Cassa di Risparmio di Cesena

Cassa di Risparmio di Cesena, commonly shortened to Carisp Cesena, was an Italian savings bank based in Cesena in the Emilia-Romagna region. Its origins dated to 1841, when 105 private citizens established the institution in Cesena, then part of the Papal States. The bank belonged to the nineteenth-century Italian savings-bank tradition, combining deposit-taking and lending with a regional social and economic role. The institution’s principal market was Emilia-Romagna. Its branch network was concentrated in the wider Romagna area and particularly in the province of Forlì-Cesena, where it maintained 39 branches. It also operated branches in Ravenna, Rimini, Bologna, Modena, Ferrara and Reggio Emilia. Outside Emilia-Romagna, its network extended into Marche, Umbria, Tuscany and Veneto, including locations in Ancona, Pesaro-Urbino, Perugia, Arezzo, Padova and Rovigo. The distribution pattern made the bank a predominantly regional institution rather than a nationwide Italian bank. Italian banking reform in 1991 separated the historical banking institution from its ownership and philanthropic functions. The original organization was divided into Fondazione Cassa di Risparmio di Cesena, a banking foundation and shareholder, and Cassa di Risparmio di Cesena S.p.A., the joint-stock company responsible for operating the bank. This restructuring reflected the wider transformation of Italian savings banks into corporate banking entities while preserving a foundation-based ownership structure. A further consolidation took place around the creation of Unibanca. On 1 January 1999, Cassa di Risparmio di Cesena and Banca di Romagna were brought together through a new holding structure intended to cover the Emilia-Romagna region. Unibanca was formed through the renaming of the earlier Cassa di Risparmio di Cesena company, while a new subsidiary carrying the Cassa di Risparmio di Cesena name had been incorporated on 5 August 1998. In October 2010, the bank was absorbed by Unibanca, which subsequently resumed the historic Cassa di Risparmio di Cesena name. Banca di Romagna was absorbed in 2013 but continued as a banking division. The bank later experienced severe capital pressure. Following approval of the group’s 2015 financial statements, its consolidated Common Equity Tier 1 ratio was reported at 1.63 percent at 31 December 2015. In 2016, a €280 million capital increase was announced and reserved for the voluntary scheme of the Fondo Interbancario di Tutela dei Depositi, Italy’s interbank deposit-protection fund. Banking foundations received warrants connected with the recapitalization, but after the operation the fund’s voluntary scheme held 95.3 percent of the share capital. In 2017, Crédit Agricole Italia expressed interest in acquiring the bank and began a due-diligence process. An agreement was signed on 29 September 2017, with the FITD voluntary scheme undertaking recapitalization and the clean-up of non-performing loans before the transfer. In 2018, the planned absorption into Crédit Agricole Italia was announced, bringing the independent history of Cassa di Risparmio di Cesena to an end as a separate banking entity.

Cassa di Risparmio di Cesena was established in 1841 in Cesena, a city that was then within the Papal States. Its creation followed the spread of savings banks in the region and was undertaken by 105 private citizens. The institution developed as a regional savings bank, collecting deposits and directing credit toward households, enterprises and the local economy. Over time, its principal operating area became Emilia-Romagna, especially the provinces and cities of Romagna. The bank’s branch network remained strongly regional. Most branches were located in Emilia-Romagna, with the largest concentration in the province of Forlì-Cesena. Other branches were present in Ravenna, Rimini, Bologna, Modena, Ferrara and Reggio Emilia. The institution also maintained a smaller presence in neighboring regions: Marche, Umbria, Tuscany and Veneto. Its geographic footprint reflected the role of provincial savings banks in serving local communities while expanding selectively into adjacent markets. The 1991 reform of the Italian banking system changed the institution’s legal and ownership structure. The historical organization was divided into Fondazione Cassa di Risparmio di Cesena and Cassa di Risparmio di Cesena S.p.A. The foundation became the owner and philanthropic vehicle, while the joint-stock company conducted banking operations. This separation placed the operating bank within the corporate framework required by Italian banking reform but preserved the foundation’s continuing shareholder role. The next major phase was consolidation with Banca di Romagna. The two banks were brought together through Unibanca, a holding company established to create a broader regional banking group. A new company carrying the Cassa di Risparmio di Cesena name was incorporated in August 1998, and the combined structure began operating from 1 January 1999. In October 2010, the operating bank was absorbed by Unibanca, after which Unibanca adopted the historic Cassa di Risparmio di Cesena name. Banca di Romagna was later absorbed in 2013, although it continued to be used as a banking division. The bank’s later history was dominated by financial weakness and restructuring. At 31 December 2015, the group’s CET1 ratio was reported at 1.63 percent. In response, a €280 million capital increase was announced in 2016 and reserved for the voluntary scheme of the Fondo Interbancario di Tutela dei Depositi. The banking foundations received warrants that allowed them to subscribe for additional shares, but the recapitalization left the FITD voluntary scheme with a 95.3 percent stake. This effectively transferred control of the bank to the deposit-protection fund’s voluntary intervention mechanism. Crédit Agricole Italia became the prospective industrial buyer in 2017. It announced its interest, initiated due diligence and signed a contract on 29 September 2017. The proposed transaction required the FITD voluntary scheme to recapitalize the institution and clean up non-performing loans before the handover. In 2018, the planned absorption into Crédit Agricole Italia was announced. The transaction ended Cassa di Risparmio di Cesena’s history as an independent bank, although its legacy belongs to the network of Italian savings banks and regional banking institutions that supported local economic development over more than a century.

1. 2018Absorption into Crédit Agricole Italia announced

   The planned absorption into Crédit Agricole Italia marked the end of the bank as a separate entity.

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2. 2017Agreement with Crédit Agricole Italia

   Crédit Agricole Italia signed a contract to acquire the bank following due diligence, subject to recapitalization and non-performing-loan remediation.

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3. 2016FITD-backed recapitalization announced

   A €280 million capital increase was announced after the group’s reported CET1 ratio fell to 1.63 percent at the end of 2015.

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4. 2013Banca di Romagna absorbed

   Banca di Romagna was absorbed into Cassa di Risparmio di Cesena and retained as a banking division.

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5. 2010Unibanca adopts the historic bank name

   Following the absorption of Cassa di Risparmio di Cesena into Unibanca, the holding company reverted to the Cassa di Risparmio di Cesena name.

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6. 1999Unibanca banking group begins

   Cassa di Risparmio di Cesena and Banca di Romagna were combined through Unibanca to form a broader Emilia-Romagna banking group.

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7. 1998New Cassa di Risparmio di Cesena subsidiary incorporated

   A new subsidiary carrying the bank’s name was incorporated in preparation for the Unibanca structure.

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8. 1991Legal separation under Italian banking reform

   The organization was divided into a philanthropic banking foundation and the operating joint-stock bank Cassa di Risparmio di Cesena S.p.A.

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9. 1841Savings bank founded in Cesena

   One hundred and five private citizens established the savings bank in Cesena, then part of the Papal States.

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A locally rooted savings bank serving households, businesses and communities across Emilia-Romagna and selected neighboring regions.

• Savings and deposit accountsRetail banking

  The bank’s historical savings-bank function centered on gathering deposits from households and other customers in its regional markets. Deposit-taking formed the foundation of its relationship-banking model and supported the institution’s role in channeling locally collected savings into regional lending.

• Loans and creditLending

  Cassa di Risparmio di Cesena provided lending services as part of its general banking activity. Its regional branch network served households and businesses, although the available reference material does not specify individual mortgage, consumer-credit or commercial-loan product names.

• Investment productsInvestment services

  Investment products were among the bank’s retail banking offerings. The available material identifies this category at a general level but does not provide a detailed catalogue of funds, securities, insurance products or advisory services.

• 2018Plan absorption into Crédit Agricole ItaliaM&A

  The bank had undergone recapitalization and preparation for transfer after prolonged capital weakness.

  What changed. Absorption into Crédit Agricole Italia was announced.

  Aftermath. Cassa di Risparmio di Cesena ceased to operate as a separate banking entity.

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• 2017Enter an acquisition agreement with Crédit Agricole ItaliaM&A

  After the FITD-supported intervention, Crédit Agricole Italia expressed interest in acquiring the bank and initiated due diligence.

  What changed. The parties signed a contract on 29 September 2017. The FITD voluntary scheme was assigned responsibility for recapitalization and non-performing-loan clean-up before handover.

  Aftermath. The agreement set the path toward integration into Crédit Agricole Italia and the end of the bank’s independent corporate existence.

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• 2016Accept a FITD voluntary-scheme recapitalizationStrategy

  The group’s CET1 ratio was reported at 1.63 percent at 31 December 2015, prompting a major capital intervention.

  What changed. A €280 million capital increase was reserved for the voluntary scheme of the Fondo Interbancario di Tutela dei Depositi. Banking foundations received warrants to subscribe for additional shares.

  Aftermath. The FITD voluntary scheme ultimately held 95.3 percent of the bank’s share capital and became central to preparing the bank for a sale.

  Capital increase; post-increase shareholding. CET1 ratio of 1.63% at 31 December 2015 → €280 million capital increase; FITD voluntary scheme held 95.3% of share capital (2015-2016)

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• 2013Absorb Banca di RomagnaM&A

  Banca di Romagna had been part of the wider regional banking structure associated with Cassa di Risparmio di Cesena.

  What changed. Banca di Romagna was absorbed into Cassa di Risparmio di Cesena while retaining a divisional banking identity.

  Aftermath. The consolidation reduced the number of separately incorporated banks within the group while preserving the Banca di Romagna division.

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• 2010Absorb the bank into Unibanca and restore its historic nameM&A

  The Unibanca structure was reorganized after the earlier combination of the regional banks.

  What changed. Cassa di Risparmio di Cesena was absorbed by Unibanca, which reverted to the historic Cassa di Risparmio di Cesena name.

  Aftermath. The historic brand continued as the name of the reorganized banking company.

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• 1999Create the Unibanca regional banking groupM&A

  Cassa di Risparmio di Cesena and Banca di Romagna sought a common holding structure with coverage across Emilia-Romagna.

  What changed. The two banks were brought together under Unibanca from 1 January 1999.

  Aftermath. The combination created a broader regional group and later led to further legal and organizational consolidation.

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• 1991Separate the foundation from the operating bankStrategy

  Italian banking reform required the historical savings-bank organization to be reorganized into a foundation and an operating joint-stock company.

  What changed. The bank created Fondazione Cassa di Risparmio di Cesena as the ownership and philanthropic entity and Cassa di Risparmio di Cesena S.p.A. as the banking operator.

  Aftermath. The restructuring allowed the banking business to operate as a corporate bank while the foundation remained an important shareholder.

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• 2018Planned absorption into Crédit Agricole Italia ends the standalone bank

  The planned absorption of Cassa di Risparmio di Cesena into Crédit Agricole Italia was announced, ending its existence as a separate banking entity.

  M&A
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• 2017Crédit Agricole Italia begins acquisition process

  Crédit Agricole Italia expressed interest in acquiring the bank, began due diligence and signed an agreement on 29 September 2017. The FITD voluntary scheme was to recapitalize the bank and address non-performing loans before completion.

  M&A
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• 2016Capital increase follows a sharp deterioration in capital adequacy

  After the 2015 financial statements showed a group CET1 ratio of 1.63 percent at year-end, a €280 million capital increase was announced for the FITD voluntary scheme. The scheme ultimately held 95.3 percent of the bank’s share capital.

  RegulationOther
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• 2013Banca di Romagna is absorbed as a banking division

  Banca di Romagna was absorbed into Cassa di Risparmio di Cesena while retaining a divisional banking presence.

  M&A
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• 2010Unibanca resumes the Cassa di Risparmio di Cesena name

  Cassa di Risparmio di Cesena was absorbed into Unibanca, which reverted to the historic bank name.

  M&A
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• 1999Cassa di Risparmio di Cesena and Banca di Romagna form the Unibanca structure

  The two regional banks were combined through Unibanca, a holding structure intended to extend banking coverage across Emilia-Romagna.

  M&A
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• 1991Cassa di Risparmio di Cesena is separated into a foundation and a joint-stock bank

  Italian banking reform resulted in the separation of Fondazione Cassa di Risparmio di Cesena from Cassa di Risparmio di Cesena S.p.A., with the latter becoming the operating banking company.

  Regulation
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1. Cassa di Risparmio di Cesena