Founded as charitable institutions, the Italian savings banks have developed a wide range of banking services over time. They have long been competing on an equal footing with commercial banks both in Italy and abroad.
Established in 1912, ACRI, the Italian Savings Banks Association, represents banking foundations and savings banks towards the Italian government – particularly the Ministry of Economy and Finance; the Bank of Italy - and at international level. There are 88 banking foundations in Italy and ACRI’s membership consists of 87 banking foundations and 45 savings banks.