FinecoBank
Italian bank From Wikipedia, the free encyclopedia
FinecoBank S.p.A., known as FinecoBank or just Fineco is an Italian bank that specializes in online brokerage.[2] Launched in 1999 with its Fineco Online service for retail traders,[3] Fineco became a listed company in 2014 and has been independent from UniCredit banking group since 2019.[4]
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| Formerly |
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|---|---|---|---|---|---|
| Company type | Listed | ||||
| BIT: FBK FTSE MIB Component | |||||
| Industry | Financial services | ||||
| Founded |
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| Headquarters | Milan, Italy | ||||
Key people |
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| Services | online brokerage | ||||
| Revenue | €1.238[1] million (2023) | ||||
| €609[1] million (2023) | |||||
Number of employees | 1,384[1] (2023) | ||||
| Website | finecobank | ||||
FinecoBank is a constituent of FTSE MIB (since 2016), the blue chip index of the Borsa Italiana.[5] Since 2015 it has over a million customers in Italy, where its role has been compared to that of Schwab in USA.[3]
FinecoBank has been designated in 2021 as a Significant Institution under the criteria of European Banking Supervision, and as a consequence is directly supervised by the European Central Bank.[6]
History
Summarize
Perspective
Predecessors
The predecessor of Fineco was a financial institution known as GI-FIN S.r.l. in 1982 and then GI-FIN S.p.A. from October 1982.[7] In 1983, the institution was incorporated as Istituto per le Cessioni del Quinto S.p.A. (ICQ),[7] which later known as Novara ICQ S.p.A.[8]: 665 and then ICQ Banca Cisalpina S.p.A..[7][9] ICQ Banca Cisalpina was a subsidiary of Banca Popolare di Novara (BP Novara).[7] In 1990–91, BP Novara owned 51.21% shares of ICQ Banca Cisalpina.[8]: 665 [10]: 126 ICQ Banca Cisalpina was also a listed company, which was delisted in 1996 by its new owner Banca Popolare di Brescia (Bipop).[11][12]
In 1999, Bipop merged with Cassa di Risparmio di Reggio Emilia (Carire) to form Bipop Carire.[7] As of 1990, Banca Popolare di Brescia also partially owned the namesakes Fin-Eco Leasing (33.33%) and Fin-Eco Factoring (30%).[10]: 125 As of 1994, Bipop owned the aforementioned companies via an intermediate holding company Fin-Eco Holding.[13] The Holding also owned another subsidiary Fin-Eco SIM.[13] Bipop also attempted to acquire another namesake Cisalpina Gestioni in 1994.[13]
After the 1999 merger, the banking group re-organized ICQ Banca Cisalpina as well as Fin-Eco Leasing and Fin-Eco Factoring.[14]
FinecoBank
ICQ Banca Cisalpina was renamed to "Fin-Eco Banca ICQ S.p.A." (Banca Fin-Eco in short) in 1999,[7] which was considered as the launch date of the current Fineco.[15][16] In 2002, Bipop Carire and Fineco became part of Capitalia banking group.[17] In 2007, Capitalia was absorbed into UniCredit banking group, while Fineco was kept as a separate subsidiary.
In 2014 FinecoBank started its initial public offering.[15] In 2016 UniCredit sold a further 30% shares to public market.[18][19][20] In May 2019, UniCredit sold another 17% shares of FinecoBank.[2] As UniCredit owned 18% shares of FinecoBank after the transaction, FinecoBank is no longer an associate company of UniCredit.[21]
In 2020, Fineco decided to spend 7 million euros on a marketing campaign to grow its services in UK,[22] whose launch was authorised earlier in the same year.[23]
FinecoBank Banca Fineco serves customers in the United Kingdom and Italy.[24]
UniCredit sold its remaining stake in FinecoBank in 2019.[25]
Shareholders
- As of 2024[26]
| Shareholder | Stake (% of ordinary shares) |
|---|---|
| BlackRock, Inc. | 9.19% |
| Schroders plc | 5.06% |
| Capital Research and Management Company | 5.04% |
| Wellington Management Group LLP | 5.02% |
| FMR LLC | 4.46% |
References
External links
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