Cassa di Risparmio della Repubblica di San Marino is a financial institution based in San Marino. It consists of 16 branches and operates as both a retail and commercial bank for San Marino citizens and as an offshore private bank for non-resident clients. [1] It also owns Kovanica d.d., a bank based in Varaždin, Croatia, which became a subsidiary of the bank as of January 24, 2007.[2]
Founded in 1882, it is San Marino's oldest financial institution. With a 2007 net income of €7.2 million, it is San Marino's largest bank.[3]
On July 29, 2008, the bank filed a lawsuit in London's High Court against Barclays, seeking damages totaling €170m for the sale of customised securities that carried a higher risk than the bank claimed to have understood. The bank's suit also stated Barclays sold it investments that it ultimately didn't need.[3][4]
In 2009 the bank management was arrested by the Italian police under allegations of money laundering and of unauthorized exercise of banking activity in Italy through its subsidiary company Delta.[5]
In 2016, after a process of asset quality review, the bank recorded a loss of €534 million in its balance sheet, mostly related to its participation in Delta which had been put in special administration by the Bank of Italy after the 2009 facts. As the loss would have made it impossible for the bank to respect the mandatory capital requirements, the government allowed the bank to distribute the loss in a period of 25 years. The overall loss is approximately equal to 30% of the country's GDP and the IMF estimates that its coverage will bring the government's debt-to-GDP ratio from 22% to around 50%.[6]
As a result of the losses and of the bailout performed by the government, the previous owners' capital participations have been almost completely wiped out. As a result, today, the government of San Marino holds the vast majority of the shares (86.29%), which is projected to furtherly increase in the next years. The banking foundation, which owned 100% of the bank before the economic crisis, now has 13.10% of the bank.[7]
Referencesedit
^ . Archived from the original (PDF) on 22 September 2007. {{cite web}}: Missing or empty |title= (help)
^"San Marino Bank Sues Barclays". Financial Times. 29 July 2008.
^"Terremoto ai vertici della Cassa di Risparmio di San Marino" [Earthquake for the management of CRSM]. San Marino RTV (in Italian). 4 May 2009.
^Republic of San Marino: 2018 Article IV Consultation. International Monetary Fund. 11 April 2018. ISBN978-1-4843-5076-8. ISSN 1934-7685. {{cite book}}: |website= ignored (help)
Media related to Cassa di Risparmio della Repubblica di San Marino at Wikimedia Commons
Official website(in Italian and English)
January 01, 1970
cassa, risparmio, della, repubblica, marino, financial, institution, based, marino, consists, branches, operates, both, retail, commercial, bank, marino, citizens, offshore, private, bank, resident, clients, also, owns, kovanica, bank, based, varaždin, croatia. Cassa di Risparmio della Repubblica di San Marino is a financial institution based in San Marino It consists of 16 branches and operates as both a retail and commercial bank for San Marino citizens and as an offshore private bank for non resident clients 1 It also owns Kovanica d d a bank based in Varazdin Croatia which became a subsidiary of the bank as of January 24 2007 2 Cassa di Risparmio della Repubblica di San MarinoCompany typeSocieta per azioniIndustryFinancial servicesFounded1882FounderS U M S HeadquartersSan MarinoProductsPrivate banking wealth management asset managementRevenue 15 454 000 2017 Net income 39 170 000 2017 Total equity 100 634 322 2017 Number of employees155 2017 Websitewww wbr carisp wbr smHistory editFounded in 1882 it is San Marino s oldest financial institution With a 2007 net income of 7 2 million it is San Marino s largest bank 3 On July 29 2008 the bank filed a lawsuit in London s High Court against Barclays seeking damages totaling 170m for the sale of customised securities that carried a higher risk than the bank claimed to have understood The bank s suit also stated Barclays sold it investments that it ultimately didn t need 3 4 In 2009 the bank management was arrested by the Italian police under allegations of money laundering and of unauthorized exercise of banking activity in Italy through its subsidiary company Delta 5 In 2016 after a process of asset quality review the bank recorded a loss of 534 million in its balance sheet mostly related to its participation in Delta which had been put in special administration by the Bank of Italy after the 2009 facts As the loss would have made it impossible for the bank to respect the mandatory capital requirements the government allowed the bank to distribute the loss in a period of 25 years The overall loss is approximately equal to 30 of the country s GDP and the IMF estimates that its coverage will bring the government s debt to GDP ratio from 22 to around 50 6 As a result of the losses and of the bailout performed by the government the previous owners capital participations have been almost completely wiped out As a result today the government of San Marino holds the vast majority of the shares 86 29 which is projected to furtherly increase in the next years The banking foundation which owned 100 of the bank before the economic crisis now has 13 10 of the bank 7 References edit https web archive org web 20070922014324 http www carisp sm carisp export sites default it sezioni media kit press archivio download Comunicato stampa rating fitch pdf Archived from the original PDF on 22 September 2007 a href Template Cite web html title Template Cite web cite web a Missing or empty title help Banka Kovanica d d BusinessWeek Investing Snapshot a b It s San Marino v Barclays The Wall Street Journal 29 July 2008 San Marino Bank Sues Barclays Financial Times 29 July 2008 Terremoto ai vertici della Cassa di Risparmio di San Marino Earthquake for the management of CRSM San Marino RTV in Italian 4 May 2009 Republic of San Marino 2018 Article IV Consultation International Monetary Fund 11 April 2018 ISBN 978 1 4843 5076 8 ISSN 1934 7685 a href Template Cite book html title Template Cite book cite book a website ignored help Soggetti autorizzati Share capital participations Central Bank of San Marino in Italian External links edit nbsp Media related to Cassa di Risparmio della Repubblica di San Marino at Wikimedia Commons Official website in Italian and English Retrieved from https en wikipedia org w index php title Cassa di Risparmio della Repubblica di San Marino amp oldid 1220758669, wikipedia, wiki, book, books, library,
