Società per azioni ( S.p.A. or spa ) is a form of corporation in Italy , meaning 'company with shares' (although often translated as ' joint-stock company ', which may or may not be a limited liability entity). It is more or less equivalent to S.A. or public limited company (PLC) in other countries.
25-736: Banca Carige S.p.A. , historically known as Cassa di Risparmio di Genova e Imperia (Ca.Ri.Ge.) was an Italian bank based in Genoa , with more than 500 bank branches in Italy , prior to its acquisition by BPER Banca in February 2022. The predecessor of the bank, a mount of piety , was founded in 1483 in Genoa, the Republic of Genoa . Banca Carige and its subsidiaries were known as Banca Carige Group ( Italian : Gruppo Banca Carige ). The banking group
50-406: A legal form , the S.p.A. has five characteristics that are always present and universally recognized: legal personality, limited liability , transferable shares, ownership by shareholders , and management by a board of directors on behalf of the shareholders. On account of these characteristics, an S.p.A. can raise large amounts of capital by incentivizing many investors to buy its shares, making
75-527: A difficult situation due to derivatives the bank had bought from Deutsche Bank . Carige published a statement to explain the event. The Bank of Italy demanded from Carige a new business plan by the end of October. In 2013, the bank sold its asset management subsidiary to ARCA SGR for €101 million. In 2014, the bank sold its insurance subsidiaries Carige Assicurazioni and Carige Vita Nuova to investment funds managed by Apollo Global Management for €310 million (via Primavera Holdings S.r.l.). However, in 2016
100-476: A network of financial advisors and online channels. In September 1984 the first two Arca mutual funds , Arca BB and Arca RR Diversified Bond, were launched on the market. In 1987, the company reached a historic milestone of reaching 100,000 customers. Arca Fondi was one of the first companies to offer open pension funds in Italy, thanks to the opening in 1998 of Arca Previdenza. In 2009, with Arca Cedola Funds, it
125-579: Is among the first companies on the market to launch income distribution products, with a target maturity. Since 2015, the company paid particular attention to the Italian mid and small cap equity market with the launch of the Arca Economia Reale Equity Italia Fund, which takes advantage of the growth opportunities of Small Medium Enterprises. In 2017 Arca Fondi has been one of the first asset management companies to open
150-567: Is an Italian fund management company based in Milan . The company was born from the experience of Arca SGR SpA, founded in October 1983, thanks to the effort of 12 Italian Cooperative Banks and over the years has added other credit institutions and financial companies as distributors. Arca Fondi SGR became one of the leading companies in asset management in Italy thanks to its widespread presence: over 100 distributors, 8,000 bank branches, as well as
175-605: The COVID-19 pandemic , the bank's top management was looking for a buyer who could put an end to the banking crisis that the bank has been through in the previous decade. On 14 February 2022, the purchase negotiation by BPER Banca was concluded, with the approval of the Fondo Interbancario di Tutela dei Depositi (FITD). Furthermore, the FITD guaranteed to Carige other funds for a total €530 million. On 28 November 2022,
200-700: The Capitalia Group in Piedmont , Lombardy , Veneto , Emilia–Romagna , Tuscany , Lazio , Marche , Umbria , Apulia , and Sicily . In 2004, the bank strengthened its position in Tuscany with the acquisition of the Cassa di Risparmio di Carrara and founded Carige Asset Management SGR for the management of financial products. In 2004, the bank acquired the private bank Banca Cesare Ponti. In 2008, two further major acquisitions were completed: 79 branches from
225-702: The Intesa Sanpaolo Group in Aosta Valley , Piedmont, Lombardy, Veneto, and Sardinia , and another 38 branches from the UniCredit Group in Lazio, Sicily, Emilia–Romagna, Veneto, and Umbria. In 2010, the bank acquired another 22 branches from Banca Monte dei Paschi di Siena . In September 2013, the Bank of Italy (Italian central bank ) blamed Carige for using accountancy tricks and being in
250-779: The Italian Civil Code of 1942, which also adopted the name currently in use. Within the civil code, the articles specifically addressing S.p.A. are found in Articles 2325-2510 of Book V, Title V. Since 2016, banks are required to run as S.p.A. if their assets are more than a defined threshold. This saw the blue chips of the FTSE MIB Index: Banco BPM , BPER Banca , UBI Banca , demutualized from S.c.p.a., S.c. a.r.l., or S.c. legal forms (respectively, co-operative company by shares, co-operative company with limited liability, and co-operative company). As
275-431: The mount of piety ( Italian : Monte di Pietà ) of Genoa . In 1846, a decree of Piedmont-Sardinia King Charles Albert of Sardinia created the Cassa di Risparmio di Genova , which extended the basic financial services of the mount to encourage and protect small savings more widely. In the 19th century, the bank expanded into western Liguria, and in 1967, it became the Cassa di Risparmio di Genova e Imperia . Imperia
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#1732772588922300-741: The Gruppo Banca Carige acquired some insurance companies. In 2000, Carige Vita Nuova Assicurazioni was created from Basilese Vita Nuova, while in 2002, Carige Assicurazioni was founded from Levante Norditalia. In 2000, the Banca Carige Group acquired the Cassa di Risparmio di Savona and the Banca del Monte di Lucca . Between 2000 and 2002, Carige completed three further acquisitions of branches from other banks: 21 branches from Banco di Sicilia , 61 from Banca Intesa group, and 42 from
325-404: The S.p.A. suitable for large undertakings. Accordingly, the S.p.A. is the legal form in which large companies typically operate all over the world. The elements that characterize this type of company and are essential to be able to apply the legislation relating to this institution are: If one of these elements is missing, the case is not considered integrated, and therefore the regulations of
350-559: The SpA are not applicable. Due to these characteristics (high capital and public sale of shares), the S.p.A. is the only joint-stock company allowed to exercise insurance activity (art. 14 letter a Legislative Decree 209/2005) and the exercise of banking activity (art. 14 letter a Legislative Decree 385/1993). This article relating to the law of Italy is a stub . You can help Misplaced Pages by expanding it . ARCA SGR Arca Fondi SGR ( Italian : Società di Gestione del Risparmio )
375-527: The bank after they were unable to raise €400 million of new share capital at the end of 2018. The board of directors, controlled by Malacalza Investimenti, rejected the proposed capital increase in December 2018. It was reported that BlackRock once interested in acquiring the bank, but withdrew from the negotiation in May 2019. Another bid from Apollo Global Management , however, was rejected by FITD. During
400-399: The bank was incorporated into BPER Banca . The Monte di Pietà of Genoa is sold to Affide, a brand of Custodia Valore - Credito su Pegno S.p.A. and from 2022 part of it. As of 31 December 2017, the Gruppo Banca Carige was a financial group composed of the Banca del Monte di Lucca , Banca Cesare Ponti and Creditis Servizi Finanziari and other subsidiaries. According to CONSOB data,
425-484: The case should be heard in Milan instead of Genoa. Societ%C3%A0 per azioni The other common form of corporation in Italy was società a responsabilità limitata (S.r.l.) (' limited liability company '). S.p.A. issued shares ( Italian : azioni ), while in S.r.l. the unit was quote/stock of share capital. Moreover, the articles of association of S.r.l. allowed different allocation of profit and assets, which
450-523: The main shareholders of Gruppo Banca Carige on 26 December 2019 were: The original majority owner of the bank, Fondazione Carige , now owns < 2%. The former Banca Carige Chairman Giovanni Berneschi had been sentenced to 8 years of imprisonment by an Italian Court in July 2018, due to a fraud that related to the bank. However, the case was re-trialed after the Supreme Court of Cassation ruled that
475-441: The new board of directors wanted to sue the old managers for mismanagement by selling the insurance companies, claiming it was actually harmful to the bank instead of gain. However, the court rejected the lawsuit. In mid-2015, subsidiaries Cassa di Risparmio di Savona (with second-tier subsidiary Immobiliare Carisa), Cassa di Risparmio di Carrara, Columbus Carige Immobiliare were absorbed into Banca Carige. In 2016 Banca Carige Italia
500-413: The re-election of the whole board, Malacalza Investimenti, secured a majority of the new board for 7 seats, as well as hiring Fabio Innocenzi as the new CEO. In September 2018, Carige also followed the peer to sell their merchant acquiring business to Nexi . In November 2018, the bank was bailed out by the voluntary arm of the Fondo Interbancario di Tutela dei Depositi (FITD). The voluntary arm of FITD
525-464: Was absorbed by Banca Carige. Around 2015, Malacalza Investimenti replaced Fondazione Carige , as the largest shareholder of the bank. The Banca Carige Chairman Giuseppe Tesauro resigned on 26 June 2018. Vittorio Malacalza, representing the majority shareholder of the bank: Malacalza Investimenti, also resigned as a director in July. In total, 8 directors, or the majority of the board excluding CEO Paolo Fiorentino, had resigned in mid-2018. However, in
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#1732772588922550-604: Was funded by some of the Italian banks, which partially underwritten (€318.2 million, plus 1.8 million from non-member of the voluntary arm: Banco di Desio e della Brianza ) the issue of the Tier 2 subordinated bonds of Carige of a size of €400 million in order to boost its capital. On 2 January 2019, the European Central Bank appointed administrators including former Chairman Pietro Modiano and CEO Fabio Innocenzi (who resigned in December 2018), to run
575-506: Was more comparable to a limited partnership . Throughout Italy's history, the governance of S.p.A. has been remodeled several times. Originally the S.p.A. was governed by the Commercial Code of 1865, and subsequently by that of 1883, under the name " società anonima " ('anonymous company'). The regulations contained within the civil code remained unaltered until the 2003 Company Law Reform. The regulations in effect are set out in
600-632: Was one of the large banking groups in Italy, and as such, was supervised by the European Central Bank . In 2017, the banking group had 529 branches throughout Italy, with one branch in Nice , France , about 37.2% of branches were located in the home region Liguria . In November 2022, Banca Carige was fully incorporated into BPER Banca and ceased to exist as a separate entity. In 1483, the Franciscan religious Angelo Da Chivasso, founded
625-483: Was the capital of the west-most province of Liguria region. In 1991, due to Amato Law, the bank, as a statutory corporation , was split into Banca Carige S.p.A. and Fondazione Carige , forming Gruppo Banca Carige in the same year. The bank absorbed Istituto di Credito Fondiario della Liguria and Mediocredito Ligure. In January 1995, Banca Carige entered into the Borsa Italiana as a listed company. In 1997,
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