The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.


All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.
BANKING

Monte dei Paschi: Shaken to its foundations

Huge sums of money lost, hidden contracts found, people in power because of privilege rather than professionalism, undue political influence and even death. No, it’s not the latest scandal from the Vatican, but the Monte dei Paschi drama. And now the spotlight is falling on the wider implications of its near-fall – not least, the ownership and board structure of many of Italy’s leading banks.

 mediobanca
 

Through late May and early June last year, an intriguing document suddenly appeared in the inboxes of those who make their living absorbed by the baffling intricacies of Italian banking. The paper was a challenge to anyone with a dodgy internet connection, a chunky 10 megabyte PDF file spread over 151 pages. When printed, it was about as big as a medium-sized book, not quite a felled forest but rather more than a casual weekend read for those who received it.

It read almost as if it was an excellent piece of fact-based journalism – impeccably detailed and referenced to clear inside sources and informants. The report wasn’t journalism, but what would prove to be a prescient research paper from two London-based Italian analysts, Andrea Filtri and Antonio Guglielmi from Italy’s biggest investment bank, Mediobanca.

The Mediobanca paper painstakingly documented what many observers of the Italian banking scene believe is a fundamental flaw in many of the country’s banks, and one that many analysts believe requires urgent reform if Italy is to progress out of its economic funk and develop a modern, transparent banking sector.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree