Italy’s Financial Sector Undergoes Transformation
A New Power Player Emerges
Italian billionaire Francesco Gaetano Caltagirone has taken center stage in the country’s financial sector overhaul. With significant stakes in major players, including Monte dei Paschi di Siena (MPS), Anima Holding, and Generali, Caltagirone is poised to shape the industry’s future.
A Web of Influence
Caltagirone’s investments have given him considerable sway in the sector. He is the second-largest shareholder in Mediobanca, which in turn holds a 13% stake in Generali, Italy’s top insurer. This complex web of relationships has sparked concerns about Mediobanca’s influence on Generali’s governance. Caltagirone has been vocal about his dissatisfaction with the current system, which allows outgoing directors to handpick their successors.
A Battle for Control
The stage is set for a showdown between Caltagirone and UniCredit CEO Andrea Orcel, who has launched a bid for Banco BPM. This move has disrupted the government’s plans to merge BPM with MPS, in which Caltagirone holds a 5% stake. The Treasury has long favored consolidation, aiming to create a core of long-term shareholders as it re-privatizes MPS.
A Low-Profile Mogul
Despite his vast wealth and influence, Caltagirone maintains a relatively low profile. Born in Rome in 1943, he has built a business empire spanning construction, cement, real estate, publishing, and finance. With an estimated wealth of 5.6 billion euros, he is Italy’s 10th richest person, according to Forbes. His media holdings include Rome-based daily Il Messaggero and several regional newspapers.
A Family Affair
Caltagirone’s family is deeply involved in his operations. His son Alessandro has joined the MPS board, and his other children, Francesco and Azzurra, are also involved in the business. However, he has not designated a successor, leaving the future of his empire uncertain.
A New Era in Italian Finance
As the financial sector continues to evolve, Caltagirone’s role will be crucial in shaping its future. With his significant stakes and influence, he is well-positioned to drive change and consolidation in the industry. As the government and industry players navigate this complex landscape, one thing is clear: Caltagirone is a force to be reckoned with.
Leave a Reply