IMI - Istituto Mobiliare Italiano

IMI, Istituto Mobiliare Italiano, was created as a public entity with management autonomy. The decree forming the entity was dated November 13, and substantially reproduces the bill prepared by a highly influential politician, Alberto Beneduce. From its foundation until March 14, 1936, the Chairman of IMI was Teodoro Mayer, from Trieste. In his opening speech, he clearly stated his intention not to involve the institution in extraordinary financial operations, such as saving companies and banks from bankruptcy, but only to intervene for companies with sustainable financial and economic positions.

On the close of the first year, IMI granted the mortgage loans requested by Terni in Genoa and Italgas in Turin, which were among the most important loans of the first four years of IMI's business.

Following World War II, IMI participated in the rebuilding of Italy, above all by managing the financial resources provided through international aid. IMI held this role because it was chosen as the Italian partner for the administration of Eximbank, the first and fundamental loan granted by the United States to Italy following Alcide De Gasperi's trips there to request aid. The US government designated IMI as the single national partner of Eximbank on May 19, 1947.

Opening of foreign representative offices in Zurich, followed by London, Mexico City and Brussels.

On the basis of its significant experience acquired in the shipping sector, in 1962 IMI, together with other banks, created the Autonomous Shipping Loans Department, becoming the national leader in medium-term loans in the shipbuilding sector.

IMI joined the pool of banks which created the Nuovo Banco Ambrosiano. In February 1985, IMI left the pool by disposing of its equity shareholding.

IMI created the first Italian funds and founded Imigest. The following stand out among IMI's creations: Fideuram Vita, which immediately became the fifth leading national company in its sector, and Sige, operating in trading and assisting companies in the listing process. IMI also acquired the Milan based Banca Manusardi, which then became Banca Fideuram, the first Italian example of merger between a network of financial planners and a bank.

The institute becomes an S.p.A. (joint-stock company), the first step towards the IPO in January 1994. In February 1994, IMI listed on the Milan and New York stock exchanges.

Banca d'Intermediazione Mobiliare (IMI) was created, the operating centre of investment banking. On July 31 of the same year, the respective Shareholders' Meetings approved the merger between IMI and Sanpaolo.

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