Industry Financial services Headquarters Tortona Ceased operations 2006 | Products Retail banking Founded 1911 | |
Former type subsidiary of a listed company Defunct 2006 (merged into parent company) Owner Fondazione Cassa di Risparmio di Tortona(1991–1999, majority)
Banca Lombarda (1999–2006) Parent organizations Banca Lombarda e Piemontese, UBI Banca | ||
Cassa di Risparmio di Tortona was an Italian regional bank based in Tortona, Piedmont. The bank was merged into Banca Lombarda in 1999 (the predecessor of UBI Banca), while the former owner of the bank, Fondazione Cassa di Risparmio di Tortona, still operates as a charity organization.
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History
Cassa di Risparmio di Tortona was found in 1911. In 1991 due to Legge Amato, the daily banking operation and ownership were split into a Società per azioni (Banca Cassa di Risparmio di Tortona SpA) and Fondazione Cassa di Risparmio di Tortona. Cassa di Risparmio di Torino (Banca CRT) acquired minority ownership on CR Tortona in 1990s, for 25%. The shares of CR Tortona was sold CR Alessandria after Banca CRT joined Unicredito.
In 1999, the majority owner of CR Tortona SpA, Foundation CR Tortona, sold 60% shares of the bank to Banca Lombarda e Piemontese, which was completely disposed in 2006. The intermediate holding company of the bank circa 2004–05 was Banca Regionale Europea (60%), a subsidiary of Banca Lombarda, while Banca Lombarda only held 15.20% directly (acquired from the foundation in 2002 for €38,655,113.52). In 2006 Banca Regionale Europea acquired remain 24.8% shares of CR Tortona SpA from Foundation CR Tortona (0.1%) and Fondazione Cassa di Risparmio di Alessandria (24.7% for €38.5 million), which the bank was then absorbed. Banca Lombarda also merged with Banche Popolari Unite in 2007 to form UBI Banca.
Bank Foundation
Fondazione Cassa di Risparmio di Tortona still acted as an charity organization. It had an equity of €211,157,304 on 31 December 2013.