Cassa di Risparmio di Torino

Cassa di Risparmio di Torino was a historic Italian savings-bank institution headquartered in Turin and closely associated with the economic and civic development of Piedmont. Founded in 1827 in the Kingdom of Sardinia, it originated with a philanthropic orientation typical of nineteenth-century savings banks: encouraging thrift, collecting household savings, and directing financial resources toward local economic and social needs. Over time, it developed from a regional savings institution into a substantial commercial banking organization operating under the Banca CRT name. Its historical footprint expanded through acquisitions and participation in other regional banking institutions. Before the 1950s, the bank had already acquired local banks in Casale Monferrato, Pinerolo, and Ivrea. During the 1990s it absorbed Banca Subalpina and Banco di Bergamo and held minority interests in several savings banks in southern Piedmont, including institutions in Bra, Fossano, Saluzzo, Savigliano, and Tortona. It also held an interest in Banca della Valle d'Aosta. Some investments were later sold, including interests in Cassa di Risparmio di Calabria e Lucania in 1994 and Cassa di Risparmio di Città di Castello in 1993. A major structural change followed Italy's 1990 banking reforms, commonly associated with the Amato Law. In 1991, the institution's operating banking activities were separated from its ownership and philanthropic functions. The banking business became Banca CRT S.p.A., while the former institutional and charitable ownership role was placed in Fondazione Cassa di Risparmio di Torino, commonly known as Fondazione CRT. This separation reflected the broader transformation of Italian savings banks into joint-stock banking companies and independent banking foundations. Banca CRT became part of the consolidation of Italy's banking sector in the late 1990s. On 30 September 1997 it joined Unicredito, the banking group that already included Cariverona Banca and Cassamarca. On 15 October 1998, Unicredito merged with Credito Italiano to create UniCredito Italiano, which became the parent company of Banca CRT. The bank retained interests in entities including Banca Mediocredito di Torino and Casse e Assicurazioni Vita during this period. At the end of 2001, Banca CRT reported shareholders' equity of approximately €1.591 billion. The Banca CRT brand ceased to represent a separate banking company when it was absorbed into Credito Italiano on 1 July 2002, alongside several other group banks, including Cariverona, Cassamarca, Caritro, Cassa di Risparmio di Trieste, and Rolo Banca. Credito Italiano was renamed UniCredit Banca at the same time. The former banking institution therefore became part of the corporate and legal consolidation that produced the modern UniCredit group. Fondazione CRT remained an important shareholder after the banking business moved into the UniCredito structure. It held 14.228% of UniCredit's ordinary shares at the end of 1999, making it the group's second-largest shareholder at that time. By 31 December 2013, its voting-rights holding had declined to 2.506%, when it was reported as UniCredit's seventh-largest shareholder. The Cassa di Risparmio di Torino banking brand is now historical and no longer operates as an independent bank.

Cassa di Risparmio di Torino was established in 1827 in Turin, then part of the Kingdom of Sardinia. Its original mission combined savings-bank activity with philanthropic ideals. The institution was designed to encourage personal saving while supporting the wider civic and economic needs of the local community. It subsequently became one of the significant regional banking institutions of Piedmont. The bank expanded its regional presence through acquisitions. Before the 1950s, it had acquired local banks in Casale Monferrato, Pinerolo, and Ivrea. In the 1990s, the institution operated as Banca CRT and absorbed Banca Subalpina and Banco di Bergamo. It also held minority stakes in other Italian savings banks, including those in Bra, Fossano, Saluzzo, Savigliano, and Tortona, as well as an interest in Banca della Valle d'Aosta. Earlier minority positions in Cassa di Risparmio di Città di Castello and Cassa di Risparmio di Calabria e Lucania were subsequently sold. The Italian banking reforms of the early 1990s changed the institution's legal and organizational structure. In 1991, the operating bank was separated from the ownership and charitable functions historically associated with the savings-bank model. The operating business became Banca CRT S.p.A., while Fondazione Cassa di Risparmio di Torino was established as the banking foundation. This created a distinction between the commercial bank and the foundation responsible for the former ownership and philanthropic role. Banca CRT entered the consolidation of the Italian banking industry in 1997, joining Unicredito on 30 September. Unicredito already included Cariverona Banca and Cassamarca. On 15 October 1998, Unicredito merged with Credito Italiano to create UniCredito Italiano. Banca CRT became a wholly owned company within that group. During this period, it maintained interests in businesses such as Banca Mediocredito di Torino and Casse e Assicurazioni Vita. At the end of 2001, Banca CRT had shareholders' equity of €1.591 billion. On 1 July 2002, it was absorbed into Credito Italiano together with several other group banks, including Cariverona, Cassamarca, Caritro, Cassa di Risparmio di Trieste, and Rolo Banca. Credito Italiano was renamed UniCredit Banca, completing the disappearance of Banca CRT as a separate banking company and brand. Fondazione CRT continued to hold shares in the successor group. At 31 December 1999, it owned 14.228% of UniCredit's ordinary shares and was the second-largest shareholder. Its voting-rights stake had fallen to 2.506% by 31 December 2013, when it was reported as the seventh-largest shareholder. The former Cassa di Risparmio di Torino bank therefore survives institutionally through the history of its foundation and the consolidation of its banking operations into UniCredit, rather than as an active independent brand.

1. 2002Absorption into Credito Italiano

   Banca CRT was absorbed into Credito Italiano on 1 July as part of a wider legal consolidation. Credito Italiano was renamed UniCredit Banca.

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2. 1998Creation of UniCredito Italiano

   Unicredito merged with Credito Italiano, forming UniCredito Italiano and placing Banca CRT under the new group's ownership.

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3. 1997Entry into Unicredito

   Banca CRT joined Unicredito on 30 September, becoming part of a growing Italian banking group.

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4. 1994Sale of the Carical interest

   The bank sold its minority interest in Cassa di Risparmio di Calabria e Lucania to a consortium involving Cassa di Risparmio delle Provincie Lombarde and Fondazione Carical.

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5. 1993Sale of the Città di Castello interest

   Banca CRT sold its 40% minority interest in Cassa di Risparmio di Città di Castello.

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6. 1991Banking operations separated from the foundation

   Following Italy's banking reforms, the operating bank became Banca CRT S.p.A., while Fondazione CRT assumed the ownership and philanthropic role.

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7. 1827Cassa di Risparmio di Torino is founded

   A savings institution was established in Turin with a philanthropic and local economic mission.

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Historically positioned as a philanthropic, regionally rooted savings bank serving Turin and Piedmont, later evolving into a broader commercial banking institution before being consolidated into UniCredit.

• Savings bankingDeposits and savings1827

  The institution originated as a traditional savings bank, encouraging household saving and providing a locally rooted channel for deposits. Its early identity was closely connected with philanthropy and civic development in Turin and Piedmont.

• Banca CRT banking servicesCommercial and retail banking1991

  After its 1991 corporate separation, the operating business traded as Banca Cassa di Risparmio di Torino or Banca CRT. It represented the bank's commercial banking activities, including the regional banking operations and financial relationships developed through its Piedmont network.

• 2002Absorption into Credito ItalianoM&A

  UniCredito Italiano reorganized several subsidiary banks into a more integrated structure.

  What changed. Banca CRT was absorbed into Credito Italiano on 1 July, together with several other group banks.

  Aftermath. Banca CRT ceased to exist as a separate legal banking entity, and the successor bank was renamed UniCredit Banca.

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• 1997Joining UnicreditoM&A

  Banca CRT participated in the consolidation of Italian regional banks during the 1990s.

  What changed. On 30 September 1997, Banca CRT joined Unicredito.

  Aftermath. The bank became part of the group that merged with Credito Italiano in 1998 and later formed the basis of UniCredit.

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• 1991Conversion into a joint-stock banking structureStrategy

  Italian banking reform required the traditional savings-bank model to distinguish commercial operations from ownership and philanthropic functions.

  What changed. The banking business was placed in Banca CRT S.p.A., while Fondazione CRT became the separate banking foundation.

  Aftermath. The separation enabled Banca CRT to participate in later banking-sector consolidation while the foundation retained the historical ownership and charitable role.

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• 2002Banca CRT is absorbed into Credito Italiano

  Banca CRT was absorbed into Credito Italiano as part of a wider group reorganization. Credito Italiano was renamed UniCredit Banca at the same time.

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• 1998Unicredito merges with Credito Italiano

  Unicredito merged with Credito Italiano to form UniCredito Italiano, which became the parent company of Banca CRT.

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• 1997Banca CRT joins Unicredito

  Banca Cassa di Risparmio di Torino joined the Unicredito banking group, beginning its integration into the structure that later became UniCredito Italiano and UniCredit.

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1. Cassa di Risparmio di Torino