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.
Opinion

Can the spirit of Mediobanca’s Cuccia survive Italy’s crisis?

Italy’s banking crisis might move Mediobanca ever further away from its past as the country’s corporate gatekeeper. But its merchant banking legacy still gives it valuable links and a clubby prestige cherished by clients and shareholders.

DON-column-banner-600x130

The cloistered and silent corridors of Mediobanca’s Milan headquarters, in a former monastery behind La Scala, are a world away from the busy lifts of the nearby UniCredit skyscraper.

Italy’s banking crisis, however, will push Mediobanca further from a past when it used a web of equity stakes to pull corporate strings. Under Enrico Cuccia, who died almost 20 years ago, Mediobanca helped Italian businessmen free up capital while retaining control during the post-war boom years. It became a defender of the local business establishment it epitomized, consolidating its power during the privatizations of the 1980s and 1990s.

While Alberto Nagel has been at the helm – he became chief executive in 2008 and was co-head before that – he has put more emphasis on consumer finance and wealth management, opening branches of the investment bank across Europe and launching online bank CheBanca!. 


Take out a complimentary trial

Take out a 7 day trial to gain unlimited access to Euromoney.com and Asiamoney.com analysis and receive expertly-curated updates direct to your inbox.

 

Already a user?

Login now

 

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