Cassa di Risparmio di Tortona

Cassa di Risparmio di Tortona was a locally rooted Italian savings bank established in 1911 in Tortona, Piedmont. Its historical role was that of a regional banking institution serving the Tortona area and the surrounding territory. Like other Italian savings banks, it combined commercial banking activity with a public-interest and community-oriented institutional tradition. The bank’s corporate structure changed substantially during the reforms of the 1990s. In 1991, following the implementation of the Amato banking reform, the operating banking business and the institution’s philanthropic ownership were separated. The banking operations were transferred to a joint-stock company, Banca Cassa di Risparmio di Tortona SpA, while the former owner became Fondazione Cassa di Risparmio di Tortona. This separation created the two-part structure typical of Italy’s post-reform savings-bank sector: a commercial bank responsible for banking activity and a foundation retaining a civic, charitable and patrimonial role. During the 1990s, Cassa di Risparmio di Torino, commonly known as Banca CRT, acquired a minority interest of approximately 25 percent in the Tortona bank. That stake was later transferred to Cassa di Risparmio di Alessandria after Banca CRT became part of the Unicredito process. The ownership changes reflected the consolidation of Italy’s regional banking system, in which smaller savings banks increasingly became affiliated with larger banking groups. In 1999, Fondazione Cassa di Risparmio di Tortona sold a 60 percent majority interest in the operating bank to Banca Lombarda e Piemontese. The bank subsequently operated within the Banca Lombarda structure, including through the intermediate holding company Banca Regionale Europea. In 2002, Banca Lombarda acquired a further direct interest of 15.20 percent from the foundation. By 2006, Banca Regionale Europea had acquired the remaining shares held by the Tortona and Alessandria foundations, after which Cassa di Risparmio di Tortona SpA was absorbed and ceased to exist as an independent banking entity. Banca Lombarda later merged with Banche Popolari Unite in 2007 to create UBI Banca. Banca Regionale Europea, which had served as an intermediate parent in the Tortona ownership structure, was itself absorbed by UBI Banca in 2016. The banking brand therefore became part of a wider chain of Italian banking consolidation rather than continuing as a separate institution. The associated Fondazione Cassa di Risparmio di Tortona survived the disappearance of the bank as a charitable organization. Its continuing activities preserve the civic and philanthropic legacy of the former savings bank. The foundation reported equity of €211,157,304 at 31 December 2013, according to the referenced account of the organization. The former bank is consequently best understood as a defunct regional banking brand whose institutional legacy continues through its foundation.

Cassa di Risparmio di Tortona was founded in 1911 in Tortona, a town in Piedmont, Italy. It developed as a regional savings bank serving local households, businesses and community institutions. Its institutional identity reflected the traditional Italian savings-bank model, in which banking activity was connected to a locally based public-benefit entity. Italy’s banking reforms in the early 1990s fundamentally changed the structure of savings banks. In 1991, pursuant to the Amato reform, the banking business of Cassa di Risparmio di Tortona was separated from its ownership and philanthropic functions. The commercial operation became Banca Cassa di Risparmio di Tortona SpA, while Fondazione Cassa di Risparmio di Tortona was established as the separate foundation associated with the former savings bank. The foundation retained a civic and charitable mission, while the joint-stock company conducted banking operations. The institution then became involved in the consolidation of Italy’s regional banking market. During the 1990s, Cassa di Risparmio di Torino acquired a 25 percent minority position. Following the integration of Banca CRT into the Unicredito group, that holding was sold to Cassa di Risparmio di Alessandria. These transactions reduced the bank’s independence and connected it to the broader restructuring of Italian regional finance. In 1999, Fondazione Cassa di Risparmio di Tortona sold 60 percent of the banking company to Banca Lombarda e Piemontese. The bank was subsequently linked to Banca Regionale Europea, an entity within the Banca Lombarda group. In 2002, Banca Lombarda acquired a direct 15.20 percent interest from the Tortona foundation. By 2006, Banca Regionale Europea had acquired the remaining shares held by the foundations, including the interests associated with Fondazione Cassa di Risparmio di Tortona and Fondazione Cassa di Risparmio di Alessandria. Cassa di Risparmio di Tortona SpA was then absorbed, ending the bank’s existence as a separate legal and commercial institution. The wider group underwent further consolidation. In 2007, Banca Lombarda merged with Banche Popolari Unite to establish UBI Banca. Banca Regionale Europea, which had acted as an intermediate parent in the Tortona structure, was later absorbed by UBI Banca in 2016. These successive transactions placed the former Tortona bank within the history of Italy’s long-running banking consolidation. The foundation did not disappear with the bank. Fondazione Cassa di Risparmio di Tortona continued as a charitable organization, preserving the former savings bank’s local philanthropic role. It reported equity of €211,157,304 on 31 December 2013. The history of Cassa di Risparmio di Tortona therefore comprises two distinct legacies: a banking business that was progressively incorporated into larger financial groups, and a foundation that continued to operate independently for charitable purposes.

1. 2016Banca Regionale Europea absorbed by UBI Banca

   The former intermediate holding company connected with the Tortona bank was absorbed by UBI Banca.

   Source
2. 2007Banca Lombarda becomes part of UBI Banca

   Banca Lombarda merged with Banche Popolari Unite to form UBI Banca.

   Source
3. 2006Bank absorbed into the regional banking group

   Banca Regionale Europea acquired the remaining foundation-held shares, after which Cassa di Risparmio di Tortona SpA was absorbed.

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4. 2002Banca Lombarda acquires a direct holding

   Banca Lombarda acquired a 15.20 percent direct interest from the Tortona foundation for €38,655,113.52.

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5. 1999Majority stake sold to Banca Lombarda

   The Tortona foundation sold 60 percent of the operating bank to Banca Lombarda e Piemontese.

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6. 1991Bank and foundation separated

   The Amato reform separated the banking business into a joint-stock company from Fondazione Cassa di Risparmio di Tortona.

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7. 1990Banca CRT takes a minority interest

   Cassa di Risparmio di Torino acquired a minority holding of approximately 25 percent during the 1990s.

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8. 1911Savings bank founded in Tortona

   Cassa di Risparmio di Tortona was established as a locally based savings bank in Tortona, Piedmont.

   Source

A locally based Italian savings bank with a regional retail and commercial banking role, later integrated into larger banking groups during the consolidation of Italy’s savings-bank sector.

• Savings and deposit accountsDeposit banking1911

  As a savings bank, the institution’s core historical activity centered on accepting household and business deposits and providing savings-oriented banking services to customers in Tortona and its surrounding area.

• Retail and commercial bankingBanking services

  The operating bank provided conventional regional banking services for individuals, local enterprises and institutions. The available reference material identifies it as an Italian savings bank but does not specify individual branded account, lending or payment products.

• 2006Acquisition of remaining shares and absorptionM&A

  After earlier majority and minority transactions, the remaining foundation-held interests were consolidated within the Banca Lombarda structure.

  What changed. Banca Regionale Europea acquired the remaining shares and subsequently absorbed Cassa di Risparmio di Tortona SpA.

  Aftermath. The Tortona bank ceased to operate as an independent banking entity.

  Source
• 1999Sale of a 60 percent stake to Banca LombardaM&A

  The regional banking sector was consolidating, and the Tortona foundation no longer retained complete control of the operating bank.

  What changed. Fondazione Cassa di Risparmio di Tortona sold 60 percent of the bank to Banca Lombarda e Piemontese.

  Aftermath. Cassa di Risparmio di Tortona became part of the Banca Lombarda group and was subsequently linked to Banca Regionale Europea.

  Source
• 1991Separation of the bank and foundationStrategy

  Italy’s Amato reform required the traditional savings-bank structure to distinguish commercial banking operations from the ownership and philanthropic role of the banking foundation.

  What changed. Cassa di Risparmio di Tortona’s banking operations were placed in Banca Cassa di Risparmio di Tortona SpA, while the associated foundation continued separately.

  Aftermath. The restructuring made the bank eligible for subsequent ownership changes and integration into larger banking groups, while the foundation retained its charitable identity.

  Source

• 2016Banca Regionale Europea is absorbed by UBI Banca

  The former intermediate holding company in the Tortona ownership structure was absorbed into UBI Banca.

  M&A
  Source
• 2013Fondazione Cassa di Risparmio di Tortona continues as a charitable institution

  The foundation associated with the former bank remained active as a charity organization and reported equity of €211,157,304 at 31 December 2013.

  Other
  Source
• 2007Banca Lombarda and Banche Popolari Unite combine to form UBI Banca

  The broader banking group connected with Cassa di Risparmio di Tortona merged with Banche Popolari Unite, creating UBI Banca.

  M&A
  Source
• 2006Cassa di Risparmio di Tortona is absorbed

  Banca Regionale Europea acquired the remaining interests held by the Tortona and Alessandria foundations, after which the bank was absorbed and ceased operating as a standalone institution.

  M&ABankruptcy
  Source
• 1999Banca Lombarda acquires a majority stake in Cassa di Risparmio di Tortona

  The Tortona foundation sold 60 percent of the operating bank to Banca Lombarda e Piemontese, moving the institution into a larger regional banking group.

  M&A
  Source
• 1991Banking operations separated from the savings-bank foundation under the Amato reform

  The operating bank was reorganized as Banca Cassa di Risparmio di Tortona SpA, while Fondazione Cassa di Risparmio di Tortona became the separate foundation associated with the former owner.

  Regulation
  Source

1. Cassa di Risparmio di Tortona