Credito Fondiario (Fonspa)

Credito Fondiario S.p.A.
Native name	Credito Fondiario S.p.A.
Company type	private Società per Azioni
Industry	Financial services
Founded	1898; 126 years ago
Headquarters	Rome, Italy
Key people	Piero Gnudi (was Chairman)
Services	Non-performing loans
Website	Official website

Credito Fondiario is an Italian bank based in Rome, Italy. The bank is specializing in management of non-performing loans. Chairman of the board of directors was Piero Gnudi.^[1]

History

The bank was found in 1898 as Credito Fondiario Sardo (Sardinian Land Credit).^[2] In 1965 the bank became Credito Fondiario S.p.A., which was owned by Banco di Roma, Banca Commerciale Italiana and Credito Italiano.^[3]

In 1992 Credito Fondiario e Industriale – Fonspa – Istituto per i Finanziamenti a Medio e Lungo Termine S.p.A., which specialized in housing mortgage at that time, was allowed to enter the market of crediting industrial companies,^[4] following the criteria in decree N°902/1976.^[5]

The bank was owned by UniCredit^[6] and Banca Commerciale Italiana^[7] for 24.92% each in 1999. In 2000 Fonspa was sold to Morgan Stanley Real Estate Funds.^[8] In 2006 Morgan Stanley acquired the bank from the fund via subsidiaries.^[9]^[10] The bank was renamed to Fonspa Bank.

It was sold to Tages Holding in 2013, and returned to use the name Credito Fondiario. As of 2016^[update], the bank was owned by Tages Holding (46%), Tiber Investments (28%), own staffs and other shareholders (26%).^[11]

The bank acquired €302 million gross book value of bad debts from Banca Popolare dell'Etruria e del Lazio in 2015.^[12] The bank was also planned to take over another bank which was also under special administration by the state at that time: Banca delle Marche in 2014.^[13] However, Banca delle Marche was bailed out by Italian National Resolution Fund instead on 22 November 2015. Credito Fondiario, as a creditor to Banca delle Marche for €1.8 billion, also sold the collateral in order to recover the loan in May 2015.^[14] The takeover plan was called off due to the European Commission's investigation regarding possible state aid (which was not allowed) by Credito Fondiario's partner in the plan: Fondo Interbancario di Tutela dei Depositi.^[15]

References

^ "Our People". Credito Fondiario. Retrieved 19 April 2016.
^ "CHI SIAMO" [About us] (in Italian). Fonspa Bank. Archived from the original on 3 December 2011.
^ "Chi Siamo" (in Italian). Credito Fondiario. Archived from the original on 10 May 2000.
^ Ministry of the Treasury (28 July 1992). "Autorizzazione al Credito fondiario e industriale - FONSPA - Istituto per i finanziamenti a medio e lungo termine S.p.a., ad effettuare le operazioni di credito industriale" (in Italian). Italian Republic Official Gazette. Retrieved 19 April 2016.
^ http://www.mef.gov.it/ministero/comitati/CICR/documenti/06_Altre_leggi.pdf ^{[bare URL PDF]}
^ "1999 bilancio" [1999 Annual Report] (PDF). UniCredit (in Italian). Borsa Italiana archive. 11 May 2000. Retrieved 31 March 2015.
^ "Grafico del gruppo al 31/12/1999" (PDF) (in Italian). Banca Intesa. 2000. Archived from the original (PDF) on 4 March 2016. Retrieved 20 April 2016.
^ "Comunicato Stampa" [Press Release] (PDF) (in Italian). Banca Commerciale Italiana. 31 March 2000. Archived from the original (PDF) on 11 July 2000.
^ "Morgan Stanley Acquires CityMortgage Bank". Morgan Stanley. 21 December 2006. Retrieved 19 April 2016.
^ "Subsidiaries List" (PDF). Morgan Stanley. 31 August 2007. Retrieved 19 April 2016.
^ "Business Description". Tages Holding. Retrieved 19 April 2016.
^ "Accordo tra Gruppo Banca Etruria e Credito Fondiario per la cessione pro soluto di €302 mln di crediti in sofferenza" (PDF) (in Italian). Banca Popolare dell'Etruria e del Lazio. 17 November 2015. Retrieved 6 March 2016.
^ "2014 Annual Report". Fondo Interbancario di Tutela dei Depositi. 27 February 2015. Retrieved 19 April 2016.
^ "Press Release". Banca delle Marche. 20 May 2015. Archived from the original on 6 May 2016. Retrieved 19 April 2016.
^ "La crisi di Banca delle Marche" (in Italian). Banca d'Italia. Retrieved 19 April 2016.

External links

Official website

[1] "Our People". Credito Fondiario. Retrieved 19 April 2016.

[2] "CHI SIAMO" [About us] (in Italian). Fonspa Bank. Archived from the original on 3 December 2011.

[3] "Chi Siamo" (in Italian). Credito Fondiario. Archived from the original on 10 May 2000.

[4] Ministry of the Treasury (28 July 1992). "Autorizzazione al Credito fondiario e industriale - FONSPA - Istituto per i finanziamenti a medio e lungo termine S.p.a., ad effettuare le operazioni di credito industriale" (in Italian). Italian Republic Official Gazette. Retrieved 19 April 2016.

[5] ttp://www.mef.gov.it/ministero/comitati/CICR/documenti/06_Altre_leggi.pdf ^{[bare URL PDF]}

[6] "1999 bilancio" [1999 Annual Report] (PDF). UniCredit (in Italian). Borsa Italiana archive. 11 May 2000. Retrieved 31 March 2015.

[7] "Grafico del gruppo al 31/12/1999" (PDF) (in Italian). Banca Intesa. 2000. Archived from the original (PDF) on 4 March 2016. Retrieved 20 April 2016.

[8] "Comunicato Stampa" [Press Release] (PDF) (in Italian). Banca Commerciale Italiana. 31 March 2000. Archived from the original (PDF) on 11 July 2000.

[9] "Morgan Stanley Acquires CityMortgage Bank". Morgan Stanley. 21 December 2006. Retrieved 19 April 2016.

[10] "Subsidiaries List" (PDF). Morgan Stanley. 31 August 2007. Retrieved 19 April 2016.

[11] "Business Description". Tages Holding. Retrieved 19 April 2016.

[12] "Accordo tra Gruppo Banca Etruria e Credito Fondiario per la cessione pro soluto di €302 mln di crediti in sofferenza" (PDF) (in Italian). Banca Popolare dell'Etruria e del Lazio. 17 November 2015. Retrieved 6 March 2016.

[13] "2014 Annual Report". Fondo Interbancario di Tutela dei Depositi. 27 February 2015. Retrieved 19 April 2016.

[14] "Press Release". Banca delle Marche. 20 May 2015. Archived from the original on 6 May 2016. Retrieved 19 April 2016.

[15] "La crisi di Banca delle Marche" (in Italian). Banca d'Italia. Retrieved 19 April 2016.

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