Banca Popolare di Lecco
Encyclopedia
Banca Popolare di Lecco was a bank
that operated in Lecco
, in northern Lombardy
in Italy
between 1872 and 1993. It was founded in 1872 as the Società Cooperativa di Credito Banca Popolare, with 20 branches. The idea was to create in Lecco a local credit institution that would be responsive to local conditions. Between the 1873 and 1881 the Society faced great difficulties due to a serious local economic depression. Of the 600 and more factories engaged in the silk
trade, fewer than 100 survived. In 1912 two other local banks failed, but Banca Popolare survived and converted from a cooperative society to a corporation. The bank benefited from the expansion of war production during World War I
. Between 1919 and the 1932 opened numerous branches in the region, and acquired Banca del Mandamento, which permitted it to expand its branch in Como
. World War II
again created a period of great difficulties, including the German Occupation forces requisitioning of its headquarters from 1944 to 1945. After the war normality returned and the bank reorganized. By 1947 it had 27 branches. By the time of its Centenary, it had 38, with two headquarters, Milan
and Como
. Between 1988 and 1994, Banca Popolare di Novara (BPN) acquired a substantial stake in Banca Popolare di Lecco and seats on the board of directors. In 1993, BPN sold its shares to Bank of America and Italy, which had become a subsidiary of Deutsche Bank
in 1986, and BPL lost its separate identity.
Bank
A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...
that operated in Lecco
Lecco
Lecco is a town of c. 47,760 inhabitants in Lombardy, northern Italy, north of Milan, the capital of the province of Lecco. It lies at the end of the south-eastern branch of Lake Como...
, in northern Lombardy
Lombardy
Lombardy is one of the 20 regions of Italy. The capital is Milan. One-sixth of Italy's population lives in Lombardy and about one fifth of Italy's GDP is produced in this region, making it the most populous and richest region in the country and one of the richest in the whole of Europe...
in Italy
Italy
Italy , officially the Italian Republic languages]] under the European Charter for Regional or Minority Languages. In each of these, Italy's official name is as follows:;;;;;;;;), is a unitary parliamentary republic in South-Central Europe. To the north it borders France, Switzerland, Austria and...
between 1872 and 1993. It was founded in 1872 as the Società Cooperativa di Credito Banca Popolare, with 20 branches. The idea was to create in Lecco a local credit institution that would be responsive to local conditions. Between the 1873 and 1881 the Society faced great difficulties due to a serious local economic depression. Of the 600 and more factories engaged in the silk
Silk
Silk is a natural protein fiber, some forms of which can be woven into textiles. The best-known type of silk is obtained from the cocoons of the larvae of the mulberry silkworm Bombyx mori reared in captivity...
trade, fewer than 100 survived. In 1912 two other local banks failed, but Banca Popolare survived and converted from a cooperative society to a corporation. The bank benefited from the expansion of war production during World War I
World War I
World War I , which was predominantly called the World War or the Great War from its occurrence until 1939, and the First World War or World War I thereafter, was a major war centred in Europe that began on 28 July 1914 and lasted until 11 November 1918...
. Between 1919 and the 1932 opened numerous branches in the region, and acquired Banca del Mandamento, which permitted it to expand its branch in Como
Como
Como is a city and comune in Lombardy, Italy.It is the administrative capital of the Province of Como....
. World War II
World War II
World War II, or the Second World War , was a global conflict lasting from 1939 to 1945, involving most of the world's nations—including all of the great powers—eventually forming two opposing military alliances: the Allies and the Axis...
again created a period of great difficulties, including the German Occupation forces requisitioning of its headquarters from 1944 to 1945. After the war normality returned and the bank reorganized. By 1947 it had 27 branches. By the time of its Centenary, it had 38, with two headquarters, Milan
Milan
Milan is the second-largest city in Italy and the capital city of the region of Lombardy and of the province of Milan. The city proper has a population of about 1.3 million, while its urban area, roughly coinciding with its administrative province and the bordering Province of Monza and Brianza ,...
and Como
Como
Como is a city and comune in Lombardy, Italy.It is the administrative capital of the Province of Como....
. Between 1988 and 1994, Banca Popolare di Novara (BPN) acquired a substantial stake in Banca Popolare di Lecco and seats on the board of directors. In 1993, BPN sold its shares to Bank of America and Italy, which had become a subsidiary of Deutsche Bank
Deutsche Bank
Deutsche Bank AG is a global financial service company with its headquarters in Frankfurt, Germany. It employs more than 100,000 people in over 70 countries, and has a large presence in Europe, the Americas, Asia Pacific and the emerging markets...
in 1986, and BPL lost its separate identity.