March 04, 2015 2:41 PM ET


Company Overview of Banca CR Firenze S.p.A.

Company Overview

Banca CR Firenze S.p.A., through its subsidiaries, provides various banking, investment, insurance, and consumer credit products and services. It offers deposit products, such as certificate of deposit, current accounts, savings deposits, and demand deposits, as well as personal and mortgage loans. The bank also offers asset management services. It operates approximately 514 branches in north-central Italy. The bank was formerly known as Cassa di Risparmio di Firenze SpA and changed its name to Banca CR Firenze S.p.A. in January, 2006. The bank was founded in 1829 and is based in Florence, Italy. Banca CR Firenze S.p.A. operates as a subsidiary of Intesa Sanpaolo S.p.A.

Via Carlo Magno, 7

Florence, FI 50127


Founded in 1829

103,718 Employees


39 05 52 61 20 50


39 05 52 61 27 65

Key Executives for Banca CR Firenze S.p.A.

Chief Executive and Director
Chairman of the Board, President and Chairman of Executive Committee
Age: 78
Chief Financial Officer
Deputy Chairman, Vice President and Member of Executive Committee
Managing Director
Compensation as of Fiscal Year 2014.

Banca CR Firenze S.p.A. Key Developments

Banca CR Firenze S.p.A. Reports Audited Consolidated and Parent Company Earnings Results for the Year Ended December 31, 2012; Proposes Distribution of Dividend

Banca CR Firenze S.p.A. reported audited consolidated and parent company earnings results for the year ended December 31, 2012. Net operating income stood at EUR 1,145 million. The change compared to the previous year figure (-12.2%) was affected by the capital gain recorded in 2011 following sale of the residual equity investment in Findomestic Banca. If exclude this extraordinary event, the aggregate result would be essentially the same as the previous year. Income from operations stood at EUR 393 million, down by EUR 145 million (-27.0%) compared to the previous year's result, influenced by the abovementioned sale of the equity investment in Findomestic Banca. If exclude this extraordinary event, the aggregate result would be up by 9 million (+ 2.3%). The considerable reduction in the pre-tax profit was mainly caused, not only by the extraordinary event previously mentioned, but by the adjustments to loans, which rose from EUR 285 million in 2011 to EUR 409 million in 2012 (+43.5%), as a consequence of the weak economic situation as well as of the desire to maintain a strong oversight of the credit risk. The year 2012 recorded a loss of EUR 30 million. If standardise the results achieved in 2011 and 2012 with regard to the non-recurring cost and revenue components, the loss for 2012 falls to 28 million which would compare with a profit in 2011 of EUR 9 million (-37 million). Profit for the year 2012 of the parent company totaled EUR 6.2 million. The company announced that the board shall propose the distribution of a dividend of EUR 0.00540 per share, for a total of EUR 4,489,367.47 distributed profits.

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