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.

All material subject to strictly enforced copyright laws. © 2020 Euromoney, a part of the Euromoney Institutional Investor PLC.

Vincenzo Maranghi: Mediobanca fights to survive new era

For decades Mediobanca had an unchallenged grip on Italian investment banking. Then the loss of a key deal-maker with unrivalled contacts, followed by the death of its illustrious founder, opened up major deals to foreign rivals and took the shine off its reputation. Yet the wound to it’s pride may not be terminal. With a new generation of bankers, Mediobanca’s name still commands a lot of respect in Milan. Even so, its days of independence may be numbered.

In a cramped square off central Milan's Piazza della Scala a security guard skulks by the entrance to a 17th-century palazzo. There's no nameplate on the door. None is needed. Number 10 Via Filodrammatici has long been known as the home of Mediobanca, Italy's premier investment bank.


But shortly after the death of Enrico Cuccia - from 1946 until last year the CEO of the bank - his successor and devotee, Vincenzo Maranghi, decided to set the fact in stone. He persuaded the city authorities to grant permission to name the spot. Three marble plaques bearing the dates of Cuccia's birth and death and the single word "Banker" now pronounce the square "Piazzetta Enrico Cuccia".


It's a grand gesture to a small, stooped man that many Milan residents remember glimpsing walking to work, as he did until his dying day. Cuccia's diminutive stature belied his standing. It's 15 months since his death at the age of 92, but his name is still on the lips of M&A bankers in Milan. He built an intricate network of holding companies and cross-ownership structures resulting in myriad convoluted lines of responsibility. And as chief architect of his own pet project, Cuccia knew exactly which strings to pull to achieve the results he wanted.



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