20th-century development
In 1901, Credit in turn acquired the Banca Manzi, and in 1905 the Banca Meuricoffre in Naples. Its headquarters moved to Piazza Cordusio, and it opened a branch office in London in 1911. By 1913 its equity capital reached 75 million lire, and its savings and demand deposits grew very rapidly. It became a major source of funding for Italian industry in the prosperous years 1896-1913, especially iron and steel, electric power, sugar-beet refining, urban transportation, and chemicals.
At the start of the First World War, the executive directors of Credito Italiano and of Banca Commerciale Italiana, the other dominant Italian universal bank which had also benefited from the support of German financiers, were officially in favour of neutrality.[5] However these banks were the subject of a campaign by both Italian nationalists, spearheaded by L'Idea Nazionale and Liberals grouped around Francesco Saverio Nitti. Both these political initiatives had links with business rivals Gio. Ansaldo & C. and Banca Italiana di Sconto.[5]
Following World War I, Credito Italiano acquired the "Banca del Monferrato", "Banca di Legnano", "Credito Varesino and the Swiss Banca Unione di Credito (1919), and in 1920 it joined the "Compagnia Finanziaria Nazionale" (1920); and established "Banca Italo-cinese", the "Banca Italo Viennese" and "Tiroler Hauptbank" (1920). In 1921 it opened offices in Paris and Berlin and later contributed to the establishments of Banca Italo Egiziana (1924) and National Bank of Albania (1925).It was highly profitable in the boom years 1922 – 1925, thanks to the success of Italian industry. Decline set in after 1925.
As a result of the great depression, it went bankrupt and was nationalized, but became active again with funding from Istituto per la Ricostruzione Industriale (1933–1990s).
Italian government introduced a law that forced bank to separate short term loan and medium loan business in 1936. Credito Italiano, along with two other "bank of national interests", BCI and Banco di Roma, had formed Mediobanca in 1946.
From 1973, until it was divested to Credito Emiliano in 1995,[6] Banca Creditwest e dei Comuni Vesuviani (formerly Banca Milanese di Credito) was majority owned by Credito Italiano with National Westminster Bank as a minority shareholder. It had around 30 branches in Rome, Milan and Naples.
In the 1990s the bank became a private company, as Italian government sold the stake of the bank. The bank also acquired Banca Popolare di Spoleto (about 50%) in 1992 and Banca Cattolica di Molfetta (35%) in 1994.
In 1995 the bank acquired a majority interests in Credito Romagnolo (and its subsidiary Banca Popolare del Molise) and Carimonte Banca (and its subsidiary Banca Popolare di Rieti), which was merged into Rolo Banca,[7] except Banca Popolare di Rieti was spin off from Carimonte.
