Finsoe
|
Native name
|
Finsoe S.p.A. |
|---|---|
|
Formerly called
|
Finanziaria dell'economia Sociale |
| Coop owned holding company | |
| Headquarters | 2/2 Piazza della Costituzione, Bologna, Italy |
 €72.0 million (2015) |
|
| Total assets |
€90.1102 billion (2015) |
| Total equity |
 €1.6039 billion (2015) |
| Owner |
|
| Website | Official website (in Italian) |
|
Footnotes / references in consolidated basis |
|
Finsoe S.p.A. (acronym of Finanziaria dell'economia Sociale) is an intermediate holding company for several coop societies of Coop (Italy). Finsoe was the major shareholders of Unipol (31.40% share capitals) and in the past, had a direct minority shareholding in Unipol Banca (sold to Unipol in August 2008). Until 2015 Unipol had two class of shares, making Finsoe hold 50.75% voting rights and 31.40% share capitals. However, in mid-2015 all shares were converted to ordinary shares.
From 1995 to 2001, Casse Emiliano Romagnole (CAER), the Bank Group of Cassa di Risparmio in Bologna (Carisbo), had a cross ownership with Finsoe. CAER was a minority shareholders of Finsoe for 9.80% in 1995 and Unipol (at that time Unipol Assicurazioni) had a minority ownership in CAER for 3.64%. Unipol and Carisbo also had some joint venture at that time, namely UniSalute, Noricum Assicurazioni, Linear Assicurazioni and Banca dell'Economia Cooperativa (renamed to Unipol Banca in 2008). In 2001 Cardine Banca (ex-CAER) sold all the shares in Finsoe and Unipol Banca, which that year Cardine and Unipol had cross ownership only (Fincaer, a subsidiary, owned 3.73% ordinary shares of Unipol (2.261% of shares capitals); Unipol owned 1.80% shares of Cardine), as well as only Noricum Assicurazioni remained as a joint venture.
In 1998 Banca Agricola Mantovana (BAM) became a minority shareholders of Finsoe (5.601% as in 2000). In the same year Quadrifoglio Vita became a joint venture of Unipol, a subsidiary of Finsoe and BAM. BAM was acquired by Banca Monte dei Paschi di Siena (Banca MPS) in 1999. In 2001 Banca MPS purchased 20% shares of Finsoe . At the same time Unipol also owned 2% of Banca MPS.
In February 2003 Banca MPS purchased an additional 170,281,786 number of shares of Finsoe from Hopa S.p.A. for €179.3 million, making Banca MPS owned 39% shares of Finsoe. Banca MPS also purchased 20,475,000 of Hopa shares from Fingruppo Holding for €52.9 million, which was increased from 7.671% to 9.17%. Banca MPS also contributed in the capital increases of Finsoe which was used to acquire Winterthur Italia.
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