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Cassa Depositi e Prestiti

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Cassa Depositi e Prestiti S.p.A., also known as CDP S.p.A., is a prominent Italian development bank founded on November 20, 1850, in Turin. Its original duty was to finance public works like roads and waterworks during the reign of Victor Emmanuel II of Italy, King of Sardinia-Piedmont.[3]

CDP S.p.A.
Native name
Cassa Depositi e Prestiti S.p.A.
Company typeSocietà per azioni
IndustryBanking industry
Founded1850; 174 years ago (1850)
FounderKingdom of Sardinia
Headquarters
Rome
,
Italy
Area served
Italy
Key people
€9.9 billion (2023)[1]
€5.0 billion (2023)[1]
Total assets€475 billion (2023)[1]
Total equity€41.8 billion (2023)[1]
OwnerMinistry of Economy and Finance (82.77%)
Number of employees
1,995 (2023)[2]
Subsidiaries
Websitewww.cdp.it

CDP is the major Italian 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.[4]

It is among the founders (with Caisse des Dépots, KfW and European Investment Bank) of the D20 Long-Term Investors Club (D20-LTIC),[5][6] a group that gathers 18 major financial institutions and institutional investors from all over the world, mainly from G20 countries,[7] and a member of the European Long Term Investors (ELTI), an association that brings together the main european national promotional banks.[8]

History

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Early beginnings

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The institution was initially created under the name Cassa Piemontese by Act of the Parliament of the Kingdom of Sardinia No. 1097 of 18 November 1850. Its main purpose was to mobilise capital received by the State through private savings collection channels for public utility works. In 1857, it was reorganised for the first time at the instigation of the first Cavour government.[9]

After the unification of Italy, in 1863 it began to incorporate similar banks in the other states that gradually merged into the kingdom and followed, with its own headquarters, the relocation of the Italian capital, first to Florence and then to Rome. The bank gradually expanded its operations, offering new savings instruments, the proceeds of which were used for the CDP's institutional objectives, such as the construction of the Rome-Naples direct railway.[9]

In 1875, Finance Minister Quintino Sella created the post office savings banks, which used the network of post offices to collect savings from the less affluent social classes, who did not have access to banks, especially in the countryside: deposits were made through postal savings books. 1896 saw the start of the issuance of the so-called Cartelle Postali, a form of public debt securities intended to consolidate the deficits of local public authorities, and two years later the Cassa was transformed into a general directorate of the Ministry of the Treasury.[10]

Francesco Saverio Nitti founded Crediop in 1919, in which the CDP held the largest shareholding. Similarly, in 1924 the Cassa participated in the establishment of the ICIPU. In 1924, postal savings bonds (buoni fruttiferi postali) were issued for the first time, securities with a fixed and guaranteed yield in small denominations so that even minimal investments could be collected; this issue was so successful that the issue of Ordinary Treasury Bonds was temporarily suspended. In the following year, postal savings bonds were also issued in dollars and sterling, mainly intended for emigrants.[11]

Italian Republic, 1946–present

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Over time, the legal form of the Cassa Depositi e Prestiti also changed: it started out as a bank, albeit under the aegis of the State, but was first transformed into a general directorate of the Ministry of the Treasury (1898) and then became fully autonomous with the enactment of Law No 197 of 13 May 1983, after which it was recognised as having its own legal status, distinct from that of the State, with Law No 68 of 19 March 1993.[12]

Decree Law No. 269 of 30 September 2003 transformed it into a joint-stock company by taking over the rights and obligations of the institution; the law also stipulated that a ministerial decree would regulate the functions and activities of the new company. The regulation was then issued by Decree of the Ministry of Economy and Finance of 5 December 2003. This allowed 65 banking foundations to join the shareholding structure, which were allocated preferred stocks amounting to 30% of the share capital.[13]

On 1 January 2006, the operational structure changed again with the incorporation by Cassa Depositi e Prestiti of the Infrastrutture S.p.A. company, which had been established by CDP in 2002 for the purpose of financing, in various forms, the construction of infrastructure and large public works.[14] Its sphere of operations encompasses various sectors: from large-scale industry to international cooperation, from the development of small and medium-sized enterprises to the support of their growth in size and internationalisation, from the support of public administration to the management of real estate, from the regeneration of tangible and intangible infrastructure to the facilitation of energy efficiency and technology transfer.[15]

In late 2009, as credit conditions tightened after the global financial crisis, CDP started lending to small and medium enterprises through banks.[16]

On 5 December 2018, the 2019-2021 Business Plan was approved with the aim of mobilising resources of €200 billion over three years to support businesses, infrastructure and the region.[17][18]

In 2021, the Patrimonio Rilancio fund was launched at CDP, originally intended to provide some 40 billion euros of financing; by 2023, it had invested just around 1 billion euros.[19]

In July 2022, rating agency Moody's cut the outlook from stable to negative, along with 13 other Italian financial institutions.[20]

Since 2023, CDP has increasingly been working on transactions to return to domestic ownership companies that were acquired by foreign investors.[21] In 2023, Italy’s government presented plans to set up an investment fund backed by CDP to promote startups investing in artificial intelligence (AI).[22]

Assets

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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.[23]

Data

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Financial results

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Esercizio Consolidated net
income (bn €)		 Consolidated net
equity (bn €)		 Total assets
(bn €)		 Funding (bn €) Resources
deployed (bn €)
2023 [24][25] 5.0 41.8 475 402.7 20.1
2022 [26][27] 6.8 39.7 478.1 406.3 30.6
2021[28][29] 5.3 35.4 517.1 419.5 23.8
2020[30][31] 1.2 33.7 512.4 417.1 38.6
2019[32][33] 3.4 36.1 448.7 355.7 34.6

Long-term rating

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Source:[34]

  • S&P's: BBB
  • Moody's: Baa3
  • Fitch: BBB
  • Scope: BBB+

Shareholders

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82.77% of the share capital is owned by the Italian Ministry of Economy and Finance, the 15.93% is held by various banking foundations and the remaining 1.30% by CDP itself with its own shares.[24]

Compagnia di San Paolo, Fondazione Cariplo, Fondazione Cassa di Risparmio di Torino, Fondazione di Sardegna are the only foundations to which share tranches above 1.5% have been allocated.[13][35]

Shareholdings and investments

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The CDP Group: [36] [37]

 

Governance

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Headquarters

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Corporate headquarters is in Rome, Via Goito, 4 - 00185.[38]

Chairs of the Board of Directors

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Chief Executive Officers

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See also

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References

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  1. ^ a b c d "Annual Report 2023" (PDF). 11 April 2024.
  2. ^ "Integrated Report 2023" (PDF). 19 April 2024.
  3. ^ Jucca, Lisa (November 20, 2020). "Breakingviews - Italian sovereign fund is a force to reckon with". Archived from the original on May 29, 2021.
  4. ^ "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.
  5. ^ Long-Term Investors Club. "Message".
  6. ^ Guy Dinmore (12 September 2011), Italy turns to China for help in debt crisis Financial Times.
  7. ^ "D20-LTIC da investitori impegno a sostenere finanziamenti in infrastrutture sostenibili" (in Italian). Retrieved 22 November 2023.
  8. ^ "Scannapieco al vertice dell'associazione delle Cdp europee" (in Italian). Retrieved 22 November 2023.
  9. ^ a b Mulazzani M.; Pozzoli S. (2004). "Storia ed evoluzione della Cassa Depositi e Prestiti" [History and evolution of the Cassa Depositi e Prestiti]. Rivista Italiana di Ragioneria e di Economia Aziendale (in Italian).
  10. ^ Castronovo, Valerio (2004). Le poste in Italia. Da amministrazione pubblica a sistema d'impresa (in Italian). Bari: Laterza. ISBN 9788842071242.
  11. ^ Colajanni, Napoleone (1995). Storia della banca italiana (in Italian). Roma: Newton Compton. ISBN 978-8881830633.
  12. ^ "La Cassa Depositi e Prestiti S.p.A." (in Italian). Retrieved 20 June 2022.
  13. ^ a b "La partecipazione delle fondazioni bancarie in Cassa Depositi e Prestiti". Retrieved 30 August 2022.
  14. ^ "Legge 23 dicembre 2005, n.266" (in Italian). Retrieved 20 June 2022.
  15. ^ "Cassa depositi e prestiti, cos'è e quali sono le sue funzioni" (in Italian). 20 July 2018. Retrieved 20 June 2022.
  16. ^ Eric Sylvers and Guy Dinmore (19 November 2012), Italy’s CDP steps out of the shadows Financial Times.
  17. ^ "Cdp, nel piano al 2021 prevede di mobilitare 200 miliardi" (in Italian). 5 December 2018. Retrieved 20 June 2022.
  18. ^ "L'ad Palermo: "In tre anni Cdp diventerà partner strategico di 60mila Pmi"" (in Italian). 14 February 2019. Retrieved 20 June 2022.
  19. ^ Giuseppe Fonte and Angelo Amante (31 May 2023), Italy approves bill to set up $1.1 billion fund for strategic firms Reuters.
  20. ^ "Moody's taglia l'outlook a 14 banche italiane: ci sono anche Carige e Bper" (in Italian). Archived from the original on 9 August 2022. Retrieved 9 August 2022.
  21. ^ Valentina Za (26 January 2023), Italy's state lender CDP says working on 'equity reshoring' Reuters.
  22. ^ Giuseppe Fonte (30 May 2023), Italy plans state-backed fund to promote AI startups Reuters.
  23. ^ "CDP e i conti pubblici" (PDF) (in Italian). Retrieved 20 June 2022.
  24. ^ a b Annual Report 2023, Annual Report 2023 (14 April 2024). "Annual Report 2023" (PDF).{{cite web}}: CS1 maint: numeric names: authors list (link)
  25. ^ "CDP, nel 2023 utile netto record oltre 3 miliardi (+23%)". www.teleborsa.it (in Italian). Retrieved 2024-10-11.
  26. ^ Annual Report 2022, Annual Report 2022 (11 April 2023). "Annual Report 2022".{{cite web}}: CS1 maint: numeric names: authors list (link)
  27. ^ "Cdp, nel 2022 utile netto in crescita a 2,5 miliardi". Retrieved 22 November 2023.
  28. ^ "Annual Report 2021" (PDF). 20 June 2022.
  29. ^ "CDP, utile consolidato 2021 sale 5,3 miliardi. 24 miliardi risorse impegnate". Retrieved 30 August 2022.
  30. ^ "Annual Report 2020" (PDF). Retrieved 30 August 2022.
  31. ^ "Cdp, utile netto 2020 a 2,8 mld". 31 March 2021. Retrieved 30 August 2022.
  32. ^ "Annual Report 2019" (PDF). Retrieved 30 August 2022.
  33. ^ "Cdp, ecco i conti 2019 di Cassa depositi e prestiti". 3 April 2020. Retrieved 30 August 2022.
  34. ^ "Credit Rating". Retrieved 30 August 2022.
  35. ^ "Shareholding". Retrieved 30 August 2021.
  36. ^ Relazione Semestrale CDP 2024, Relazione Semestrale CDP 2024 (1 August 2024). "Relazione Semestrale CDP 2024" (PDF).{{cite web}}: CS1 maint: numeric names: authors list (link)
  37. ^ "CDP: approvata la relazione semestrale finanziaria consolidata al 30 giugno 2024". Cassa Depositi e Prestiti (in Italian). Retrieved 2024-10-11.
  38. ^ "CDP | Cassa Depositi e Prestiti". www.cdp.it.
  39. ^ a b Francesca Landini (27 June 2015), Outgoing CDP chairman denies refusing to invest in Telecom Italia Reuters.
  40. ^ a b Francesca Landini and Alberto Sisto (10 July 2015), Italy state fund names new chiefs in shake-up sought by Renzi Reuters.
  41. ^ a b Rachel Sanderson (5 June 2018), Italy state lender bosses to leave in expected shake-up under incoming government Financial Times.
  42. ^ "Cdp, Tononi lascia la presidenza, Fondazioni divise sul successore" (in Italian). 15 October 2019. Retrieved 28 October 2019.
  43. ^ "Cdo, Giovanni Gorno Tempini nuovo presidente" (in Italian). 24 October 2019. Retrieved 28 October 2019.
  44. ^ Giuseppe Fonte (20 July 2018), Italy government picks CEO of CDP and Treasury DG - sources Reuters.
  45. ^ Stefano Bernabei and Francesca Landini (27 May 2021), 'Draghi boy' Scannapieco named head of Italian state lender CDP Reuters.
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