Credito Fondiario (Fonspa)

"Credito Fondiario" redirects here. For other uses, see Credito Fondiario (disambiguation).
Credito Fondiario S.p.A.
Native name
Credito Fondiario S.p.A.
Company typeprivate Società per Azioni
IndustryFinancial services
Founded1898; 126 years ago (1898)
Headquarters
Rome
,
Italy
Key people
Piero Gnudi (was Chairman)
ServicesNon-performing loans
WebsiteOfficial website

Credito Fondiario is an Italian bank based in Rome, Italy. The bank is specializing in management of non-performing loans. Chairman of the board of directors was Piero Gnudi.[1]

History

The bank was found in 1898 as Credito Fondiario Sardo (Sardinian Land Credit).[2] In 1965 the bank became Credito Fondiario S.p.A., which was owned by Banco di Roma, Banca Commerciale Italiana and Credito Italiano.[3]

In 1992 Credito Fondiario e Industriale – Fonspa – Istituto per i Finanziamenti a Medio e Lungo Termine S.p.A., which specialized in housing mortgage at that time, was allowed to enter the market of crediting industrial companies,[4] following the criteria in decree N°902/1976.[5]

The bank was owned by UniCredit[6] and Banca Commerciale Italiana[7] for 24.92% each in 1999. In 2000 Fonspa was sold to Morgan Stanley Real Estate Funds.[8] In 2006 Morgan Stanley acquired the bank from the fund via subsidiaries.[9][10] The bank was renamed to Fonspa Bank.

It was sold to Tages Holding in 2013, and returned to use the name Credito Fondiario. As of 2016, the bank was owned by Tages Holding (46%), Tiber Investments (28%), own staffs and other shareholders (26%).[11]

The bank acquired €302 million gross book value of bad debts from Banca Popolare dell'Etruria e del Lazio in 2015.[12] The bank was also planned to take over another bank which was also under special administration by the state at that time: Banca delle Marche in 2014.[13] However, Banca delle Marche was bailed out by Italian National Resolution Fund instead on 22 November 2015. Credito Fondiario, as a creditor to Banca delle Marche for €1.8 billion, also sold the collateral in order to recover the loan in May 2015.[14] The takeover plan was called off due to the European Commission's investigation regarding possible state aid (which was not allowed) by Credito Fondiario's partner in the plan: Fondo Interbancario di Tutela dei Depositi.[15]

References

  1. ^ "Our People". Credito Fondiario. Archived from the original on 8 May 2016. Retrieved 19 April 2016.
  2. ^ "CHI SIAMO" [About us] (in Italian). Fonspa Bank. Archived from the original on 3 December 2011.
  3. ^ "Chi Siamo" (in Italian). Credito Fondiario. Archived from the original on 10 May 2000.
  4. ^ Ministry of the Treasury (28 July 1992). "Autorizzazione al Credito fondiario e industriale - FONSPA - Istituto per i finanziamenti a medio e lungo termine S.p.a., ad effettuare le operazioni di credito industriale" (in Italian). Italian Republic Official Gazette. Retrieved 19 April 2016.
  5. ^ http://www.mef.gov.it/ministero/comitati/CICR/documenti/06_Altre_leggi.pdf [bare URL PDF]
  6. ^ "1999 bilancio" [1999 Annual Report] (PDF). UniCredit (in Italian). Borsa Italiana archive. 11 May 2000. Retrieved 31 March 2015.
  7. ^ "Grafico del gruppo al 31/12/1999" (PDF) (in Italian). Banca Intesa. 2000. Archived from the original (PDF) on 4 March 2016. Retrieved 20 April 2016.
  8. ^ "Comunicato Stampa" [Press Release] (PDF) (in Italian). Banca Commerciale Italiana. 31 March 2000. Archived from the original (PDF) on 11 July 2000.
  9. ^ "Morgan Stanley Acquires CityMortgage Bank". Morgan Stanley. 21 December 2006. Retrieved 19 April 2016.
  10. ^ "Subsidiaries List" (PDF). Morgan Stanley. 31 August 2007. Retrieved 19 April 2016.
  11. ^ "Business Description". Tages Holding. Archived from the original on 27 April 2016. Retrieved 19 April 2016.
  12. ^ "Accordo tra Gruppo Banca Etruria e Credito Fondiario per la cessione pro soluto di €302 mln di crediti in sofferenza" (PDF) (in Italian). Banca Popolare dell'Etruria e del Lazio. 17 November 2015. Retrieved 6 March 2016.
  13. ^ "2014 Annual Report". Fondo Interbancario di Tutela dei Depositi. 27 February 2015. Retrieved 19 April 2016.
  14. ^ "Press Release". Banca delle Marche. 20 May 2015. Archived from the original on 6 May 2016. Retrieved 19 April 2016.
  15. ^ "La crisi di Banca delle Marche" (in Italian). Banca d'Italia. Retrieved 19 April 2016.