Cassa di Risparmio di Foligno

Cassa di Risparmio di Foligno, commonly known as Carifol, was a regional Italian savings bank headquartered in Foligno, in the Umbrian region. Its origins date to 1857, when it was established in the Papal States with a dual philanthropic and financial purpose: operating a mount of piety and providing savings-banking services to the local community. Like other historical Italian casse di risparmio, it combined deposit-taking and lending with a broader institutional tradition of local economic support and charitable activity. The bank's legal and ownership structure changed substantially during the restructuring of Italy's savings-bank sector in the 1990s. In 1992, following the Legge Amato reforms, its banking operations were separated from its charitable and ownership functions. The operating bank was converted into a società per azioni, while the philanthropic and shareholder role was transferred to the Fondazione Cassa di Risparmio di Foligno. Cassa di Risparmio delle Provincie Lombarde, commonly known as Cariplo, initially acquired a 20% interest in the newly constituted banking company; that holding was diluted to 18.34% in 1996. The institution subsequently became part of the consolidation process associated with Banca Intesa. In 1999, Banca Intesa, Cariplo's successor, acquired an additional 47.1% from the foundation, bringing its ownership of Carifol to 70.47% by the end of that year. Carifol was also grouped with other central Italian savings banks through Holding Intesa Centro, an intermediate structure used to coordinate the participating institutions. The wider network later expanded to include banks in Ascoli, Terni and Narni, among others. Following the 2007 creation of Intesa Sanpaolo through the combination of Banca Intesa and Sanpaolo IMI, Carifol became part of the Intesa Sanpaolo group. The group's regional banking structure was later reorganized after the acquisition of Banca CR Firenze in 2008. Banca CR Firenze became the relevant intermediate holding company for the former Casse del Centro network, including Carifol. Carifol ceased to exist as an independent bank in 2012. It was merged with Cassa di Risparmio di Città di Castello, Cassa di Risparmio di Spoleto, and Cassa di Risparmio di Terni e Narni to create Casse di Risparmio dell'Umbria. In connection with the transaction, the Intesa group acquired remaining interests held by the banking foundations and minority shareholders. The merger ended Carifol's separate corporate existence while carrying its regional banking activities into the new Umbrian entity. Before its absorption, the bank was also associated with the local community through sponsorship of Foligno Calcio.

Cassa di Risparmio di Foligno was founded in 1857 in Foligno, then within the Papal States. Its original institutional model reflected the traditional role of Italian savings banks, which combined the collection of savings and provision of credit with charitable and community-oriented functions. The bank operated both a mount of piety and a savings bank, making it a local financial institution with a social mission as well as a commercial one. The major structural turning point came in 1992 with the implementation of the Legge Amato reforms. These reforms required the separation of the banking business from the philanthropic and ownership functions historically associated with Italian savings banks. Carifol's daily banking activities were transferred to a società per azioni, while a separate Fondazione Cassa di Risparmio di Foligno retained the institutional and foundation role. The new banking company entered a period of ownership change when Cassa di Risparmio delle Provincie Lombarde, or Cariplo, acquired 20% of its shares. The interest was later diluted to 18.34% in 1996. In 1999, Banca Intesa, which had succeeded Cariplo, acquired a further 47.1% interest from the foundation. Its ownership reached 70.47% by the end of that year. During the same period, Carifol was incorporated into a wider central Italian banking structure known as Holding Intesa Centro. The arrangement grouped several former savings banks under a common intermediate holding company while allowing the institutions to retain regional identities. The network subsequently included additional banks, with Ascoli joining in 2001 and Terni and Narni joining in 2003. The formation of Intesa Sanpaolo in 2007 placed Carifol within one of Italy's largest banking groups. The group continued reorganizing its regional subsidiaries and holding structures. After Intesa Sanpaolo acquired Banca CR Firenze in 2008, the Florence-based bank became the intermediate holding company associated with the former Casse del Centro structure. This placed Carifol within an increasingly integrated national banking organization rather than an independently controlled local savings-bank network. The final stage of Carifol's corporate history occurred in 2012. Cassa di Risparmio di Foligno was merged with the savings banks of Città di Castello, Spoleto, and Terni and Narni to create Casse di Risparmio dell'Umbria. The transaction consolidated several regional institutions from the provinces of Perugia and Terni. As part of the process, Intesa acquired remaining foundation-held and minority interests. Reported transaction details included the purchase by Banca CR Firenze of an additional foundation stake and a further interest from a minority shareholder. After the merger, Carifol no longer operated as a separate legal bank, although its former regional activities became part of the successor Umbrian banking organization. Beyond its banking operations, Carifol maintained a visible local profile through sponsorship of Foligno Calcio. Its history therefore illustrates the transformation of a nineteenth-century community savings institution into a modern group-owned regional bank, followed by consolidation into a larger Umbrian banking entity.

1. 2012Merger into Casse di Risparmio dell'Umbria

   Carifol was merged with the savings banks of Città di Castello, Spoleto, and Terni and Narni, ending its independent existence.

   Source
2. 2007Entry into the Intesa Sanpaolo Group

   Carifol followed its ultimate holding company into the newly formed Intesa Sanpaolo Group.

   Source
3. 1999Banca Intesa takes control

   Banca Intesa acquired an additional interest from the foundation and held 70.47% of Carifol by the end of the year.

   Source
4. 1992Transformation under the Legge Amato reforms

   The banking operation was separated from the charitable and ownership functions, creating a società per azioni and the Fondazione Cassa di Risparmio di Foligno.

   Source
5. 1857Foundation in Foligno

   Cassa di Risparmio di Foligno was established in Foligno with responsibilities encompassing both a mount of piety and savings-bank activity.

   Source

A locally rooted savings bank serving households, businesses and community institutions in Foligno and the wider Umbrian market, with a historical emphasis on savings, credit provision and civic support.

• Savings bankingDeposit and savings services

  Savings collection was central to Carifol's historical identity as a cassa di risparmio. The institution served local savers and households through traditional deposit-taking activity associated with regional Italian savings banks.

• Retail and local business bankingBanking services

  As a regional bank, Carifol provided general banking services to customers in Foligno and Umbria, including credit and other financial services for households, local enterprises and community institutions. Specific product names and terms are not documented in the supplied reference material.

• Mount of pietyPhilanthropic financial institution1857

  At its foundation, Carifol operated a monte di pietà alongside its savings-bank activities. This reflected the institution's original charitable purpose and its role in providing community-oriented financial assistance.

• Foligno Calcio sponsorship

  Foligno · Italy

  Carifol sponsored Foligno Calcio, linking the bank's regional identity with local football and community activity.

  Source

• 2012Consolidation into Casse di Risparmio dell'UmbriaM&A

  Intesa Sanpaolo was consolidating several regional savings banks within its Umbrian network.

  What changed. Carifol was merged with the savings banks of Città di Castello, Spoleto, and Terni and Narni to form Casse di Risparmio dell'Umbria.

  Aftermath. Carifol ceased to exist as an independent bank, while its business was transferred into the new Umbrian banking entity.

  Purchase of 7,233,756 shares from the foundation. (2012)

  Source
• 1992Separate the banking company from the foundationStrategy

  The Legge Amato reforms reshaped Italy's savings-bank sector by separating commercial banking activities from charitable and ownership functions.

  What changed. Carifol's banking operations were placed in a società per azioni, while the foundation retained the philanthropic and shareholder role.

  Aftermath. The restructuring enabled outside banking groups, including Cariplo and later Banca Intesa, to acquire significant ownership stakes.

  Source

• 2012Cassa di Risparmio di Foligno is merged into Casse di Risparmio dell'Umbria

  Carifol was combined with the savings banks of Città di Castello, Spoleto, and Terni and Narni, ending its existence as a separate bank and forming Casse di Risparmio dell'Umbria.

  M&AOther
  Source
• 2007Carifol becomes part of the Intesa Sanpaolo Group

  Following the formation of Intesa Sanpaolo, Cassa di Risparmio di Foligno became part of the new banking group's regional network.

  M&AOther
  Source
• Carifol sponsors Foligno Calcio

  The bank supported the local football club Foligno Calcio as a community and sports sponsor.

  Campaign
  Source

1. Cassa di Risparmio di Foligno