Unipol Banca
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Formerly called
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Banca dell'Economia Cooperativa |
|---|---|
| subsidiary of a listed company | |
| Industry | Financial services |
| Founded | 1987 |
| Headquarters | 2 Piazza della Costituzione, Bologna, Italy |
|
Number of locations
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271 branches (circa 2016) |
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Area served
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|
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Key people
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| Profit |
 (€85.406 million) (2014) |
| Total assets |
 €12.354 billion (2014) |
| Total equity |
€721.290 million (2014) |
| Owner | |
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Number of employees
|
2,388 (2014) |
| Parent | Unipol |
| Capital ratio | 8.27% (Tier 1) |
| Website | Official website (in Italian) |
|
Footnotes / references based on consolidated balance sheets |
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Unipol Banca S.p.A. is an Italian bank based in Bologna, Emilia-Romagna region. It is part of Unipol Group. Despite the shares of the bank were either owned by Unipol or their subsidiary UnipolSai, about 14.66% shares of the bank (as at 31 December 2014) were indirectly belong to the minority owners of UnipolSai.
Banca dell'Economia Cooperativa (Banec) was found in 1987 by Unipol Assicurazioni (now Unipol Group) and some consumers union of Italy .Cassa di Risparmio in Bologna (Caribso) was a minority shareholder of the bank for 12% as at 31 December 1993 (10.24% as in 1997). In 1995 Unipol became a minority shareholders of Casse Emiliano Romagnole (CAER), the parent company of Caribso, for 3.64% (increased to 6.61% in January 1998 by subscribing new shares; diluted to 4.55% in 1999 and 1.82% due to the formation of Cardine Banca in 2000). In turn, CAER owned Finsoe, the holding company of Unipol, for 9.80% (increased to 9.82% in 1996), as well as owned 6.99% shares of Banec directly (increased to 9.75% in 1996). By only counting direct ownership of CAER and Caribso, CAER Group had a minority ownership of 19.99% on Banec. At that time CAER was one of the banks network that Unipol sold their insurances through it.
In December 1998 BANEC became Unipol Banca, as Unipol increased its possession from 16.74% to 69.15% in September. Unipol decided to build their own bank to conglomerate a bank-insurance business model. CAER remain the direct owner of 9.75% shares, but Carisbo sold all their shares. Unipol's ownership on the bank was increased again to 74.81% in 1999, 81.03% in 2000 and again to 81.07% in 2002. The tie with Cardine Banca (ex-CAER) also broke up in 2001, which Cardine sold the shares of Finsoe and Unipol Banca; Carisbo sold the shares of Linear Assicurazioni (20% to Unipol) and UniSalute (9.9% to Unipol). CAER decreased to own Unipol Banca 8% directly in 1999 and to 4% in 2000. After the deal Cardine owned 3.73% shares of Unipol Assicurazioni and Unipol Assicurazioni owned 1.80% shares of Cardine Banca. In 2003 a sister company, MeieAurora acquired 10% shares by subscribing new shares for €67.2 million, with the insurance company hold 82.86% directly by acquiring €149.8 million new shares. In December 2003 MeieAurora also purchased the shares of Reti Bancarie for €173.4 million, instead of pouring into Unipol Banca. However, Aurora also received exclusive rights to sell the insurance product in Reti Bancarie's network for 5-year.
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