History of the Foundation

According to Law no. 218 of July 30, 1990 and the Legislative Decree no. 356 from November 20, 1990, public banks were allowed to be transformed into joint stock companies. The Banco di Napoli – Istituto di Credito di Diritto Pubblico was the first public bank to be transformed into a joint stock company, assuming the name of “Banco di Napoli S.p.A.”

This change happened on the July 1, 1991 through a conferment: The Società was established through a notary deed on June 26, 1991 with the authorization conceded by decree on the part of the Treasury Ministry on June 25, 1991. With this decree, the old Institute di Credito di Diritto Pubblico conferred upon the Banco di Napoli S.p.A. the assets and the liabilities contained within its own patrimony, with the exclusion of some sources of income remaining within the patrimony of the Banco di Napoli Foundation, which instead has continued to carry out its community outreach activities.

Specifically, the historic Institute retained:

– 480,000 shares in the Società Editrice Meridionale SEM – “Il Mattino” Naples office;

– 1,287,335 shares in  the Società Meridionale S.p.A., Bari office;

– cash in the amount of 32,169,719,759 lire;

– all of the acts and documents in the Historical Archive.