Mediobanca is an Italian investment bank founded in 1946 at the initiative of Raffaele Mattioli (at that time CEO of Banca Commerciale Italiana, the largest commercial bank in Italy which promoted its incorporation together with Credito Italiano) and Enrico Cuccia to facilitate the post-World War II reconstruction of Italian industry. Cuccia led Mediobanca from 1946 to 1982. Today, it is an international banking group with offices in Frankfurt, London, Madrid, Luxembourg, New York and Paris.
|Traded as||BIT: MB|
FTSE MIB Component
|Products||Investment, retail and private banking, investment management|
|Revenue||€2.2 billion (2016/2017)|
|€750 million (2016/2017)|
|Total assets||€70.44 billion (June 2017)|
|Total equity||€8.4 billion (June 2017)|
Number of employees
|4798 (June 2017)|
Mediobanca was set up to provide medium-term financing for manufacturers and establish a direct relationship between the banking sector and the investment needs of the reorganization of industry after the devastation caused by World War II. The Banking Act of 1936 established a clear separation between short term and medium-to-long term financing and the major banks had opted for specializing in short-term loans and there was the institution that would deal with financing for the flotation of companies that wished to obtain a stock market listing. In addition to granting consolidated loans against certificates of deposit and savings books, Mediobanca developed its activity of placement of bonds and shares issued by Italian companies. The professionalism developed by the bank under the, some would say brilliant, guidance of Enrico Cuccia enabled it to quickly acquire a position of leadership in the field of investment banking in Italy. In the mid-1950s, Mediobanca entered into agreements with important foreign partners (Lazard Group, Berliner Händel-Gesellschaft, Lehman Brothers, Sofina) that enabled the bank to play a role on the international market and obtained a Stock Exchange listing in 1956.
Since its origins, Mediobanca has operated in collateral areas to the credit market, such as trust management (1948 with Spafid), the promotion of international trade (through trading companies mainly operating between Italy and Africa in the mid-1950s), consumer credit (in 1960 through the company Compass which had been set up ten years earlier to develop new initiatives with industrial partners), auditing (1961 with Reconta, which was the first Italian audit firm), leasing operations (1970 with Selma). The placement of securities of Italian companies on the domestic market and abroad led to the acquisition of small holdings which have increased over time reinvesting part of the profits. They became the bank’s main real investment for the protection of its equity. These packages favored the retention of major customers, the most important being Assicurazioni Generali, Montedison, SNIA Viscosa, Pirelli and Fiat. In 1963, together with other banks and financial institutions, Mediobanca led the formation of the first shareholder syndicate to intervene in the capital of a company, Olivetti, with the objective of redefining its strategic purchases on several occasions of Generali shares led to the bank being its largest shareholder (currently 13%). There were numerous, equally important, operations with Montedison, Fiat, SNIA Viscosa and Italcementi. These and other firms operated with Mediobanca were commonly called the ‘Northern Galaxy’.
When Mediobanca was set up, the shareholders authorized Enrico Cuccia to operate using his own judgment and he kept the bank free from the political influences that gradually affected IRI, the public entity that controlled the three Italian banks of national interest that were Mediobanca’s majority shareholders. 1982 saw the beginning of a period of intense friction with IRI under the presidency of Romano Prodi, when the three banks were instructed to discontinue Mr. Cuccia’s mandate. Cuccia resigned as general manager by was elected to the Board by the shareholder Lazard while Mediobanca continued to be managed by two of his trusted aides, Silvio Salteri as CEO and Vincenzo Maranghi, his generally accepted “heir”. In 1988, when Antonio Maccanico took over the presidency, the conflict was settled and the bank was privatized by the setting up of a shareholders’ syndicate with equal representation of banking groups (initially the three founding banks) and private groups. On that occasion the position of CEO went to Vincenzo Maranghi and Cuccia accepted his appointment as Honorary President maintaining a symbolic presence in the bank and performing strategic consultancy. After Antonio Maccanico, called to government posts, the presidency went to Francesco Cìngano, who was Mattioli’s successor in Banca Commerciale Italiana.
The new banking law passed in 1993, abolished the specialization requirement allowing ordinary banks to enter the medium/long term credit market and generated a series of problems between Mediobanca and its banking partners, which ceased to be the almost exclusive channel for the placement of term deposits and bonds. In the changing context of the financial markets of the early 1990s, Mediobanca evolved by engaging more decisively in investment banking operations, creating a major diversification in the private banking business and expanding its consumer credit area, finally developing an international presence. In the 1990s, it was among the main players in the Italian program of privatization of large state-owned enterprises (the largest operations concerned Telecom Italia, Enel, Banca di Roma and Banca Nazionale del Lavoro), also contributing to foreign programs in the United Kingdom, France, Germany and Spain.
Its final and perhaps greatest coup was its decisive role in the 1999 takeover of Telecom Italia by Olivetti. The deal was decided by the narrowest of margins with 51% of shareholders voting in favour of the deal. Under Cuccia's leadership, which lasted until his death in 2000, the bank was widely described as "secretive" despite being publicly traded: meetings with analysts or interviews with the media were not granted.
Mediobanca’s core business is banking, which accounts for some 85% of the Group’s total income and 60% of its net profit. With the set up of CheBanca! there has been further diversification among banking activities themselves, between corporate and retail; the split is 50:35 for revenues and 65:35 for lending. The Bank’s funding sources are being expanded, and as at 21 September 2010 the retail segment accounted for 18% of the total funding. Alongside its banking activities Mediobanca also manages an equity investment portfolio, with stakes in leading Italian companies in the insurance, publishing and telecommunications sectors.
The company has operations, itself and via subsidiaries, in the following segments:
The death of Enrico Cuccia in June 2000 exacerbated tensions with the banking shareholders due to conflicts of interest, competition in the same markets and the central bank’s hostility towards Mediobanca’s management. In April 2003, Vincenzo Maranghi agreed to resign as long as the bank's independence was preserved. This was achieved by promoting two of his aides to top management positions, Alberto Nagel and Renato Pagliaro. They developed market operations more intensely (IPOs, M & A, trading of financial instruments), reducing the weight of historical shareholdings (some of which, like Fiat, were sold). They also achieved penetration of the main foreign markets, where the bank’s presence was established through local professional teams. With the launch of Che Banca! in 2008, operations in the retail banking segment expanded creating a model of multi-channel distribution (Internet, call centers, branches) capable of providing substantial deposit flows. While the years immediately following the resignation of Maranghi entailed the appointment of an external Presidency (Gabriele Galateri and Cesare Geronzi), subsequent events reestablished all the conditions guaranteeing the independence of the institution whose leadership today has Alberto Nagel as CEO and Renato Pagliaro as president.
Since 2006 Mediobanca has embarked on an internationalization process with the aim of expanding its market base, diversifying counterparty risk and assisting its clients in their cross-border transactions. In Corporate and Investment Banking, Mediobanca has operations throughout continental Europe through branch offices opened in Paris (2004), Frankfurt (2007) and Madrid (2007). In these countries the Bank’s strategy is to provide corporate finance activities through a wide range of corporate and leveraged finance, corporate lending, debt capital market and equity capital market services. The New York office performs brokerage and representative activities, while to complete the picture there are also representative offices located in Moscow and Luxembourg. Since summer 2013 Mediobanca has had a footprint in Turkey through subsidiary Mediobanca Advisory. The London branch office, set up in 2008, consists of specialist teams providing solutions to clients: Credit, Rates, FX, Alternatives and Equity Derivatives, Corporate Lending and Leveraged Finance, Equity research and Advisory. As well as its role as equity and derivatives platform, the London office is strategic in strengthening relations with hedge funds and private equity funds. Since 2014 the London office has also been home to the FIG EMEA team.
Alberto Nagel is an Italian businessman, CEO of Mediobanca since 2008.Aviva Italia Holding
Aviva Italia Holding is an Italian holding company for the Aviva Group. According to Mediobanca, the group had a combined €3,768,783,000 (in 2014 financial year) gross premiums written as the 12th largest insurance company of Italy.Banca Esperia
Banca Esperia S.p.A. is an Italian bank which is a joint venture of Mediobanca and Banca Mediolanum (before 2015: Mediolanum S.p.A.).Banca Mediolanum
Banca Mediolanum S.p.A. is an Italian bank, insurance and asset management conglomerate which is the parent company of Gruppo Mediolanum (Mediolanum Group).
The bank is listed on the Borsa Italiana and is a constituent of the FTSE MIB index from the end of 2015 when it incorporated it parent company Mediolanum S.p.A..
Mediolanum Group was founded by Ennio Doris, the current second largest shareholders of the conglomerate. The conglomerate provided asset management, banking, insurances services to customers in Italy, Spain (as Banco Mediolanum and Fibanc) and Monaco (Bankhaus August Lenz & Co.)
Despite being ranked sixth by market capitalization among financial services companies (behind Intesa Sanpaolo, UniCredit, Assicurazioni Generali, UnipolSai and Mediobanca in 2016), the conglomerate (Mediolanum S.p.A.) was ranked 13th by total assets among bank (2014 data), as well as much smaller in size by risk-weighed assets, thus the conglomerate (Mediolanum S.p.A nor Banca Mediolanum) was not included in the Single Supervisory Mechanism. However, after Banca Mediolanum reversed the merger with Mediolanum, the European Central Bank started a comprehensive assessment to assess the conglomerate and decided the conglomerate would not be included. Eventually, Banca Mediolanum remained as a less-significant bank, which would not be supervised by the European Central Bank directly.The current CEO of the company was Massimo Antonio Doris.Banca Popolare di Brescia
Banca Popolare di Brescia S.c.r.l. (Bipop) was an Italian cooperative bank based in Brescia, Lombardy. In 1999 the bank merged with Cassa di Risparmio di Reggio Emilia.According to Mediobanca, the bank was ranked 30th in terms of client deposits in 1998 (€5,735,732 thousands). In 1999 the bank had a share capital of 600,847,375,000 lire (about €310 million).Banca Sella Group
Banca Sella Holding S.p.A. is an Italian holding company for the Banca Sella Group (Italian: Gruppo Banca Sella). The main company of the group was Banca Sella S.p.A., an Italian bank based in Biella, Piedmont.
According to a research by Mediobanca, Banca Sella Group was ranked the 20th largest bank in Italy by total assets as of 31 December 2016.Benetton family
Four members of the Italian Benetton Family (pronounced [benetˈton]) founded the Benetton Group S.p.A. fashion company in 1965. The three brothers and one sister were all born in Treviso, Veneto, Italy. Their father owned a bicycle shop. Through Edizione S.r.l., a financial holding company, they control a number of other businesses including 30% of Atlantia S.p.A., an operator of nearly two-thirds of Italy's motorways, 60% of Autogrill, a chain of roadside restaurants, and investments in the hotel industry including the Hotel Monaco & Grand Canal in Venice, Italy.
Luciano Benetton (born 13 May 1935) is currently on the board as a non executive Director. He is also on the board of directors of Edizione S.r.l.. From 1992 to 1994, he was a Senator of the Italian Republic for the Partito Repubblicano Italiano. He has five children, Mauro (born June 15, 1962), Alessandro (born March 2, 1964), Rossella (born June 23, 1965), Rocco (born September 29, 1969) and Brando. They all live in Treviso, Italy.
Giuliana Benetton (born 8 July 1937) is currently on the board of directors of both Edizione S.r.l. and Benetton Group. She has had the responsibility for planning Benetton's knitwear collections and coordinating product lines. Giuliana actually began the family business by knitting sweaters, which her brother Luciano would peddle by bicycle. She is married and has four children, Paola, Franca, Daniela and Carlo.
Gilberto Benetton (19 June 1941 – 22 October 2018) is chairman of Edizione S.r.l. and oversees all financial and real estate investing. Gilberto Benetton is also chairman of Autogrill and a director of the Benetton Group. He is a director of Atlantia S.p.A. and Mediobanca S.p.A. He is also a board member of Pirelli S.p.A. and Allianz. He has two children Barbara and Sabrina who live in Treviso, Italy.
Carlo Benetton (26 December 1943 – 10 July 2018) was deputy chairman of both Edizione S.r.l. and of Benetton Group. He was in charge of production and of the liaison between Benetton's headquarters and its international units. He had five children, Stefano, Massimo, Andrea, Christian and Leone who all live in Treviso, Italy. Stefano was killed in a car crash in the United States of America in 1985 at age 18. Carlo died of cancer on 10 July 2018.Cassa di Risparmio di Reggio Emilia
Cassa di Risparmio di Reggio Emilia S.p.A. (Carire) was an Italian bank based in Reggio Emilia. The bank merged with Banca Popolare di Brescia in 1999.
According to Mediobanca, the bank was ranked 45th in terms of client deposits in 1998 (€1,905,209 thousands).Compagnie Monégasque de Banque
Compagnie Monegasque de Banque (commonly referred to as CMB or CMB Monaco) is based in Monaco. Established in March 1976 by Banca Commerciale Italiana and its partners, CMB is today wholly owned by Mediobanca, an Italian investment bank.Credito Emiliano
Credito Emiliano S.p.A. (Credem) is an Italian bank based in Reggio Emilia, Emilia-Romagna. The company is a component of FTSE Italia Mid Cap Index .
According to a research by Mediobanca, Credito Emiliano was ranked the 14th largest bank in Italy by total assets as of 31 December 2015, despite several banking group were omitted in the research. If omitting central banks, postal savings and subsidiaries of foreign banking groups, the bank was ranked 10th, (9th among retail and commercial conglomerates if omitting investment banks and insurance-bank conglomerates of Italy such as Banca Mediolanum and Mediobanca). Due to its size, the bank was supervised by European Central Bank directly, as part of the Single Supervisory Mechanism (as 1 of the 14 Italian banking groups).The company also had several internal divisions: Credem Banca (retail banking), Credem Banca d'Impresa (corporate banking) and Credem Private Banking.Enrico Cuccia
Enrico Cuccia (24 November 1907 – 23 June 2000) was an Italian banker, who was the first and long-term president of Mediobanca SpA, the Milan-based investment bank, and a significant figure in the history of capitalism in Italy.Fabrizio Palenzona
Fabrizio Palenzona (born in Novi Ligure, September 1, 1953) is a company executive, banker and Italian politician, past president of ASECAP, president of Gemina, Italian Association of Motorway and Tunnel Concessionaire Companies (AISCAT), of Aeroporti di Roma (ADR), on the board of directors of Mediobanca and vice president of Unicredit.Ferretti Group
Ferretti S.p.A. (trading as Ferretti Group) is an Italian multinational shipbuilding company headquartered in Forlì which specialises in the design, construction and sale of luxury motor yachts. Its products are sold under the brands Ferretti Yachts, Custom Line, Pershing, Itama, Riva, Mochi Craft and CRN.
Ferretti was founded in 1968 by Alessandro and Norberto Ferretti as a manufacturer of small boats and produced its first motor sailer in 1971. Ferretti expanded through making numerous acquisitions, including of Cantieri Navali dell’Adriatico – CNA S.r.l. in 1998, CRN S.p.A., in 1999, Riva S.p.A in 2000, Cantiere Navale Mario Morini and in 2002, Itama in 2004 and Allied Marine in 2008. Ferretti was acquired by the Chinese multinational heavy machinery and automotive manufacturing company Weichai Group in 2012.
Ferretti has manufacturing operations in Italy and the United States. It has subsidiary companies in the United States (Ferretti Group North America), Brazil (Ferretti Group Brazil, based in São Paulo,and soon one based in Foz do Iguaçu ) and representative branches in Hong Kong and Shanghai (Ferretti Group Asia Pacific).Fininvest
Finanziaria d'investimento Fininvest S.p.A., known as just Fininvest S.p.A., is an Italian holding company controlled by the Berlusconi family and managed by Silvio Berlusconi's eldest daughter Marina Berlusconi.FriulAdria
Crédit Agricole FriulAdria S.p.A. formerly known as Banca Popolare FriulAdria S.p.A., or known as FriulAdria in short (abb. of Friuli and Adriatic Sea), is an Italian bank, which is part of Crédit Agricole Italia, the Italian arm of French banking group Crédit Agricole.
Since circa 2016 one website was used for the whole Italian banking group.History of Ferrari
Ferrari is an Italian company which has produced sports cars since 1947, but traces its roots back to 1929 when Enzo Ferrari formed the Scuderia Ferrari racing team.
Unlike many similar yet independent companies, Fiat Group-owned Ferrari continued to thrive after the death of its charismatic founder and is today one of the most successful sports car companies in the world. In January 2016, Ferrari officially split off from its former parent company Fiat Chrysler Automobiles.List of banks in Italy
Italy had 11 banking group (excluding banking group that owned by foreign banks) that were supervised by the European Central Bank directly. According Mediobanca, there are more than 350 banking groups or independent banks as of 2017. However, ECB considered ICCREA Banca, the clearing house of Italian cooperative banks federation as one banking group, which the publication of Mediobanca considered the cooperative banks are individual entities, such as Banca di Credito Cooperativo di Roma was ranked 22nd in the publication, while ICCREA Banca and Bank of Italy were excluded from the publication.Poste Vita and Poste Assicura
Poste Vita S.p.A. is an Italian life insurances company. It is a subsidiary of Poste italiane and acted as an intermediate holding company for Poste Assicura S.p.A., another insurances company of the group. Posta Vita also had a minority interests in Europa Gestioni Immobiliari (45%), which the parent company hold another 55%.
According to a research of Ricerche e Studi (a subsidiary of Mediobanca), Poste Vita Group was the 4th largest insurances company in Italy by gross premiums, according to 2014 data. Another research by PricewaterhouseCoopers, shown the insurer was ranked 2nd by market share in life insurance (14.0%), but not in the top 5 in non-life insurance.RCS MediaGroup
RCS MediaGroup S.p.A., (formerly Rizzoli-Corriere della Sera) based in Milan and listed on the Italian Stock Exchange, is an international multimedia publishing group that operates in daily newspapers, magazines and books, radio broadcasting, new media and digital and satellite TV. It is also one of the leading operators in the advertisement sales & distribution markets.
(Supervised by ECB)
|Nationwide and multi-regional banks|
(Supervised by ECB)
(total assets €30b to €8b)
regional cooperative bank
|Co-operative banks (BCC)|
and central banks
|Regional retail bank|
FTSE MIB companies of Italy