 This was the first application of this model in a major Italian company.Sanpaolo IMI was formed by many merger of banks, which in 1998 Istituto Bancario San Paolo di Torino merged with Istituto Mobiliare Italiano.In 2002, the group absorbed Cardine Banca, a short lived holding company that consist of Cassa di Risparmio in Bologna, Cassa di Risparmio di Padova e Rovigo, Cassa di Risparmio di Venezia, Cassa di Risparmio di Udine e Pordenone, Cassa di Risparmio di Gorizia and Banca Popolare dell'Adriatico.