Banca Carige
Historic Genoese banking institution that developed into an Italian regional banking group before being incorporated into BPER Banca in 2022.
Last updated August 31, 2026
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Overview
Banca Carige was an Italian banking institution headquartered in Genoa. Its institutional origins reached back to 1483, when the Franciscan friar Angelo Da Chivasso established a Monte di Pietà, or charitable pawn institution, in the Republic of Genoa. The organization’s modern savings-bank identity began in 1846, when a decree of King Charles Albert of Sardinia created the Cassa di Risparmio di Genova. The savings bank expanded beyond Genoa during the nineteenth century and in 1967 became the Cassa di Risparmio di Genova e Imperia, reflecting its presence in western Liguria. The group was reorganized in 1991 under Italy’s Amato banking reforms. The former statutory savings-bank entity was divided into Banca Carige S.p.A., the operating bank, and Fondazione Carige, a banking foundation that initially retained a major ownership position. The reorganization also supported a broader commercial strategy, including the absorption of Istituto di Credito Fondiario della Liguria and Mediocredito Ligure. Banca Carige became a listed company on Borsa Italiana in January 1995. During the 1990s and 2000s, Carige expanded through acquisitions and branch purchases. It acquired Cassa di Risparmio di Savona and Banca del Monte di Lucca, bought branches from Banco di Sicilia, Banca Intesa, Capitalia, Intesa Sanpaolo, UniCredit and Banca Monte dei Paschi di Siena, and strengthened its presence in Tuscany through the purchase of Cassa di Risparmio di Carrara. The group also developed insurance, asset-management, private-banking and consumer-finance activities. Its operating network reached more than 500 branches in Italy, with a particularly strong concentration in Liguria and a small presence in Nice, France. Carige’s expansion was followed by a prolonged period of financial and governance stress. In 2013, the Bank of Italy criticized accounting practices and raised concerns about the bank’s exposure to derivatives acquired from Deutsche Bank. Carige was required to prepare a new business plan and subsequently sold its asset-management subsidiary. It also disposed of its insurance companies to funds managed by Apollo Global Management in 2014, a transaction later challenged by a subsequent board but ultimately not upheld by the court. Around 2015, Malacalza Investimenti replaced Fondazione Carige as the bank’s largest shareholder. The bank’s difficulties intensified in 2018 and 2019. Board resignations, disagreements between shareholders and management, and unsuccessful efforts to raise capital weakened governance. The voluntary arm of Italy’s interbank deposit-protection fund supported Carige’s capital position through a subordinated-bond subscription in late 2018. After a proposed equity increase failed, the European Central Bank appointed temporary administrators in January 2019. Potential solutions involving BlackRock and Apollo Global Management did not result in a completed acquisition. BPER Banca eventually agreed to acquire Carige with support from the Fondo Interbancario di Tutela dei Depositi. The transaction was completed in February 2022, and Banca Carige was fully incorporated into BPER Banca on 28 November 2022. The separate Carige legal and brand structure therefore ended, although the institution’s historical banking operations became part of BPER’s network.
History
Banca Carige’s roots lie in Genoa’s Monte di Pietà, established in 1483 by the Franciscan Angelo Da Chivasso. The institution was created to provide charitable credit and pawn services. In 1846, the government of the Kingdom of Sardinia authorized the Cassa di Risparmio di Genova, transforming the earlier charitable-finance tradition into a modern savings-bank institution designed to encourage and protect small savings. The organization expanded across Liguria during the nineteenth and twentieth centuries. In 1967 it adopted the name Cassa di Risparmio di Genova e Imperia, commonly abbreviated as Ca.Ri.Ge., after extending its regional identity to Imperia, the westernmost provincial capital of Liguria. A major structural change occurred in 1991 under the Amato Law, which separated the banking business from the statutory banking foundation. The operating bank became Banca Carige S.p.A., while Fondazione Carige became its associated foundation and an important shareholder. The new group also absorbed Istituto di Credito Fondiario della Liguria and Mediocredito Ligure. Carige entered Borsa Italiana in January 1995 and pursued diversification during the following decade. It acquired insurance businesses, established or developed asset-management operations, and bought private-banking and consumer-finance businesses. Between 2000 and 2002, it acquired Cassa di Risparmio di Savona, Banca del Monte di Lucca and branches from several Italian banking groups. The purchase of Cassa di Risparmio di Carrara in 2004 increased its Tuscan presence, while Banca Cesare Ponti strengthened its private-banking offering. Further branch purchases from Intesa Sanpaolo and UniCredit in 2008 and from Banca Monte dei Paschi di Siena in 2010 broadened the network beyond Liguria. The group’s diversification included Carige Vita Nuova, Carige Assicurazioni, Carige Asset Management SGR and other subsidiaries. In 2013, however, the Bank of Italy identified accounting concerns and problems involving derivatives acquired from Deutsche Bank. Carige was instructed to produce a new business plan and sold its asset-management subsidiary to ARCA SGR. In 2014 it sold its two insurance subsidiaries to funds managed by Apollo Global Management. A later board attempted to bring a claim against former managers over that disposal, alleging that the sale had disadvantaged the bank, but the court rejected the action. Carige simplified its structure in the middle of the 2010s. Cassa di Risparmio di Savona, Cassa di Risparmio di Carrara, Columbus Carige Immobiliare and Banca Carige Italia were absorbed into the parent bank or otherwise integrated. Ownership also changed: Malacalza Investimenti became the largest shareholder, replacing Fondazione Carige’s former dominant position. In 2018, disagreements among shareholders, directors and management produced extensive board turnover. Chairman Giuseppe Tesauro resigned in June, and Vittorio Malacalza subsequently left the board. A new board gave Malacalza Investimenti substantial representation and appointed Fabio Innocenzi as chief executive. Carige also sold its merchant-acquiring business to Nexi. Later that year, the voluntary arm of the Fondo Interbancario di Tutela dei Depositi subscribed to Carige subordinated bonds as part of a capital-support effort. The bank could not complete a planned capital increase at the end of 2018. The European Central Bank consequently appointed temporary administrators in January 2019, including Pietro Modiano and Fabio Innocenzi. Possible rescue or acquisition proposals involving BlackRock and Apollo Global Management did not produce a completed transaction. During the COVID-19 period, Carige continued seeking a strategic solution to its financial difficulties. BPER Banca ultimately agreed to acquire the bank with support from the interbank deposit-protection system. The acquisition was completed in February 2022, and the legal entity was fully incorporated into BPER Banca on 28 November 2022. The Carige bank therefore became part of BPER rather than continuing as an independent institution.
- 2022
BPER Banca acquires and absorbs Carige
[1]BPER completes the acquisition in February, and Banca Carige is fully incorporated into BPER in November.
- 2019
ECB appoints temporary administrators
[1]The ECB intervenes after the bank fails to complete a proposed capital increase.
- 2018
Governance crisis and interbank capital support
[1]A board crisis coincides with support from the voluntary arm of FITD through a subordinated-bond subscription.
- 2013
Regulatory concerns lead to a new business plan
[1]The Bank of Italy raises concerns about accounting and derivatives exposure, prompting Carige to revise its strategy.
- 2004
Carige strengthens its Tuscan and private-banking operations
[1]The group acquires Cassa di Risparmio di Carrara and Banca Cesare Ponti while developing asset-management capabilities.
- 2000
Expansion through Cassa di Risparmio di Savona and Banca del Monte di Lucca
[1]The group expands its banking footprint through acquisitions and begins a broader multi-business growth phase.
- 1995
Banca Carige is listed on Borsa Italiana
[1]The bank becomes a publicly traded Italian banking company.
- 1991
Amato Law reorganization creates Banca Carige S.p.A.
[1]The former statutory savings bank is divided into the operating bank and Fondazione Carige, forming the modern banking group structure.
- 1967
The bank becomes Cassa di Risparmio di Genova e Imperia
[1]The institution adopts a name reflecting its expansion into the province of Imperia and the wider Ligurian region.
- 1846
Cassa di Risparmio di Genova is created
[1]A decree of King Charles Albert of Sardinia creates a savings bank to broaden access to basic financial services and protect small savings.
Products and positioning
A historically Ligurian savings-bank franchise that developed into a diversified Italian regional banking group, with a strong home-market presence and later expansion through acquisitions.
Banking
Retail banking
Carige’s core retail franchise served households through deposits, current accounts, payment services, consumer lending and mortgage products. Its branch network was concentrated in Liguria but extended across many Italian regions through acquisitions and purchased branches. The retail business was the principal point of contact between the historic savings-bank identity and individual customers.
Banking
Corporate and commercial banking
The group provided banking services to companies and local businesses, including lending, deposits, cash-management and payment-related services. Its regional roots gave it a strong connection with Ligurian enterprises, while the expanded branch network allowed the business to operate in other Italian markets.
Investment services · 2004
Wealth and asset management
Carige offered investment and wealth-management services through its banking group and related subsidiaries. It established Carige Asset Management SGR for financial-product management, although that subsidiary was sold to ARCA SGR in 2013. Banca Cesare Ponti provided a private-banking component within the group.
Insurance · 2000
Insurance
The group developed insurance businesses including Carige Vita Nuova and Carige Assicurazioni. These operations formed part of Carige’s diversification beyond traditional banking but were sold in 2014 to investment funds managed by Apollo Global Management.
Banking · 2004
Private banking
Banca Cesare Ponti was the group’s private-banking business, serving higher-net-worth customers with specialized banking and investment services. Carige acquired the institution in 2004 as part of its effort to broaden its product mix and customer coverage.
Controversies
2018
Berneschi fraud case
Former chairman Giovanni Berneschi was sentenced by an Italian court to eight years in prison in a fraud case connected with the bank. Italy’s Supreme Court of Cassation later ruled that the case should be heard in Milan, resulting in a retrial process.
2013
Accounting and derivatives controversy
The Bank of Italy criticized Carige’s accounting practices and identified difficulties associated with derivatives purchased from Deutsche Bank. The regulator required a new business plan, contributing to the bank’s subsequent restructuring and capital pressures.
Brand decisions
2022
Acquisition by BPER BancaM&ABackground
After years of financial and governance difficulties, Carige required a strategic owner able to complete a long-term resolution.
Action taken
BPER Banca completed negotiations to purchase Carige with approval and financial support from FITD.
Aftermath
Carige was fully incorporated into BPER Banca on 28 November 2022 and ceased to exist as a separate bank.
Additional FITD support. €530 million (2022 acquisition process)
2019
Temporary administration following failed capital increaseStrategyBackground
Carige was unable to raise the planned €400 million in new share capital, and its shareholder-controlled board rejected the proposed capital increase.
Action taken
The European Central Bank appointed temporary administrators, including Pietro Modiano and Fabio Innocenzi, to run the bank.
Aftermath
The intervention intensified efforts to find a buyer or recapitalization solution. Discussions involving BlackRock and Apollo Global Management did not produce a completed transaction.
2018
Interbank-backed subordinated bond issueOtherBackground
Carige needed to reinforce its capital position amid continuing financial stress.
Action taken
The voluntary arm of FITD and participating banks partially underwrote a subordinated-bond issue.
Aftermath
The measure provided temporary support, but the bank still failed to complete a subsequent equity increase and entered temporary administration.
Subordinated bond issue. €400 million issue; €318.2 million underwritten by participating FITD members plus €1.8 million from Banco di Desio e della Brianza (November 2018)
2014
Sale of Carige insurance subsidiariesM&ABackground
Carige sought to reduce or reshape its non-banking activities while addressing financial pressures.
Action taken
Carige sold Carige Assicurazioni and Carige Vita Nuova to investment funds managed by Apollo Global Management.
Aftermath
A later board challenged the transaction as harmful to the bank, but the court rejected the lawsuit.
Sale consideration. €310 million (2014)
2013
Carige adopts a corrective business planStrategyBackground
Regulatory concerns over accounting practices and derivatives exposure placed pressure on the bank’s financial position and operating model.
Action taken
The bank was required to prepare a new business plan and subsequently sold its asset-management subsidiary to ARCA SGR.
Aftermath
The disposal simplified part of the group but did not resolve the broader financial and governance problems that later intensified.
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