Banca Nazionale del Lavoro

Banca Nazionale del Lavoro S.p.A. (BNL) is an Italian bank headquartered in Rome. It is Italy's sixth largest bank[1] and has been a subsidiary of BNP Paribas since 2006. Integration process was concluded in 2008, BNL with its group oversees the commercial banking activity in Italy.[2]

Banca Nazionale del Lavoro S.p.A.
Financial services
Founded1913; 110 years ago (1913) (as Istituto Nazionale di Credito per la Cooperazione)
HeadquartersRome, Italy
Area served
Key people
Claudia Cattani (Chairwoman)
Elena Goitini (CEO)
Number of employees
19,000 (2014)
ParentBNP Paribas

History edit

Founded in 1913 as Istituto Nazionale di Credito per la Cooperazione, it was nationalized in 1929. It was re-privatized and listed on the Milan Stock Exchange in 1998, before being acquired by French banking group BNP Paribas in 2006.

Banca Nazionale del Lavoro began Argentine operations in 1960, ultimately opening 91 branches, before selling its operation there to HSBC Bank Argentina in 2006.[citation needed]

In 2016 the company opened a contemporary all glass building for their headquarter: BNL BNP Paribas headquarters.[3]

Scandals edit

The bank was involved in a major political scandal (dubbed Iraqgate by the media) when it was revealed in 1989 that the Atlanta, Georgia, branch of the bank was making unauthorized loans of more than US$4.5 billion to Iraq. Many of the loans that the branch made were guaranteed by the United States Department of Agriculture's Commodity Credit Corporation program. The loans were originally intended to finance agricultural exports to Iraq, but were diverted by Iraq to buy weapons. The branch manager, Christopher Drogoul, indicated that the bank's headquarters office was aware of these loans, but senior bank official denied this. Drogoul pleaded guilty to three felony charges and served 33 months in federal prison.[4]

Ownership edit

At the year end of 2004 the major shareholders with more than 2% were [5]

  1. BBVA 14.75190%
  2. Assicurazioni Generali 8.71980%
  3. Diego Della Valle (Dorint Holding S.A.) 4.99436%
  4. Stefano Ricucci Trust (Magiste International S.A.) 4.98985%
  5. Francesco Gaetano Caltagirone 4.96904%
  6. Danilo Coppola (PACOP SpA) 4.92611%
  7. Banca Monte dei Paschi di Siena 4.41788%
  8. Giuseppe Statuto (Michele Amari Srl) 4.09248%
  9. Banca Popolare di Vicenza 3.63682%
  10. Vito Bonsignore (Gefip Holding SpA) 3.07572%

After a short period of Unipol minority ownership as well as the exposed bancopoli scandal, BNP Paribas signed an agreement with 13 shareholders of BNL, representing 48% shares of BNL on 6 February 2006. BNP Paribas also made offer to buy all the remain shares from the public and delisted the company from Borsa Italiana.[6] MPS sold the shares to Deutsche Bank instead.[7]

Gallery edit

See also edit

References edit

  1. ^ "BNL POSitivity – BNL - BNP Paribas". Archived from the original on 2015-04-25. Retrieved 2014-11-12.
  2. ^ "Dati Societari". Retrieved 2023-06-08.
  3. ^ "BNL-BNP Paribas Headquarters / Atelier(s) Alfonso Femia". Arch daily. Arch daily. 29 November 2016. Retrieved 7 January 2022.
  4. ^ "Lone Wolf Or a Pack of Lies?". Time. 26 October 1992. Archived from the original on November 5, 2012. Retrieved 8 May 2012.
  5. ^ 2004 bilancio (in Italian)
  6. ^ 2005 Annual report BNP Paribas
  7. ^ "Investor relations" (PDF). Retrieved 13 April 2018.

External links edit