Traded as BIT: CVAL Industry Financial services Founded 1908, Sondrio, Italy Total equity 2.183 billion EUR (2015) | ISIN IT0000064516 Headquarters Italy Total assets 26.9 billion EUR (2015) Net income 118.3 million EUR (2015) | |
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Formerly called Banca Piccolo Credito Valtellinese Type listed Società per Azioni Services Retail & corporate banking
insurance agent & brokering Stock price CVAL (BIT) € 3.46 -0.08 (-2.26%)7 Mar, 5:29 PM GMT+1 - Disclaimer Subsidiaries Credito Siciliano, Credito Piemontese Spa Profiles | ||
Credito Valtellinese (Creval) is an Italian bank based in Sondrio, Lombardy, Italy. The company is a component of FTSE Italia Mid Cap of Borsa Italiana (Milan Stock Exchange).
Contents
The bank is named after the area Valtellina. The bank had 363 branches in Northern Italy (as Credito Valtellinese), 40 branches in Marche and Umbria (former Carifano), and 133 branches in Sicily (as Credito Siciliano). Credito Siciliano had three more branches outside the Sicily Island.
It had a market share of 32% in Sondrio, however only 2.9% in whole Lombardy in terms of deposits, as of 30 June 2014, as well as only 1.7% in terms of branches as 10th of Italy.
History
Credito Valtellinese is a former co-operative bank based in Sondrio found in 1908, as Banca Piccolo Credito Valtellinese. (Not to be confused with Banca Popolare di Sondrio) The bank expanded by the acquisition of Technoleasing (later Bancaperta) in the 1980s and Credito Artigiano in 1996, which was the parent company of Banca dell'Artigianato e dell'Industria. In 2002 Sicilian banks Banca Popolare Santa Venera in Acireale, Cassa San Giacomo in Caltagirone and Banca Regionale Sant'Angelo were merged to become Credito Siciliano. In 2008 Credito Piemontese, Cassa di Risparmio di Fano, Banca Cattolica di Montefiascone and Credito del Lazio (former Banca della Ciociaria) joined.
From 2004 to 2013, Creval was the minority shareholders of Banca di Cividale.
In 2016 the bank would be demutualized, as the bank was registered under the category Banca Popolare. A new law, Italian Law N°3/2015 required the bank with more than €8 billion total assets in that category, had to be transformed into a società per Azioni. The withdrew price for the shareholders was set at €0.4747 per shares. At the same time, a plan to combine 10 shares to 1 new shares was announced.
Equity investments
Credito Valtellinese was a minority shareholder of Global Assistance S.p.A. (40%), a subsidiary of Ri-Fin; Creval and Ri-Fin were the shareholders of Global Assicurazioni (60-40) and Global Broker (51-49). The bank was a minority shareholder of Unione Fiduciaria.
Shareholders
As of 31 December 2015No shareholders were above 2% stake, some known shareholders of the bank were: