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Credito Valtellinese

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Credito Valtellinese


Native name	Credito Valtellinese S.p.A.
Formerly	Banca Piccolo Credito Valtellinese Credito Valtellinese S.C.
Company type	listedsocietà per azioni
Traded as	BIT: CVAL FTSE Italia Small Cap Component
ISIN	IT0005319444
Industry	Financial services
Founded	1908^[1]
Headquarters	Sondrio andMilan, Italy
Services	Retail & corporate banking insurance agent & brokering
Net income	€+113.2 million (2020)
Total assets	€23.882 billion (2020)
Total equity	€1.774 billion (2020)
Owner	others
Number of employees	3521 (2020)
Subsidiaries	Credito Siciliano (98.54%) Global Assicurazioni (60%) Global Broker (51%) Stelline Real Estate (100%)
Capital ratio	19.6% (CET1)
Website	www.gruppocreval.com
Footnotes / references in a consolidated basis^[2]

Credito Valtellinese (known as Creval) was an Italian bank based inSondrio (inLombardy, Italy) prior to its acquisition byCrédit Agricole Italia in 2021. The company was a former component ofFTSE Italia Mid Cap Index of theBorsa Italiana (Milan Stock Exchange), but was removed and added as a component ofFTSE Italia Small Cap [it] Index in May 2017;^[3] the bank was added back to the reserve list of FTSE Italia Mid Cap in August 2017.^[4]

The bank was named after the areaValtellina. The bank had 363 branches in Northern Italy (as Credito Valtellinese),^[5] 40 branches inMarche andUmbria (former Carifano), and 133 branches inSicily (asCredito Siciliano).^[5] Credito Siciliano had three more branches outside the island of Sicily.

It had a market share of 32% in Sondrio. However, only 2.9% in whole Lombardy region in terms of deposits, as of 30 June 2014, as well as only 1.7% in terms of branches as the 10th of Italy.^[5]

Since 2021, it is part ofCrédit Agricole Italia after a successfultakeover bid by Crédit Agricole Italia. Crédit Agricole successfully concludes the tender offer, acquiring 91.17% of the shares in Creval, for a cost of 855 million. The delisting from theItalian Stock Exchange took place on Friday 4 June 2021 following the success of the residual takeover bid and the consequent "squeeze-out", which led Crédit Agricole to hold 100% of the capital of Creval.

History

[edit]

Credito Valtellinese is a former co-operative bank based in Sondrio found in 1908, asBanca Piccolo Credito Valtellinese.^[6] (Not to be confused withBanca Popolare di Sondrio) The bank expanded by the acquisition of Technoleasing (laterBancaperta) in the 1980s, andCredito Artigiano in 1996, which was the parent company ofBanca dell'Artigianato e dell'Industria. In 2002, Sicilian banksBanca Popolare Santa Venera in Acireale,Cassa San Giacomo in Caltagirone andBanca Regionale Sant'Angelo were merged to becomeCredito Siciliano. In 2008,Credito Piemontese,Cassa di Risparmio di Fano,Banca Cattolica di Montefiascone^[7] andCredito del Lazio (formerBanca della Ciociaria) joined.^[8]

From 2004 to 2013, Creval was a minority shareholder ofBanca di Cividale.

In 2016, the bank was demutualized, being registered as aBanca Popolare. The new Italian Law N°3/2015 required that banks with more than €8 billion total assets in that category had to be transformed into asocietà per azioni. The withdrawal price for the shareholders was set at €0.4747 per share. At the same time a plan to combine 10 old shares to 1 new share was announced.^[9]

References

[edit]

^"The Group" (in Italian). Credito Valtellinese. Archived fromthe original on 12 April 2015. Retrieved10 April 2015.
^"CONSOLIDATED RESULTS AS AT 31 DECEMBER 2020"(PDF). Credito Valtellinese. Retrieved10 February 2021.
^"FTSE Italia Index Series Quarterly Review" (Press release). FTSE Group. 31 May 2017. Archived fromthe original on 10 January 2018. Retrieved9 January 2018.
^"FTSE Italia Index Series Quarterly Review" (Press release). FTSE Group. 30 August 2017. Archived fromthe original on 10 January 2018. Retrieved9 January 2018.
^^a ^b ^c"Archived copy"(PDF). Archived fromthe original(PDF) on 16 April 2015. Retrieved10 April 2015.{{cite web}}: CS1 maint: archived copy as title (link)
^"Storia" [The Story] (in Italian). Credito Valtellinese. Archived fromthe original on 15 May 2006. Retrieved29 September 2016.
^"Bancacattolica".
^"About Creval". Credito Valtellinese. Retrieved17 February 2016.
^"The Board of Directors of Credito Valtellinese S.c. sets the date for the extraordinary shareholders' meeting regarding its transformation into a joint stock company..."(PDF). Credito Valtellinese. 20 September 2016. Retrieved29 September 2016.

External links

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