Total assets €636.8 million (2015) Headquarters Pisa | Total equity €503.7 million (2015) | |
Formerly called Fondazione Cassa di Risparmio di Pisa Predecessor Charity function of Cassa di Risparmio di Pisa Founded 7 April 1992 (1992-04-07) (spin off) Subsidiaries Fondazione Palazzo Blu
Fondazione Dopo di Noi a Pisa
Fondazione Pisana per la Scienza | ||
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Fondazione Pisa (formerly Fondazione Cassa di Risparmio di Pisa) is a charity organization that was spin off from Cassa di Risparmio di Pisa (the Saving Bank of Pisa) in 1992. From 1992 to 1999 the foundation was the major shareholders of the bank, but was gradually sold to Banca Popolare di Lodi (and its successor Banco Popolare).
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History
In 1992 Cassa di Risparmio di Pisa was transformed from a statuary corporation to a Società per Azioni, which the original statuary corporation was renamed into Ente Cassa di Risparmio di Pisa, which acted as the major shareholders of the limited company for 86.95%. The foundation immediately formed a larger bank group with other saving bank: Casse Toscane, which the new holding company hold 70% shares of the bank, with Pisa Foundation only hold 16.68% of the bank directly. In 1996 the bank foundation of Cassa di Risparmio di Lucca, Pisa and Cassa di Risparmi di Livorno quit Casse Toscane and formed Casse del Tirreno, which was acquired by Banca Popolare di Lodi in 1999, through sub-holding companies. The foundations of Pisa, Lucca and Livorno retained a minority interests in Casse del Tirreno.
Through several transactions by cash and shares swap, the foundation completely disposal their former bank in 2008. The foundation received the shares of ICCRI – Banca Federale Europea when Casse del Tirreno was absorbed into ICCRI in 2001, which was converted to the shares of Bipielle Investimenti in 2002, which was finally disposal by cash for €156,730,172 in 2003 (based on €147,239,710 agreed on 4 December 1999, plus interests since 16 June 2000 in a rate of 6 months Euribor + 0.25%).
The foundation received 7.48% shares of CR Lucca S.p.A. in 2003 by selling 25.63% shares of CR Pisa; CR Lucca was renamed to CR Lucca, Pisa e Livorno in 2006. The foundation did not participate in the capital increase, which made their ratio of ownership was dropped from 7.48% to 6.66%. On 15 January 2008 Pisa Foundation sold 6.66% shares of Cassa di Risparmio di Lucca Pisa Livorno to Banco Popolare for about €116 million (about €2.47 per shares). However the sales was in fact agreed in 2003, which would excise on or before 15 January 2008.
The foundation became a minority shareholders of Società Aeroporto Toscano in 2007; in 2009 the foundation owned 4.938% of the shares; in 2010 the ownership ratio increased to 5.208%; it reached 8.213% in 2011 and 8.623% in 2012.
As at 31 December 2014, the foundation was the minority shareholders these listed companies: Intesa Sanpaolo (0.066%), UniCredit (0.015%), Eni (0.033%), Enel (0.040%) and Società Aeroporto Toscano (the operator of Pisa International Airport) (8.623%). Foundation Pisa had an equity of €503.7 million at 31 December 2014, which 20% revenue, net of administrative expense were required to be retained profit, with the rest for the charity expense.
On 30 December 2015 Pisa Foundation funded €500,000 for the restoration of San Paolo a Ripa d'Arno.
Fondazione Palazzo Blu
Palazzo Blu is a building located in 9 Lungarno Gambacorti, Pisa. Pisa Foundation bought the building and found Fondazione Palazzo Blu to manage a museum. Despite different address, 29 via Pietro Toselli, the headquarter of Palazzo Blu Foundation and Pisa Foundation, were refer to the same building.
The museum housed several arts collection, including Bandinella della confraternita di Santa Lucia dei Ricucchi of Francesco da Volterra, Madonna con Bambino e santi of Taddeo di Bartolo.