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Dexia Crediop
Native name
Dexia Crediop S.p.A.
Formerly
  • Consorzio di Credito per le Opere Pubbliche
  • Crediop S.p.A.
Company typesubsidiary of a state-owned enterprise
IndustryFinancial services
Founded1919
FounderAlberto Beneduce
Defunct30 September 2023
Fatemerged with Dexia as part of Dexia's orderly resolution plan
Headquarters15 via Flavia,
Rome
,
Italy
Increase (€28,677,728) (2015)
Total assetsDecrease €25,112,916,676 (2015)
Total equityDecrease €910,203,407 (2015)
Owner
Dexia(70%)
Banco BPM(20%)
BPER Banca(10%)
ParentDexia
Capital ratioDecrease 15.61% (CET1)
WebsiteOfficial website
Footnotes / references
source[1]

Dexia Crediop S.p.A. was an Italian bank specializing in financing public infrastructure which was part of Dexia Group, and disappeared in 2023 in the context of Dexia's orderly resolution plan.

History

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Consorzio di Credito per le Opere Pubbliche (Crediop) was found by Alberto Beneduce in 1919 as a public entity.

Sanpaolo Bank

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The privatization was started in late 1980s. In 1989 Istituto Bancario San Paolo di Torino was the second largest owner for 35%, which was purchased from Istituto Nazionale della Previdenza Sociale and Istituto Nazionale Assicurazioni,[2] with Cassa Depositi e Prestiti (CDP) retained 60.7%.[3] In late 1991 Sanpaolo Group bought 50% ownership from CDP.[4] Due to Legge Amato, In 1992 it became a società per azioni (limited company) from statutory corporation ,[5] which San Paolo Bank Holding S.p.A. (52.3%), Istituto Bancario San Paolo di Torino S.p.A. (37%) and Cassa Depositi e Prestiti S.p.A. (10.7%) were the shareholders.[5] In 1995 the bank was wholly owned by Sanpaolo bank group. The bank followed the parent company to merge with Istituto Mobiliare Italiano to form Sanpaolo IMI in 1998.[6]

Dexia

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Circa 1997 Dexia acquired 40% shares from Sanpaolo. In 1999 the banking group sold an additional 20% shares to Dexia for €218 million,[7] making Dexia became the major shareholder for 60%. Sanpaolo IMI sold further 40% shares to Dexia for about €403 million,[8] However, Dexia re-sold the 40% shares to Banca Popolare di Verona – Banco SGSP (became part of Banco Popolare in 2007),[9] Banca Popolare di Milano,[10] Banca Popolare dell'Emilia Romagna[11] and Banca Popolare di Bergamo – Credito Varesino (through BPB Partecipazioni), by buying 4% shares and convertible bonds equivalent to 6% share capital, for a total of 200 billion lire each (about €103 million for each bank).[12] Banca Popolare di Bergamo withdrew in 2001.[13]

In the 2007–2008 financial crisis, the parent company Dexia entered severe financial difficulties and received a €6 billion bailout from the French, Belgian and Luxembourgish governments. In 2011, Dexia suffered big losses due to the European debt crisis and the debt haircut on Greek government bonds, leading to the design of an orderly resolution plan for the Dexia Group, validated by the European Commission in 2012. As part of this resolution plan, Dexia Crediop

Dexia Crediop ceased to exist on 30 September 2023 when Dexia Crédit Local finalised the merger by absorption of Dexia Crediop : this absorption of its 100%-owned Italian subsidiary (Dexia Crediop) takes place within the framework of the simplification of the Dexia group structure in preparation for the withdrawal of Dexia Crédit Local's banking licence.[14]

See also

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References

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  1. ^ "2015 Relazione e bilancio" (PDF) (in Italian). Crediop. 6 April 2016. Archived from the original (PDF) on 23 April 2016. Retrieved 13 April 2016.
  2. ^ "AL SAN PAOLO IL 30% DI CREDIOP 800 MILIARDI PER INA E INPS". La Repubblica (in Italian). 13 July 1989. Retrieved 20 February 2016.
  3. ^ "SAN PAOLO PORTA LA QUOTA CREDIOP AL 35 PER CENTO". La Repubblica (in Italian). 6 December 1989. Retrieved 20 February 2016.
  4. ^ "TENSIONE AL SAN PAOLO SUL PREZZO DEL CREDIOP ' NON SI PUO' COMPRARE AD". La Repubblica (in Italian). 20 September 1991. Retrieved 20 February 2016.
  5. ^ a b "Approvazione del progetto di ristrutturazione presentato dal Consorzio di credito per le opere pubbliche" (in Italian). Italian Republic Public Gazette. 29 May 1992. Retrieved 20 February 2016.
  6. ^ "Provvedimento N°7091 (C3474) DEXIA/CREDIOP" (PDF) (in Italian). Autorità Garante della Concorrenza e del Mercato. 15 April 1999. Archived from the original (PDF) on 25 February 2016. Retrieved 20 February 2016.
  7. ^ "1999 Bilancio consolidato" (PDF) (in Italian). Sanpaolo IMI. 28 April 2000. Retrieved 20 February 2016.
  8. ^ "2000 Bilancio d'impresa" (PDF) (in Italian). Sanpaolo IMI. 17 April 2001. Retrieved 20 February 2016.
  9. ^ "2000 Bilancio della Capogruppo" (PDF) (in Italian). Banca Popolare di Verona – Banco SGSP. 3 October 2001. Archived from the original (PDF) on 16 June 2006. Retrieved 20 February 2016.
  10. ^ "2000 Relazioni e Bilancio" (PDF). Banca Popolare di Milano (in Italian). Borsa Italiana archive. 17 April 2001. Retrieved 20 February 2016.
  11. ^ "2000 Bilancio Esercizio" (PDF). Banca Popolare dell'Emilia Romagna (in Italian). Borsa Italiana archive. 7 May 2001. Retrieved 20 February 2016.
  12. ^ "San paolo: vende 40% crediop a 4 banche popolari" (in Italian). Agenzia Giornalistica Italia. 10 February 2000. Archived from the original on 3 March 2016. Retrieved 20 February 2016.
  13. ^ "Relazione Semestrale al 30 giugno 2001" (PDF). Banca Popolare di Bergamo – Credito Varesino (in Italian). Borsa Italiana archive. 2001. Retrieved 20 February 2016.
  14. ^ "Dexia finalises the merger by absorption of Dexia Crediop". 2 October 2023.


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