Banca del Mezzogiorno – MedioCredito Centrale

Banca del Mezzogiorno – MedioCredito Centrale
Native name
Banca del Mezzogiorno – MedioCredito Centrale S.p.A.
FormerlyUniCredit MedioCredito Centrale S.p.A. (2008-2011)
Company typeSocietà per azioni
IndustryFinancial services
Founded1952; 73 years ago (1952)
HeadquartersViale America, 351,
Rome
,
Italy
Area served
Italy
Key people
Decrease €32,426,505 (2015)
Total assetsIncrease €2,554,438,047 (2015)
Total equityIncrease €425,511,254 (2015)
OwnerInvitalia (100%)
ParentInvitalia
Capital ratio28.38% (CET1)
Websitewww.mcc.it
Footnotes / references
source[1]

Banca del Mezzogiorno – MedioCredito Centrale (BdM-MCC) is an Italian bank based in Rome, Lazio region. The bank is entirely controlled by Invitalia S.p.A., which in turn is owned by the Ministry of Economy. The bank was specialized in medium-term loan to companies, which developed into corporate and investment banking, and currently specialized in public sector, such as one of the manager of Fondo di Garanzia per le Piccole e Medie Imprese (a guarantee fund for SMEs) of the Ministry of Economic Development, and European Union's Joint European Resources for Micro to Medium Enterprises Calabria Fund. The bank lend medium-term loan from the fund to SMEs for Italian government and the European Union.

History

Istituto Centrale per il Credito a Medio Termine a Favore delle Medie e Piccole Industrie was found in 1952 as a statutory corporation (Italian: ente di diritto pubblico) and part of the Mediocredito initiative.[2] Due to Legge Amato, On 11 March 1994 the bank became MedioCredito Centrale - Istituto Centrale per il Credito a Medio Termine S.p.A. (a limited company, società per azioni).[3]

The bank subscribed the capital increase of Banco di Sicilia in 1997.

Capitalia era

In 1999 Banca di Roma, via subsidiary MedioCredito di Roma, acquired MedioCredito Centrale.

As part of a reversed merger, Banca Intesa (undisclosed) and UniCredit (0.06%) sold the minority interests in MedioCredito di Roma, for the shares of Mediocredito Centrale (0.7% and 0.03% respectively) in 2000.[4][5] Banca di Roma owned 97.99% shares of Mediocredito Centrale as at 31 December 2000.[6]

In December 2001 MedioCredito Centrale absorbed its subsidiary Sofipa, despite Sofipa SGR was retained. During the year 2001 minority interests of 2.11% in the bank was acquired from Banca Intesa, UniCredit and other companies. At the same time MCC had a put option to sell the minority interests in Unieuro and Euroclass Multimedia Holding as part of the deal.[7]

On 24 May 2002 MedioCredito Centrale was renamed to MCC S.p.A.. During 2002 MCC acquired 5.569% shares of sports club S.S. Lazio.[8] (whole Capitala Group owned 5.702% shares of S.S. Lazio)[9] Banca di Roma Group became Capitalia Group on 1 July 2002. In December 2002, Capitalia sold 20.1% shares of MCC to other companies, for €241.2 million.[10]

MCC only hold 0.37% shares of S.S. Lazio at the end of 2003, which was sold to parent company Capitalia in June. (whole Capitalia Group owned 5.760%)[11][12] At the end of year 2003 Capitalia just hold 73.90% shares of MCC, (by selling 3% shares each to Gianpaolo Angelucci and Vittorio Merloni family (Fineldo) and acquiring 100% shares of Cofiri from the families)[13] but increased to 75.4% in January 2004 by acquiring 1.5% shares from Parmalat for €22 million.[14] In 2004 MCC also participated in the capital increase of sports club S.S. Lazio, which MCC owned 1.167% shares at the end of year 2004 (Capitalia Group owned 17.717%).[15][16][17]

In 2005 MCC absorbed Capitalia Leasing & Factoring, a sister company.[18] At the same time some business was sold by MCC to Capitalia .[19] Capitalia also re-acquired 3% shares of MCC from other parties during year 2005. However, Finanziaria Tosinvest (3%), Fininvest (3%), Toro Assicurazioni (3%), Telecom Italia (3%), Fineldo (2.25%), Keryx (1%), Cinecittà Centro Commerciale (1%), Colacem (1%), Angelini Partecipazioni Finanziarie (1%), Italmobiliare (1%), M and M Holding (1%), Faber Factor International (0.75%), Finwellness (0.5%) and Matteo Arpe (0.1%, CEO of Capitalia and MCC itself) remained as the minority shareholders of MCC, as at 31 December 2005.[19][20] In 2006 Capitalia re-acquired the all remaining minority interests from aforementioned companies and person.[21]

The last annual report of MCC before the group was acquired by UniCredit, shown MCC had a shareholders' equity of €954,387,564, a total assets of €12,759,436.124 and a Tier 1 capital ratio of 7.50% as at 31 December 2006.[22]

UniCredit era

In 2008 the bank was renamed to UniCredit MedioCredito Centrale S.p.A. The real estate business of MCC was transferred to sister companies UniCredit Real Estate. At the same time UniCredit Infrastrutture S.p.A. (project finance, which received the business from UniCredit Banca MedioCredito on 31 December 2005) was absorbed by MCC, but at the same time some MCC business was moved to UniCredit Corporate Banking. After the reorganization MCC was specialized in public sector only.[23]

After the deals, total assets of MCC were reduced to €7,224,544,134, shareholders equity was reduced to €731,332,532 and Tier 1 capital ratio was increased to 16.59% as at 31 December 2008.[24]

Another restructure of MCC was made during 2010, which the total assets of the bank was reduced to €1,160,941,655, shareholders equity was reduced to €174,023,376 and Tier 1 capital ratio was increased to 42.06% as at 31 December 2010.[25]

On 1 August 2011 the bank was sold to Poste Italiane for €136 million,[26] a price almost equal to share capital and share premium reserve of MCC as at 30 June 2011 (€138,062,413).[27]

Poste italiane era

The bank was renamed to Banca del Mezzogiorno – MedioCredito Centrale S.p.A. circa 2012, which Mezzogiorno was another name for the southern Italy. The original Mediocredito del Sud was absorbed by MedioCredito Lombardo in 1999. Banca del Mezzogiorno became the only government owned bank in the sector of financing small and medium-sized firms in Italy, with the rest were privatized. The Tier 1 capital of the bank had almost no change in the first 1½ years. (€138.418 million mid-2011, €135.840 million in end 2011, €137.095 million in mid-2012 and €141.952 million in end 2012).[28] on 28 March 2012 the bank was one of the banks that were selected to manage Fondo di Garanzia per le Piccole e Medie Imprese (a guarantee fund for SMEs) of the Ministry of Economic Development in a 9-year contract. (other banks were Mediocredito Italiano, Artigiancassa, Istituto Centrale delle Banche Popolari Italiane and MPS Capital Services) On 30 March, Banca del Mezzogiorno, along with Artigiancassa, signed contracts with Cassa Depositi e Prestiti, to provide back office for Kyoto Fund of the Ministry of the Environment.

In December 2012 the bank became one of the fund manager for the European Union's Joint European Resources for Micro to Medium Enterprises (JEREMIE) in Calabria, for €42 million.[29][30][31] In 2014 Poste italiane recapitalized Banca del Mezzogiorno for €232 million.[32] In 2015 the bank was re-privatized partially, as the Ministry of Economy and Finance had sold 35% shares of Poste Italiane to the public.

Invitalia era

In August 2017 the ownership of the bank was entirely transferred to Invitalia S.p.A., a development agency owned by the Ministry of Economy and Finance.

In 2020, following the bailout of Banca Popolare di Bari, Mediocredito Centrale took the control of Popolare di bari, which led in 2021 to a downgrade of MCC's rating by Moody's.[33]

References

  1. ^ "2015 Relazione Finanziaria Annuale" (PDF) (in Italian). Banca del Mezzogiorno – MedioCredito Centrale. 1 April 2016. Archived from the original (PDF) on 28 March 2016. Retrieved 12 April 2016.
  2. ^ "Provvedimenti per lo sviluppo dell'economia e incremento dell'occupazione". Archived from the original on 2016-04-15. Retrieved 2023-01-06.
  3. ^ Ministry of the Treasury (30 March 1994). "Approvazione del progetto di ristrutturazione presentato dal Mediocredito centrale" (in Italian). Italian Republic Official Gazette. Retrieved 12 March 2016.
  4. ^ "2000 Report on Operations and Consolidated Financial Statements" (PDF). Banca Intesa. 13 July 2001. Retrieved 12 March 2016.
  5. ^ "2000 Bilancio Consolidato" (PDF). UniCredit (in Italian). Borsa Italiana archive. 18 May 2001. Retrieved 16 February 2016.
  6. ^ "2000 Bilancio Consolidato" (PDF). Banca di Roma (in Italian). Borsa Italiana archive. 27 April 2001. Retrieved 12 March 2016.
  7. ^ "2001 Bilancio Consolidato" (PDF). Banca di Roma (in Italian). Borsa Italiana archive. 4 June 2002. Retrieved 12 March 2016.
  8. ^ "2002 Bilancio" (PDF) (in Italian). MCC. 31 July 2003. Archived from the original (PDF) on 12 May 2006. Retrieved 12 March 2016.
  9. ^ "Azionisti rilevanti di SOCIETA' SPORTIVA LAZIO SPA". CONSOB. 31 December 2002. Archived from the original on 13 March 2016. Retrieved 12 March 2016.
  10. ^ "2002 Bilancio" (PDF). Capitalia (in Italian). Borsa Italiana archive. 9 April 2003. Retrieved 12 March 2016.
  11. ^ "2003 Bilancio" (PDF) (in Italian). MCC. 5 August 2004. Archived from the original (PDF) on 12 May 2006. Retrieved 12 March 2016.
  12. ^ "Azionisti rilevanti di SOCIETA' SPORTIVA LAZIO SPA". CONSOB. 31 December 2003. Retrieved 12 March 2016.[permanent dead link‍]
  13. ^ "Capitalia acquista la Cofiri Merloni e Angelucci in Mcc". La Repubblica (in Italian). 14 November 2003. Retrieved 12 March 2016.
  14. ^ "2003 Bilancio" (PDF). Capitalia (in Italian). Borsa Italiana archive. 29 March 2004. Retrieved 12 March 2016.
  15. ^ "2004 Bilancio" (PDF). Capitalia (in Italian). Borsa Italiana archive. 28 February 2005. Retrieved 12 March 2016.
  16. ^ "2004 Annual Report" (PDF). MCC. 1 September 2005. Archived from the original (PDF) on 12 May 2006. Retrieved 12 March 2016.
  17. ^ "Azionisti rilevanti di SOCIETA' SPORTIVA LAZIO SPA". CONSOB. 31 December 2004. Archived from the original on 2016-03-13. Retrieved 12 March 2016.
  18. ^ "Progetto fi fusione per incorporazione di Capitalia Leasing & Factoring in MCC" (PDF). Capitalia (in Italian). Borsa Italiana archive. 26 October 2005. Retrieved 12 March 2016.
  19. ^ a b "Progetto di scissione parziale non proporzionale di MCC S.p.A. in favore di Capitalia" (PDF). Capitalia (in Italian). Borsa Italiana archive. 26 October 2005. Retrieved 12 March 2016.
  20. ^ "2005 Bilancio" (PDF). Capitalia (in Italian). Borsa Italiana archive. 31 March 2006. Retrieved 12 March 2016.
  21. ^ "2006 Bilancio" (PDF). Capitalia (in Italian). Borsa Italiana archive. 30 March 2007. Retrieved 12 March 2016.
  22. ^ "2007 Bilancio" (PDF) (in Italian). MCC. 23 June 2008. Archived from the original (PDF) on 12 March 2016. Retrieved 12 March 2016.
  23. ^ "2008 Consolidated Reports and Accounts" (PDF). UniCredit. 30 April 2009. Retrieved 12 March 2016.
  24. ^ "2008 Bilancio" (PDF) (in Italian). UniCredit MedioCredito Central (UMCC). 17 July 2009. Archived from the original (PDF) on 12 March 2016. Retrieved 12 March 2016.
  25. ^ "2010 Bilancio" (PDF) (in Italian). UMCC. 23 June 2011. Archived from the original (PDF) on 12 March 2016. Retrieved 12 March 2016.
  26. ^ "comunicato" [Press Release] (PDF) (in Italian). Poste italiane. 1 August 2011. Archived from the original (PDF) on 5 March 2016. Retrieved 12 March 2016.
  27. ^ "Relazione Finanziaria Semestrale al 30 Giugno 2011" (PDF) (in Italian). UMCC. 2 August 2011. Archived from the original (PDF) on 2016-08-28. Retrieved 12 April 2016.
  28. ^ "DOCUMENTO DI REGISTRAZIONE" (PDF) (in Italian). BdM – MCC. 17 May 2013. Archived from the original (PDF) on 13 March 2016. Retrieved 12 March 2016.
  29. ^ "Italy: EIF and the Calabria Region sign a EUR 45 million JEREMIE Holding Fund agreement to support small businesses". European Investment Fund. 11 October 2011. Retrieved 14 March 2016.
  30. ^ "Italy: EIF signs agreements with Banco di Napoli and Banca del Mezzogiorno-Mediocredito Centrale to support Calabria's SMEs through JEREMIE". European Investment Fund. 29 May 2013. Retrieved 14 March 2016.
  31. ^ "2012 Annual Report" (PDF). Poste italiane. 24 September 2013. Archived from the original (PDF) on 22 March 2016. Retrieved 14 March 2016.
  32. ^ "2014 Annual Report" (PDF). Poste italiane. 21 September 2015. Archived from the original (PDF) on 2016-03-13. Retrieved 14 March 2016.
  33. ^ "Moody's downgrades long-term debt of Italy's MCC after Popolare di Bari rescue". 16 November 2021.