Type subsidiary Founded 1862, Chieti, Italy Number of employees 582 (2015) Total equity 117 million EUR (2015) | Industry Financial services Number of locations 65 (2015) Total assets 3.084 billion EUR (2015) | |
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Native name Nuova Cassa di Risparmio di Chieti S.p.A. Predecessor Cassa di Risparmio Marrucina
Cassa di Risparmio di Guardiagrele
Cassa di Risparmio della Provincia di Chieti Headquarters 24 via Colonnetta, Chieti, Italy Area served Abruzzo Region
Rome, Perugia, San Benedetto del Tronto and Milan (cities outside Abruzzo) Successor Nuova Cassa di Risparmio di Chieti (charity only) Parent organizations UBI Banca, Fondazione Cassa Di Risparmio Della Provincia Di Chieti | ||
Nuova Cassa di Risparmio di Chieti S.p.A. known as Nuova Carichieti is an Italian saving bank based in Chieti, Abruzzo. The bank was formed on 22 November 2015 to replace the old Cassa di Risparmio della Provincia di Chieti S.p.A. which was under administration from 2014 to 2015. The bank was bought by UBI Banca on 18 January 2017 for a nominal fee.
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History
Cassa di Risparmio della Provincia di Chieti was found in 1938 by the merger of Cassa di Risparmio Marrucina (found 1862) and Cassa di Risparmio di Guardiagrele.
In 1992, Due to Legge Amato, the statutory corporation was split into a limited company Cassa di Risparmio della Provincia di Chieti S.p.A. (in short Carichieti S.p.A.), and a banking foundation Fondazione Cassa di Risparmio della Provincia di Chieti. The foundation was the owner of Carichieti for 80%, with Cariplo owned 20%. Cariplo also owned 20% of Caripe and Tercas of Abruzzo.
Intesa Sanpaolo, as the successor of Cariplo, still owned a minority interests in the bank until 2014 bankruptcy.
Insolvency
the company was under special administration (A.S.) in 2014. The last annual report of the bank, shown the bank had a shareholders' equity of €200,318,879 and a Tier 1 capital ratio of 8.80% as at 31 December 2013. The administrator from Banca d'Italia had made asset quality review, forcing the bank to make more provision to their non-performing assets.
In 2015 Fondo Interbancario di Tutela dei Depositi had planned to bail-out CariChieti and 3 other banks that were also under A.S., but they were bail-out by Italian National Resolution Fund instead, for a recapitalisation of €2 billion (€141 million for CariChieti). European Commission ruled that the bail out of Banca Tercas by FITD in 2014 was a state aid, while new Bank Recovery and Resolution Directive of EU required to bail-in some investors of the bank before any state intervention.
The Italian National Resolution Fund had also injected a combined €1.7 billion to Banca Marche, Banca Etruria, Carife, and CariChieti to cover the losses. After forming the good bank and the bank bank, the old bank would be liquidated, which the shareholders and subordinated bond holders would receive nothing die to bail-in. After the bail-in, the banking foundation had a net assets of just €11,193,309 (decreased from €89,239,514) at 31 December 2015, due to the total write-off of the value of the old bank.
On 3 May 2016, Decree-Law N°59/2016 was announced, which the retail investors of the bond of the 4 banks would be refunded (up to €100,000, same as deposit insurance) if they purchased the bond on or before 12 June 2014, the date of Bank Recovery and Resolution Directive was passed in the European Parliament. The decree-law was a response to criticism of the bail-in of all junior investor of the bank, which Italian bank often sold risky bond of themselves to their depositors. The refund scheme: Fondo di solidarietà, would be managed by FITD.
Nuova Carichieti
On 22 November 2015 the bank split into a "good" and "bad bank", the foundation lost the control on the company, which had no assets but share capital and subordinated debt. The new bank had a share capital of €141 million and a Tier 1 capital ratio of 9%. While the bad debts was transferred to a single "bad bank" REV - Gestione Crediti, which was shared with Carife, Banca Etruria and Banca Marche. The transfer was completed in January 2016. The rescue of the four banks was in line with EU Bank Recovery and Resolution Directive, which Banca d'Italia was the national resolution authority of the Single Resolution Mechanism.
On 12 January 2017, UBI Banca made a biding bid of a nominal €1 for Nuova CariChieti, Nuova Banca Etruria and Nuova Banca Marche. The banking group also requested conditions that the balance sheets of the three banks would be cleaned up before the completion of the deal (which was done by selling NPLs to Atlante II) as well as recapitalized for another €450 million. On 18 January the bid was accepted.