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Credito Emiliano

From Wikipedia, the free encyclopedia
Credito Emiliano
Native name
Credito Emiliano S.p.A.
FormerlyBanca Agricola Commerciale di Reggio Emilia
TypePublic (Società per Azioni)
BIT: CE
FTSE Italia Mid Cap component
ISINIT0003121677
Industryfinancial sector Edit this on Wikidata
Founded1910
Headquarters4 via Emilia San Pietro,
Reggio Emilia
,
Italy
ServicesRetail banking, corporate banking, private banking
RevenueIncrease €2.0323 billion (2024)
Increase €1.0214 billion (2024)
Increase €620.1 million (2024)
Total assetsDecrease €67.9685 billion (2024)
Total equityIncrease €4.2925 billion (2024)
Owner
  • Credito Emiliano Holding (75.57%%)
  • others/free-floats (24.43%)
ParentCredito Emiliano Holding
Divisions
  • Credem Banca
  • Credem Banca d'Impresa
  • Credem Private Banking
SubsidiariesBanca Euromobiliare
Capital ratio15.53% (CET1)
Websitecredem.it
Footnotes
in consolidated basis[1]

Credito Emiliano S.p.A. (Credem) is an Italian bank based in Reggio Emilia, Emilia-Romagna. It was founded in Italy 1910.[2] 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.[3]

Credem has received widespread media attention because it stores wheels of Parmigiano Reggiano cheese as collateral for loans.[4][5]

History

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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.[6] 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.[7]

Coverage and media

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Inclusion in research

[edit]
Wheels of Parmigiano Reggiano 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.[8] 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).[8]

Cheese as collateral

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Credito Emiliano has received attention from organizations such as Harvard Business School, the USDA Foreign Agricultural Service, and the New York Times, because it holds wheels of Parmigiano Reggiano cheese as collateral for debt. The bank has accepted cheese as collateral since 1953, and a subsidiary of the bank operates climate-controlled warehouses that could store 440 thousand wheels of cheese weighing 80 pounds (36 kg) each. The subsidiary additionally leases out warehouse space for non-collateral cheese.[4][9][10]

Shareholders

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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.[11] The Maramotti family, through Max Mara Finance S.r.l, still controls a majority stake in Credito Emiliano Holding, and therefore in the bank itself.

Acquisitions

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Between 1994 and 1998, the group acquired the following[12][13]

From 1999 to 2008 the group acquired the following[12][13]

Subsidiaries and joint ventures

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Banks
Specialized banks
  • Credemleasing
  • Credemfactor
  • Credem Private Equity SGR
  • Euromobiliare Fiduciaria
  • Euromobiliare Asset Management SGR
Insurance companies

See also

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References

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  1. ↑ "Financial Statement 2024" (PDF). Credito Emiliano Spa. 2025-04-04. Retrieved 10 February 2026.
  2. ↑ srl, AXIS communications. "Credem Group". www.credemeuromobiliarepb.it. Retrieved 2024-03-14.
  3. ↑ "List of supervised entities" (PDF). European Central Bank. 1 January 2023.
  4. 1 2 Nobel, Carmen (2015-07-01). "A Bank That Accepts Parmesan As Collateral: The Cheese Stands A Loan". Harvard Business School. Retrieved 2026-09-16.
  5. ↑ "This bank in Italy accepted cheese as collateral. Here's why". Big Think. 2018-12-21. Retrieved 2024-03-14.
  6. ↑ "Chi siamo" (in Italian). Credito Emiliano. Archived from the original on 15 February 2016. Retrieved 4 February 2016.
  7. ↑ "Analyst Presentation: Acquisition of Mediocredito Centrale Group" (PDF). Banca di Roma. December 1999. Archived from the original (PDF) on 22 August 2003.
  8. 1 2 "LE PRINCIPALI BANCHE ITALIANE [2016]" (PDF) (in Italian). Mediobanca. October 2016. Archived from the original (PDF) on 28 October 2017. Retrieved 14 February 2017.
  9. ↑ Biasetti, Dana (2009-09-28). "Fine Wines and Parmesan Cheese as Bank Collatera" (PDF). USDA Foreign Agricultural Service. Retrieved 2026-09-16.
  10. ↑ Migliaccio, Alessandra; Rotondi, Flavia (2009-08-13). "In Italy, Parmesan as Collateral for Bank Loans". New York Times. Archived from the original on 2011-05-11. Retrieved 2026-09-16.
  11. ↑ "Estratto dei patti parasociali comunicati alla Consob ai sensi dell'art. 122 del d.lgs. 24.2.1998, n. 58" (PDF) (in Italian). Credito Emiliano. 31 December 2015. Archived from the original (PDF) on 16 April 2016. Retrieved 8 April 2016.
  12. 1 2 "ANTEPRIMA Srl - FUSIONE PER INCORPORAZIONE IN CREDITO EMILIANO SpA" (in Italian). Anteprima. 9 June 2008. Archived from the original on 21 April 2016. Retrieved 7 April 2016.
  13. 1 2 "Storia del gruppo" (in Italian). Credito Emiliano. Archived from the original on 16 April 2016. Retrieved 8 April 2016.
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