New York - Long Island Trust Company (Litco), later North American Bancorporation (Nabac)

city New York
OPENING 07.1982
CLOSING 09.1986
description

In 1981 Banca Commerciale Italiana (BCI) acquired the Long Island Trust Company (LITCO), a small- to medium-sized bank with 46 employees and a branch in Manhattan that was well established in Nassau County, a suburban county on Long Island.
BCI's intention in acquiring the trust company was to establish a presence in New York's industrial and financial center, the wealthiest and most advanced in the United States, and to increase the BCI Group's deposits by approximately one billion dollars while avoiding excessive expenditure.
Since the Italian authorities had made clear their unwillingness to authorize a foreign currency expense of this magnitude, BCI was forced to take out a medium-term foreign loan to complete the operation. In order to contain the costs related to the loan, it decided to sell its stakes in Banca della Svizzera Italiana and Handelsfinanz, establishing Banca Commerciale Italiana Suisse in Zurich in 1983 in their place.
Shortly after acquiring LITCO, BCI changed its name to North American Bancorporation (NABAC); later, in 1986, it sold NABAC to Bank of New York.
other banks in the same country Los Angeles - First Los Angeles Bank Los Angeles - Istituto Bancario San Paolo, later Sanpaolo IMI and subsequently Intesa Sanpaolo - Representative Office Chicago - Banca Commerciale Italiana - Branch Chicago - CARIPLO - Representative Office New York - Banco di Napoli - Inspectorate office, later Agency New York - Banca Commerciale Italiana - Branch New York - Banco di Napoli - Representative Office New York - Banca Commerciale Italiana - Representative Office New York - Cassa di Risparmio di Firenze - Representative Office New York - CARIPLO - Branch San Francisco - CARIPLO - Representative Office Boston - Banca Commerciale Italiana Trust Company Chicago - Banco di Napoli Trust Company of Chicago Chicago - Banca Commerciale Italiana - Representative Office Los Angeles - Banca Commerciale Italiana - Representative Office Los Angeles - Banca Commerciale Italiana - Branch Los Angeles - Istituto Bancario San Paolo - Branch Los Angeles - Banco di Napoli - Branch New York - Banca Commerciale Italiana Trust Company New York - Banco di Napoli Trust Company of New York New York - Banco di Napoli - Branch New York - Banca Commerciale Italiana, later Banca Intesa - Branch New York - Banco Ambrosiano, Banco Ambrosiano Veneto - Representative Office New York - CARIPLO - Representative Office New York - Istituto Bancario San Paolo - Branch Philadelphia - Banca Commerciale Italiana Trust Company Washington - Istituto Mobiliare Italiano - Representative Office Washington - Banca Commerciale Italiana - Representative Office Chicago - Banco di Napoli - Agency
see in the map
Banca Commerciale Italiana (BCI) USA