In 1992, due to Legge Amato, the daily banking operation, charity and ownership were separated into a società per azioni and Fondazione Cassa di Risparmio di Foligno (a banking foundation).
[1] Cassa di Risparmio delle Provincie Lombarde also immediately acquired 20% stake in the new limited company.
[3] In July 1999 Banca Intesa the successor of Cariplo, acquired an additional 47.1% ownership from the foundation[4] (reached 70.47% at the end of year 1999[5]), as well as grouped 4 other saving banks in Central Italy (2 from Umbria, 2 from Lazio) to one intermediate holding company Holding Intesa Centro (which 97.63% stake of the holding was held by Intesa and the 3 banking foundations (except the Carivit Foundation) held the rest[4]).
In 2007, Carifol followed the ultimate holding company to become part of Intesa Sanpaolo Group.
Prior to the merger, Banca CR Firenze reached 70.529% ownership ratio on Carifol in 2010 and purchased an additional 21.23% (7,233,756 of 34,078,500 total shares) from the foundation for €27,271,260.12 in 2012, as well as 4.59% (1,565,100 of 34,078,500 total shares) from minority shareholder for about €5.9 million.