa's top basketball division * British National League (disambi ...

from Unipol in 2011.

Withdrew from Unipol Banca

In August 2008 Finsoe all their shares (4.99%) in Unipol Banca to Aurora Assicurazioni, a subsidiary of Unipol for €68.6 million. Holmo also sold 4.99% shares to Aurora in order to finance the shares buy back of Finsoe from Banca Banca Monte dei Paschi di Siena in June 2008.

Recent changes

As in February 2011 Holmo S.p.A., itself another intermediate holding company for the coop societies, was the major shareholders of Finsoe for 76.5%. However, the shares were transferred to the coop societies instead soon after. After the formation of Coop Alleanza 3.0 on 1 January 2016, the coop society became the largest single shareholders of Finsoe.

Shareholders

Source: # Coop Alleanza 3.0 S.C. (34.16%) # Holmo S.p.A. (23.83%) # Cooperare S.p.A. (8.61%) # Novacoop S.C. (5.50%) # Unicoop Tirreno S.C. (5.25%) # Spring 2 S.r.l. (4.68%) # P&V Assurances (3.35%) # Coop Lombardia S.C. (3.22%) # CCPL S.p.A.( 1.97%) # PAR.COOP.IT S.p.A. (1.21%) # J.P. Morgan Securities PLC (1.02%) # Parco S.p.A. (0.23%) # Unibon S.p.A. (0.18%) # Sofinco S.p.A. (0.17%) # Cesi S.C. (0.06%) # Cefla Capital Services S.p.A. (0.06%) # Consorzio Cooperative Costruzioni S.C. (0.06%) # S.C. va Muratori e Braccianti di Carpi (0.06%) # CAMST S.C. (0.03%) # Coop. Costruzioni S.C. (0.03%) # Manutencoop S.C. (0.03%) # Unieco S.C. (0.03%)

References

{{reflist, 30em Cooperatives in Italy Holding companies of Italy Unipol Group