Cassa Depositi e Prestiti

Cassa Depositi e Prestiti SpA (CDP) is a prominent Italian investment bank founded in 1850 in Turin.

Cassa Depositi e Prestiti
TypeSocietà per Azioni
IndustryBanking
Founded1850 in Turin
FounderItalian government
Headquarters
Rome
,
Italy
Area served
Italy
Key people
Fabrizio Palermo (CEO), Giovanni Gorno Tempini (Chairman)
Total assets€448,7 billion (2019[1])
Number of employees
871 (2019)
Subsidiaries
Websitewww.cdp.it

CDP is the major Italian promotional institution for economic development through long-term investments at local, regional and national level and acts as the government's arm for executing public policy mandates.[2]

It is among the founders (with Caisse des Dépots, KfW and European Investment Bank) of the Long-Term Investors Club,[3] a group that gather 18 major financial institutions and institutional investors from all over the world mainly from G20 countries.

After the unification of Italy, in 1863 it was restructured and the headquarters moved to Rome; it was constituted in its current form as a joint-stock company on 12 December 2003. 83% of the share capital is owned by the Italian Ministry of Economy and Finance, the 16% is held by various banking foundations, while the remaining 1% in treasury shares.[4] CDP is today the third largest Italian bank according to the value of the total assets owned by the group (around 425 billion euros in 2018).

Assets

CDP is today the third largest Italian bank according to the value of the total assets owned by the group (around 448,7 billion euros in 2019), after the banks UniCredit and Intesa Sanpaolo. Cassa Depositi e Prestiti manages the entire Italian Postal savings that represent its first source of financial resources. These resources are used by the bank to lend money to the Italian State or local governments, acquire strategic equities and invest in financial, infrastructural and economical projects considered strategic for the development of the Italian economy.

CDP owns today several stocks of companies listed in the Italian stock market such as Fincantieri, Eni, Snam, Poste italiane and Terna.

In the last years the role of CDP inside the Italian economy has grown deeply. The company has started operating more as an investment bank, increasing its portfolio of listed companies and its activities related to the funding of Italian companies, making the financing of public bodies, its historical business, less relevant than in the past.

In 2009, Caisse des Dépots, Cassa Depositi e Prestiti, KfW and European Investment Bank founded the Long-Term Investors Club.[5]

Activities

The company's activity is split into two distinct company branches:

  • under the "ordinary account", Cassa Depositi e Prestiti may grant loans, preferably in co-financing with credit institutions, for the construction of (i) works, systems, networks and equipment designed for public utility initiatives; (ii) investment in research, development, innovation, protection and enhancement of cultural heritage, promotion of tourism, environment, energy efficiency, promotion of sustainable development and green economy; and (iii) initiatives for the growth, also through joint operations, of companies in Italy and abroad. To carry out this activity, Cassa Depositi e Prestiti uses, among other things, funds from the capital market or banking, deriving from the taking on of loans, the issue of securities or other financial transactions, in any event, without State guarantee, without raising demand funds;[6][7]
  • under the "separate account", Cassa Depositi e Prestiti may, among other things, grant loans to the State, regions, local authorities, public bodies and bodies governed by public law, for public interest activities and/or in the context of general interest sectors, for example for the construction of general interest infrastructure, to support the internationalisation of companies and exports, for companies for the purposes of supporting the economy and in the context of international development cooperation activities. To carry out this activity, the company uses redeemable funds in the form of postal savings books and postal savings bonds, backed by the State guarantee, and funds deriving from the issue of securities, taking on of loans and other financial transactions, which can be backed by the State guarantee.[8][9]

Headquarters

Corporate headquarters is in Rome, Via Goito, 4 - 00185.[10]

Board of Directors
  • President: Giovanni Gorno Tempini
  • Chief Executive Officer: Fabrizio Palermo
  • Vice President: Luigi Paganetto
  • Councillors: Fabrizia Lapecorella, Fabiana Massa Felsani, Valentino Grant, Francesco Floro Flores, Matteo Melley, Alessandra Ruzzu, Davide Carlo Caparini, Antonio Decaro, Alessandro Rivera, Pier Paolo Italia, Michele de Pascale.

CDP as the sovereign fund
As of May 2018[11]
  • Fondo Investimenti per il Turismo[16]
  • Fondo Italiano di Investimento
  • F2i - Fondo Italiano per le infrastrutture
  • F2i - Secondo Fondo Italiano per le Infrastrutture
  • Fondo PPP Italia
  • Fondo Investimenti per l'Abitare (FIA)
  • Fondo Investimenti per la Valorizzazione (FIV Plus e FIV Extra)
  • Fondo Immobiliare di Lombardia - Comparto uno
  • Fondo Europeo per gli Investimenti
  • Fondo FoF Private Debt
  • Fondo FoF Venture Capital
  • Fondo Marguerite - 2020 European Fund for Energy, Climate Change and Infrastructure Sicàv - Fis Sa
  • Fondo InfraMed Infrastructure Sas
  • European Energy Efficiency Fund
  • Galaxy Sarl

References
  1. https://www.cdp.it/sitointernet/it/bilancio_2019.page
  2. "Moody's announces completion of a periodic review of ratings of Cassa Depositi e Prestiti S.p.A." Moodys.com. 2019-06-24. Retrieved 2020-01-07.
  3. Long-Term Investors Club. "Message".
  4. "History of CDP". CDP. Archived from the original on 4 April 2014. Retrieved 16 January 2014.
  5. Long-Term Investors Club. "Message".
  6. Relazione Finanziaria Semestrale 2020. "Relazione Finanziaria Semestrale 2020" (PDF).
  7. "Statuto Cassa Depositi e Prestiti" (PDF).
  8. "Statuto Cassa Depositi e Prestiti" (PDF).
  9. "Relazione finanziaria semestrale 2020" (PDF).
  10. "Info CDP www.cpd.it".
  11. https://www.cdp.it/chi-siamo/dati-societari/partecipazioni/partecipazioni.kl
  12. Angelo Amante, Giuseppe Fonte and Foo Yun Chee (April 22, 2020), Italy to use state lender CDP to protect strategic companies: sources Reuters.
  13. Angelo Amante, Giuseppe Fonte and Foo Yun Chee (April 22, 2020), Italy to use state lender CDP to protect strategic companies: sources Reuters.
  14. Angelo Amante, Giuseppe Fonte and Foo Yun Chee (April 22, 2020), Italy to use state lender CDP to protect strategic companies: sources Reuters.
  15. Angelo Amante, Giuseppe Fonte and Foo Yun Chee (April 22, 2020), Italy to use state lender CDP to protect strategic companies: sources Reuters.
  16. "Costituito il Fondo Investimenti Turismo" (in Italian). Federturismo. 18 April 2016. Retrieved 20 April 2016.
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