Crediop

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Lua error in Module:Infobox at line 199: malformed pattern (missing ']'). Dexia Crediop S.p.A. is an Italian bank specializing in financing public infrastructure. It was part of Dexia Group, as the owner of 70% shares. Banco Popolare, Banca Popolare di Milano and Banca Popolare dell'Emilia Romagna owned 10% each as minority shareholders.

History

Consorzio di Credito per le Opere Pubbliche (Crediop) was found by Alberto Beneduce in 1919 as a public entity.

Sanpaolo Bank

The privatization was started in late 1980s. In 1989 Istituto Bancario San Paolo di Torino was the second largest owner for 35%, which was purchased from Istituto Nazionale della Previdenza Sociale and Istituto Nazionale Assicurazioni,[2] with Cassa Depositi e Prestiti (CDP) retained 60.7%.[3] In late 1991 Sanpaolo Group bought 50% ownership from CDP.[4] Due to Legge Amato, In 1992 it became a S.p.A. (limited company) from statutory corporation ,[5] which San Paolo Bank Holding S.p.A. (52.3%), Istituto Bancario San Paolo di Torino S.p.A. (37%) and Cassa Depositi e Prestiti S.p.A. (10.7%) were the shareholders.[5] In 1995 the bank was wholly owned by Sanpaolo bank group. The bank followed the parent company to merge with Istituto Mobiliare Italiano to form Sanpaolo IMI in 1998.[6]

Dexia

Circa 1997 Dexia acquired 40% shares from Sanpaolo. In 1999 the bank group sold an additional 20% shares to Dexia for €218 million,[7] making Dexia became a major shareholders for 60%. Sanpaolo IMI sold a further 40% to Dexia for about €403 million,[8] However, Dexia re-sold the 40% to Banca Popolare di Verona – Banco SGSP (became part of Banco Popolare since 2007),[9] Banca Popolare di Milano,[10] Banca Popolare dell'Emilia Romagna[11] and Banca Popolare di Bergamo – Credito Varesino (through BPB Partecipazioni), by buying 4% shares and convertible bonds equivalent to 6% share capitals, for a total of 200 billion lire each (about €103 million for each bank).[12] Banca Popolare di Bergamo withdrew in 2001.[13]

After the European debt crisis in 2010s, the parent company Dexia faced financial difficulties which Crediop became a for-sale assets to the group, or otherwise would run-off the bank.[14]

See also

References

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