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ICCREA Banca

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Iccrea Banca S.p.A.
Company typeS.p.a. owned by cooperative banks
IndustryFinancial services
Founded1963
Headquarters
Rome
,
Italy
Area served
Italy
Servicesco-operative bank
Websiteiccreabanca.it
gruppobcciccrea.it

Iccrea Banca S.p.A. is the Parent Company of the Iccrea Cooperative Banking Group, established as a result of Italian Law no. 49 of 2016 (as amended),[1] which reformed the Cooperative Credit system.

The reform stipulated that Cooperative Credit Banks can only operate if they are affiliated with a cooperative banking group, introducing an entirely new governance in the banking landscape, whereby the parent company controls the BCCs (Cooperative Credit Banks) based on a cohesion contract, while the BCCs control the parent company on a shareholder basis.

Joining the Group through a cohesion contract made it possible to safeguard the mutualistic characteristics of the individual BCCs, which remain the owners of their assets while continuing to operate mainly with their members in their respective territories, in accordance with their respective articles of association. Compliance with these rules is a condition for the BCC to qualify as a predominantly mutual cooperative.[2]

The Cooperative Credit Reform provided for a further form of guarantee for the system's solidity by introducing the possibility for the parent company to contribute to the capital strength of BCCs through financing under Article 150-ter of the TUB - Consolidated Law on Banking (which can be included in the best quality capital).[3]

The establishment of the Iccrea Cooperative Banking Group

On 4 March 2019, the Iccrea Cooperative Banking Group was added to the Register of Italian Banking Groups, with effect from 1 January 2019. At the time of registration, the Group consisted of 162 companies, represented by 142 affiliated BCCs, the parent company Iccrea Banca SpA and other companies directly owned by it or controlled by the BCCs themselves.[4]

The scope of the Iccrea Cooperative Banking Group

As at 31 December 2022, the Group is made up of 118 BCCs and other banking, financial and product companies controlled by the parent company, Iccrea Banca. As at 30 June 2022, the Group's shareholders’ equity reached €10.9 billion and own funds about €12 billion. Total loans granted by the Group amounted to €94.7 billion gross, while direct customer deposits amounted to €120.6 billion. The CET1 Ratio of the Group's BCCs was 17.8% and the Total Capital Ratio was 19%. As at 30 June 2022, the Group's consolidated profit was about €683.3 million. The Group has a total of 2,470 bank branches and 22,137 employees.[5]

The companies of the Iccrea Cooperative Banking Group

Besides the parent company Iccrea Banca and the 118 member BCCs, the Group includes 19 subsidiaries directly or indirectly controlled by the parent company, conventionally split into two perimeters: “Immediate perimeter” and “indirect perimeter”.

The immediate perimeter includes 15 companies controlled by the parent company, also indirectly by virtue of a shareholding relationship:

  1. BCC Beni Immobili
  2. BCC CreditoConsumo
  3. BCC Factoring
  4. BCC GestioneCrediti
  5. BCC Lease
  6. BCC Pos
  7. BCC Risparmio&Previdenza
  8. BCC Servizi Assicurativi
  9. BCC Sistemi Informatici
  10. BIT- Servizi per l’investimento sul territorio
  11. BCC Banca Impresa
  12. Iccrea Covered Bond
  13. BCC Sinergia
  14. Banca MedioCredito del Friuli Venezia Giulia
  15. Banca Sviluppo

The indirect perimeter includes four companies controlled by one or more member BCCs, also by virtue of a shareholding relationship, over which the parent company exercises, even indirectly, its direction, coordination and control as special purpose vehicles of the Group:

  1. BED - Brianza Elaborazione Dati
  2. Coopersystem
  3. Immobiliare Banca d’Alba S.r.l.
  4. Sigest

There are also eight companies that are not part of the Group but are significantly related to the parent company: BCC Assicurazioni, BCC Pay SpA, Pay Holding, BCC Vita, Hbenchmark S.r.l., Vorvel Sim, Pitagora Finanziamenti Contro Cessione del Quinto S.P.A, Real Estate Roma Olgiata.[6]

References

  1. ^ Italian Law no. 49 of 8 April 2016 converting Italian Decree-Law no. 18 of 14 February 2016 with amendments into law (also known as the Banking Decree) containing urgent measures concerning the reform of cooperative credit banks was published in Official Gazette no. 87 of 14 April 2016.
  2. ^ “The reform of Cooperative Credit in the framework of the new European rules and the Banking Union” Presentation by Carmelo Barbagallo, Head of Bank of Italy’s Banking and Financial Supervision Department, at the Italianieuropei Foundation, Rome, 21 March 2016.
  3. ^ Consolidated Law on Banking - Italian Legislative Decree no. 385 of 1 September 1993 Consolidated law on banking and credit. Version updated to Italian Law no. 238 of 23 December 2021.
  4. ^ Iccrea Cooperative Banking Group report and consolidated financial statements as at 31 December 2019, page 11.
  5. ^ Iccrea Cooperative Banking Group report and interim consolidated financial statements as at 30 June 2022, page 16.
  6. ^ Iccrea Cooperative Banking Group report and interim consolidated financial statements as at 30 June 2022.


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