Introduction

Savings banks were created in the early years of the nineteenth century as institutions with two souls: one providing banking services and the other more closely dedicated to cultural and beneficence. In the nineties, the evolution of banking norms strengthened their credit company character, transforming them into joint-stock companies; while the strongly philanthropic role was entrusted to Foundations of banking origin. Today's Savings Banks have two important links with these Foundations: assets, because the Foundations often hold share-equity, but more especially values, with their common commitment to the communities they serve. This commitment traces its roots back to the original savings banks born more than a century ago and has a positive, social and economic goal.

Today the Savings Banks are private, commercial companies, controlled by the Civil Code and by banking norms, just like other banks. They are, however, characterised by the closeness they have to their communities, supporting their development and reinvesting the savings collected there through the classic banking model. Small industries, artisans and farmers, as well as families, make up their privileged clientele.

There are about fifty savings banks active today, with about 4,600 branch offices, over 36 thousand employees, 200 billion euros in total assets, 143 billion in direct deposits, 157 billion in loans and investment and 15 billion in shareholders' equity. The other savings banks have since become the core of some of the biggest Italian banking groups.