Type Società per azioni Founder Julius Bär Subsidiaries Banka Kovanica | Founded 1882 | |
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Cassa di Risparmio della Repubblica di San Marino is a financial institution based in San Marino. It consists of 16 branches and operates as both a retail and commercial bank for San Marino citizens and as an offshore private bank for non-resident clients. It also owns Kovanica d.d., a bank based in Varaždin, Croatia, which became a subsidiary of the bank as of January 24, 2007.
Founded in 1882, it is San Marino's oldest financial institution. With a 2007 net income of €7.2 million, it is San Marino's largest bank.
On July 29, 2008, the bank filed a lawsuit in London's High Court against Barclays PLC, seeking damages totaling €170m for the sale of customised securities that carried a higher risk than the bank claimed to have understood. The bank's suit also stated Barclays sold it investments that it ultimately didn’t need.