Banca Popolare di Spoleto

Banca Popolare di Spoleto originated in the cooperative banking movement of late nineteenth-century Italy. Banca Cooperativa Popolare in Spoleto Soc. Coop. was established on 28 April 1895 in Spoleto, Umbria, by Professor Giulio Cesari and other founding members. Its cooperative form connected the institution to local economic life and to the popular-bank model, which traditionally combined member participation with the provision of banking services to individuals, merchants and regional businesses. In 1992, the cooperative separated its banking operations into a joint-stock company, Banca Popolare di Spoleto S.p.A. The original cooperative was later renamed Popolare Spoleto - Credito e Servizi. This restructuring gave the banking business a corporate form and enabled a more conventional shareholder structure. The new company subsequently became a publicly traded institution, with its shares listed on Borsa Italiana from 1996. Ownership changed substantially during the late 1990s. Credito Italiano acquired a controlling stake, reported at 50.71% in 1998, and then sold the bank in the middle of that year. At 31 December 1998, Spoleto Credito e Servizi held 53.110%, while Banca Monte dei Paschi di Siena and Monte Paschi Vita together held 25.956%. Later capital increases altered the relative stakes. In 2005, the Banca MPS Group held approximately 25.981% of the bank. The bank entered a difficult phase in the early 2010s. Its reported Tier 1 capital ratio was 6.45% at 31 December 2012. From February 2013 until 31 July 2014, the institution was subject to extraordinary administration by the Italian Ministry of Economy and Finance. This regulatory arrangement temporarily placed the bank under special management while its financial position, governance and ownership structure were addressed. A decisive recapitalization took place on 1 April 2014. Banco di Desio e della Brianza subscribed to a €140 million capital increase and became the controlling shareholder. Spoleto Credito e Servizi Soc. Coop., the successor to the original cooperative shareholder, consequently became the second-largest shareholder. The bank’s Tier 1 capital ratio rose to 9.371% at 31 July 2014, although it was reported at 7.99% at the end of that year. Following the change in control, Banca Popolare di Spoleto became associated with Banco di Desio e della Brianza rather than operating solely as an independent locally controlled institution. In 2017, its stock-market listing ended because less than 10% of its shares were held by the public. The available reference material does not specify whether the legal entity was subsequently merged, renamed or dissolved, and therefore its current status cannot be stated with certainty.

1. 2017Public listing ends

   The bank ceased to be listed after public ownership fell below 10% of shares.

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2. 2014Banco Desio recapitalizes and takes control

   Banco di Desio e della Brianza subscribed to a €140 million capital increase on 1 April and became the controlling shareholder.

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3. 2013Extraordinary administration begins

   The bank entered extraordinary administration under the Italian Ministry of Economy and Finance in February.

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4. 1998Ownership transitions involving Credito Italiano

   Credito Italiano held 50.71% during the year and sold the bank in mid-1998; year-end ownership included Spoleto Credito e Servizi and the MPS group.

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5. 1996Listed on Borsa Italiana

   Banca Popolare di Spoleto S.p.A. became a publicly traded company on the Italian stock exchange.

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6. 1992Banking operations transferred to a joint-stock company

   The cooperative separated its banking activity into Banca Popolare di Spoleto S.p.A.; the original cooperative later became Popolare Spoleto - Credito e Servizi.

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7. 1895Cooperative bank founded in Spoleto

   Banca Cooperativa Popolare in Spoleto Soc. Coop. was founded on 28 April by Professor Giulio Cesari and other backers.

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A locally rooted Italian popular bank with cooperative origins, serving households and businesses in its regional market before becoming part of a larger banking group.

• Retail banking servicesRetail banking

  The bank’s traditional activity was local commercial banking for individuals and households. This category would encompass ordinary deposit-taking, current-account relationships, payments and related branch-based services, although the supplied reference material does not identify specific branded account products.

• Business banking and creditCommercial banking

  As a regional Italian bank, Banca Popolare di Spoleto served businesses and local economic activity through lending and other commercial banking relationships. Specific loan names, sector programs and product terms are not identified in the available sources.

• Deposits and payment servicesBanking services

  The institution’s banking scope included the ordinary functions associated with a deposit-taking bank, including savings and transaction accounts and payment services. The reference material does not provide enough detail to distinguish individual products or their periods of availability.

• 2017End the public listingOther

  The proportion of the bank’s shares held by the public fell below 10%.

  What changed. Banca Popolare di Spoleto ceased to be a listed company on Borsa Italiana.

  Aftermath. The bank no longer had publicly traded shares, although the supplied sources do not establish its later legal or operating status.

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• 2014Accept Banco Desio capital increaseOther

  The bank required a substantial capital strengthening during its period of regulatory and financial difficulty.

  What changed. Banco di Desio e della Brianza subscribed to a €140 million capital increase on 1 April 2014, becoming the controlling shareholder.

  Aftermath. The Tier 1 capital ratio reached 9.371% at 31 July 2014, before being reported at 7.99% at 31 December 2014. The former cooperative shareholder became the second-largest shareholder.

  Capital increase. €140 million subscribed by Banco di Desio e della Brianza (1 April 2014)

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• 2013Enter extraordinary administrationOther

  The bank reported a Tier 1 capital ratio of 6.45% at 31 December 2012 and subsequently entered a period of special regulatory management.

  What changed. The Italian Ministry of Economy and Finance placed the institution under extraordinary administration from February 2013 through 31 July 2014.

  Aftermath. The administration preceded a major recapitalization and a change in controlling ownership.

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• 1992Convert the banking operation into a joint-stock companyStrategy

  The cooperative structure was separated from the banking operation as the institution pursued a more conventional corporate and shareholder model.

  What changed. Banking activities were transferred to Banca Popolare di Spoleto S.p.A., while the original cooperative entity was later renamed Popolare Spoleto - Credito e Servizi.

  Aftermath. The new company subsequently obtained a stock-market listing and developed a shareholder base that included major Italian banking groups.

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• 2017Banca Popolare di Spoleto leaves the stock market

  The bank ceased to be listed on Borsa Italiana after the proportion of shares held by the public fell below 10%.

  RegulationOther
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• 2014Banco di Desio subscribes to Banca Popolare di Spoleto capital increase

  Banco di Desio e della Brianza subscribed to a €140 million capital increase, becoming the controlling shareholder and replacing the former cooperative shareholder as the bank’s largest owner.

  M&AOther
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• 2013Banca Popolare di Spoleto placed under extraordinary administration

  The bank entered extraordinary administration under the authority of the Italian Ministry of Economy and Finance, a period that continued until 31 July 2014.

  RegulationOther
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1. Banca Popolare di Spoleto