Credito Emiliano

{{Infobox company

| name = Credito Emiliano

| logo = Credito Emiliano Logo.svg

| logo_size =

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| native_name = Credito Emiliano S.p.A.

| native_name_lang = it

| former_name = Banca Agricola Commerciale di Reggio Emilia

| traded_as = {{ISE|IT0003121677|CE}}
FTSE Italia Mid Cap

| ISIN = IT0003121677

| type = listed Società per Azioni

| industry =

| founded = 1910

| founder =

| hq_location = 4 via Emilia San Pietro

| hq_location_city = Reggio Emilia

| hq_location_country = Italy

| area_served =

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| services = Retail and corporate banking, insurance

| revenue =

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| net_income = {{increase}} €166.166 million

| net_income_year = 2015

| assets = {{increase}} €37.455 billion

| assets_year = 2015

| equity = {{increase}} €2.4797 billion

| equity_year = 2015

| parent = Credito Emiliano Holding

| owner = {{ubl|Credito Emiliano Holding (75.57%%)|others/free-floats (24.43%)}}

| ratio = 13.52% (CET1)

| divisions = {{ubl|Credem Banca|Credem Banca d'Impresa|Credem Private Banking}}

| subsid = Banca Euromobiliare

| rating =

| website = [http://www.credem.it credem.it]

| footnotes = in consolidated basis{{cite web|url=http://www.credem.it/Investor_Relations/Bilanci/bilancio%20consolidato%202015%20stampa%20finale.pdf|title=2015 Bilancio|date=6 April 2016|access-date=20 April 2016|publisher=Credito Emiliano|language=it|archive-url=https://web.archive.org/web/20160509132020/http://www.credem.it/Investor_Relations/Bilanci/bilancio%20consolidato%202015%20stampa%20finale.pdf|archive-date=9 May 2016|url-status=dead}}

}}

Credito Emiliano S.p.A. (Credem) is an Italian bank based in Reggio Emilia, Emilia-Romagna. It was founded in Italy 1910.{{Cite web |last=srl |first=AXIS communications |title=Credem Group |url=https://www.credemeuromobiliarepb.it/en/profile/credem-group |access-date=2024-03-14 |website=www.credemeuromobiliarepb.it |language=English}} The company is a component of FTSE Italia Mid Cap Index.

The company has several internal divisions: Credem Banca (retail banking), Credem Banca d'Impresa (corporate banking) and Credem Private Banking.

Credem has been designated in 2015 as a Significant Institution under the criteria of European Banking Supervision, and as a consequence is directly supervised by the European Central Bank.{{cite web |website=European Central Bank |title=List of supervised entities |date={{date|2023/01/01}} |url=https://www.bankingsupervision.europa.eu/ecb/pub/pdf/ssm.listofsupervisedentities202302.en.pdf }}

Credem has received widespread media attention because it stores wheels of Parmigiano Reggiano cheese as collateral for loans.{{Cite web |date=2018-12-21 |title=This bank in Italy accepted cheese as collateral. Here's why. |url=https://bigthink.com/the-present/bank-accepts-cheese-as-collateral/ |access-date=2024-03-14 |website=Big Think |language=en-US}}

History

Founded in 1910 as Banca Agricola Commerciale di Reggio Emilia, the bank changed its name to Credito Emiliano in 1983. At that time the bank also acquired Banca Belinzaghi of Milan, starting its expansion.{{cite web|url=http://www.credem.it/Company_Profile/Pagine/Chi_siamo.aspx|title=Chi siamo|access-date=4 February 2016|publisher=Credito Emiliano|language=it|archive-url=https://web.archive.org/web/20160215162530/http://www.credem.it/Company_Profile/Pagine/Chi_siamo.aspx|archive-date=15 February 2016|url-status=dead}} In 1991 Istituto Bancario Siciliano was acquired, followed by Banca di Girgenti and Banca Industriale Agricola di Radicena.

In 1999, the bank was ranked 8th in terms of branches on Sicily island.{{cite web |date=December 1999 |title=Analyst Presentation: Acquisition of Mediocredito Centrale Group |url=http://www.bancaroma.it/INVESTOR/presentazioni/pre1299ing.pdf |archive-url=https://web.archive.org/web/20030822050845/http://www.bancaroma.it/INVESTOR/presentazioni/pre1299ing.pdf |archive-date=22 August 2003 |publisher=Banca di Roma}}

Coverage and media

=Inclusion in research=

File:Parmigiano reggiano 8.JPG cheese used as collateral by Credito Emiliano]]

According to a research by Mediobanca, Credito Emiliano was ranked the 11th largest bank in Italy by total assets as of 31 December 2015, despite several banking group being included in the research.{{cite web |date=October 2016 |title=LE PRINCIPALI BANCHE ITALIANE [2016] |url=http://www.mbres.it/sites/default/files/resources/download_it/ps_6_8.pdf |url-status=dead |archive-url=https://web.archive.org/web/20171028131823/http://www.mbres.it/sites/default/files/resources/download_it/ps_6_8.pdf |archive-date=28 October 2017 |access-date=14 February 2017 |publisher=Mediobanca |language=it}} If including central banks, postal savings and subsidiaries of foreign banking groups, the bank was ranked 10th (9th among retail and commercial conglomerates if omitting investment banks and insurance-bank conglomerates of Italy such as Banca Mediolanum and Mediobanca).

=Parmigiano Reggiano cheese wheels as collateral=

Credito Emiliano has received widespread publicity from major organizations such as Forbes, because they hold wheels of Parmigiano Reggiano cheese as collateral for debt, as opposed to holding assets such as gold.{{Cite web |last=Knowledge |first=HBS Working |title=A Bank That Accepts Parmesan As Collateral: The Cheese Stands A Loan |url=https://www.forbes.com/sites/hbsworkingknowledge/2015/07/01/a-bank-that-accepts-parmesan-as-collateral-the-cheese-stands-a-loan/ |access-date=2024-03-14 |website=Forbes |language=en}}

In fact, the bank itself is actually backed by the wheels of Parmigiano Reggiano, rather than bars of gold like conventional banks. The reason behind this is that Parmigiano Reggiano cheese not only holds its value, but it actually increases in value, because the more the cheese ages, the more delicious and valuable it becomes.{{Cite news |last=Gene |first=Marks |date=April 17, 2017 |title=This bank will take cheese as collateral |url=https://www.washingtonpost.com/news/on-small-business/wp/2017/04/17/this-bank-will-take-cheese-as-collateral/ |work=The Washington Post}} According to the case, "Eighteen-month cheese gives pasta zing. Thirty-six-month cheese makes angels sing."

Shareholders

On 1 January 1993, Credito Emiliano Holding was formed as the holding company for the bank. Currently owned 75.57% stake, with the rest were floated in Borsa Italiana. The largest shareholders of Credem Holding were Cofimar S.r.l. and Max Mara Finance S.r.l., which in turn owned 29.44% and 8.30% stake of the bank respectively.{{cite web |date=31 December 2015 |title=Estratto dei patti parasociali comunicati alla Consob ai sensi dell'art. 122 del d.lgs. 24.2.1998, n. 58 |url=http://www.credem.it/Investor_Relations/Documentazione/Estratto%20Del%20Patto%20Parasociale.pdf |url-status=dead |archive-url=https://web.archive.org/web/20160416073851/http://www.credem.it/Investor_Relations/Documentazione/Estratto%20Del%20Patto%20Parasociale.pdf |archive-date=16 April 2016 |access-date=8 April 2016 |publisher=Credito Emiliano |language=it}}

Acquisitions

Between 1994 and 1998, the group acquired the following{{cite web |date=9 June 2008 |title=ANTEPRIMA Srl - FUSIONE PER INCORPORAZIONE IN CREDITO EMILIANO SpA |url=http://www.agenzia-anteprima.it/news_dettaglio.aspx?id=25652 |url-status=dead |archive-url=https://web.archive.org/web/20160421212117/http://www.agenzia-anteprima.it/news_dettaglio.aspx?id=25652 |archive-date=21 April 2016 |access-date=7 April 2016 |publisher=Anteprima |language=it}}{{cite web |title=Storia del gruppo |url=http://www.credem.it/COMPANY_PROFILE/Pagine/Il_Gruppo_All.aspx |url-status=dead |archive-url=https://web.archive.org/web/20160416055420/http://www.credem.it/COMPANY_PROFILE/Pagine/Il_Gruppo_All.aspx |archive-date=16 April 2016 |access-date=8 April 2016 |publisher=Credito Emiliano |language=it}}