{{Short description|Italian investment bank}} {{Infobox company | name = CDP S.p.A. | logo = Cassa Depositi e Prestiti - logo (Italy, 2019-).svg | logo_alt = | image = Castro pretorio - v Goito pal CDDPP P1020896.JPG | native_name = Cassa Depositi e Prestiti S.p.A. | type = ''Società per azioni'' | traded_as = | founder = Kingdom of Sardinia | area_served = Italy | key_people = {{Unbulleted list|Dario Scannapieco (CEO)|Giovanni Gorno Tempini (Chairman)}} | industry = Banking industry | assets = €390.502 billion (Q2 2025) | products = | subsidiaries = {{Unbulleted list|CDP Equity (100%)|CDP Reti (59.1%)|Fintecna (100%)|SIMEST (76%)|CDP Immobiliare (100%)|CDP Real Asset SGR (70%)}} | founded = {{Start date and age|1850}} | hq_location_city = Rome | hq_location_country = Italy | website = {{URL|https://www.cdp.it/}} }} '''Cassa Depositi e Prestiti S.p.A.''', also known as '''CDP S.p.A.''', is a prominent Italian public 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.<ref>{{cite news|first1=Lisa|last1=Jucca|url=https://www.reuters.com/article/us-italy-cdp-breakingviews-idUKKBN2800WX|title=Breakingviews - Italian sovereign fund is a force to reckon with|date=November 20, 2020|archive-url=https://web.archive.org/web/20210529114328/https://www.reuters.com/article/us-italy-cdp-breakingviews-idUKKBN2800WX|archive-date=May 29, 2021|url-status=live}}</ref>
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.<ref>{{Cite web |date=2019-06-24 |title=Moody's announces completion of a periodic review of ratings of Cassa Depositi e Prestiti S.p.A. |url=https://www.moodys.com/research/Moodys-announces-completion-of-a-periodic-review-of-ratings-of--PR_401729 |access-date=2020-01-07 |website=Moodys.com |language=en}}</ref>
It is among the founders (with Caisse des Dépots, KfW and European Investment Bank) of the D20 Long-Term Investors Club (D20-LTIC),<ref name="auto3">{{Cite web |last=Long-Term Investors Club |title=Message |url=http://www.ltic.org/index.php/2014-07-27-14-13-43/message}}</ref><ref>Guy Dinmore (12 September 2011), [https://www.ft.com/content/90c4c7f6-dd54-11e0-9dac-00144feabdc0 Italy turns to China for help in debt crisis] ''Financial Times''.</ref> a group that gathers 18 major financial institutions and institutional investors from all over the world, mainly from G20 countries,<ref name="d20">{{cite web |url= https://italia-informa.com/d20-ltic-cdp-investitori.aspx|title=D20-LTIC da investitori impegno a sostenere finanziamenti in infrastrutture sostenibili|date=24 September 2021 |language=IT|access-date= 22 November 2023}}</ref> and a member of the European Long Term Investors (ELTI), an association that brings together the main european national promotional banks.<ref name="elti">{{cite web |url= https://www.ansa.it/sito/notizie/economia/2023/07/20/scannapieco-al-vertice-dellassociazione-delle-cdp-europee_69ebe9b8-5db8-464f-aa89-8c60b587eedb.html|title=Scannapieco al vertice dell'associazione delle Cdp europee|date=20 July 2023 |language=IT|access-date= 22 November 2023}}</ref>
==History== ===Early beginnings=== 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.<ref name= Mulazzani>{{cite magazine |author1=Mulazzani M. |author2=Pozzoli S.|date= 2004 |title= Storia ed evoluzione della Cassa Depositi e Prestiti|trans-title=History and evolution of the Cassa Depositi e Prestiti |url= |language= Italian |magazine=Rivista Italiana di Ragioneria e di Economia Aziendale |location= |publisher= }}</ref>
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.<ref name= Mulazzani/>
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.<ref name=Castronovo>{{cite book |last=Castronovo |first=Valerio |date=2004 |title=Le poste in Italia. Da amministrazione pubblica a sistema d'impresa |language= Italian |location=Bari |publisher=Laterza |page= |isbn=9788842071242}}</ref>
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.<ref name=Colajanni>{{cite book |last=Colajanni |first=Napoleone |date=1995 |title=Storia della banca italiana |language= Italian |location=Roma |publisher=Newton Compton |page= |isbn=978-8881830633}}</ref>
===Italian Republic, 1946–present=== 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.<ref name="documenti.camera">{{cite web |url= http://documenti.camera.it/leg15/dossier/testi/BI0169.htm#_Toc166416940|title=La Cassa Depositi e Prestiti S.p.A.|language= Italian|access-date= 20 June 2022}}</ref>
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.<ref name="camera.it"/>
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.<ref name="gazzettaufficiale">{{cite web |url= https://www.gazzettaufficiale.it/eli/id/2005/12/29/005G0293/sg|title=Legge 23 dicembre 2005, n.266|language= Italian|access-date= 20 June 2022}}</ref> 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.<ref name="tg24sky">{{cite web |url= https://tg24.sky.it/economia/approfondimenti/cassa-depositi-e-prestiti-cosa-e|title=Cassa depositi e prestiti, cos'è e quali sono le sue funzioni|date=20 July 2018 |language= Italian|access-date= 20 June 2022}}</ref>
In late 2009, as credit conditions tightened after the 2008 financial crisis, CDP started lending to small and medium enterprises through banks.<ref>Eric Sylvers and Guy Dinmore (19 November 2012), [https://www.ft.com/content/a749af34-300d-11e2-a040-00144feabdc0 Italy’s CDP steps out of the shadows] ''Financial Times''.</ref>
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.<ref name="rep2">{{cite web |url= https://www.repubblica.it/economia/finanza/2018/12/05/news/cdp_nel_piano_al_2021_prevede_di_mobilitare_200_miliardi-213475481/|title=Cdp, nel piano al 2021 prevede di mobilitare 200 miliardi|date=5 December 2018 |language= Italian|access-date= 20 June 2022}}</ref><ref>{{Cite web|url=https://www.ilsole24ore.com/art/finanza-e-mercati/2019-02-13/in-tre-anni-cdp-diventera-partner-strategico-60mila-pmi-220711.shtml?uuid=ABVv3zTB|title=L'ad Palermo: "In tre anni Cdp diventerà partner strategico di 60mila Pmi"|date=14 February 2019 |language= Italian|access-date= 20 June 2022}}</ref>
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.<ref>Giuseppe Fonte and Angelo Amante (31 May 2023), [https://www.reuters.com/markets/europe/italy-approve-bill-set-up-funds-strategic-firms-2023-05-31/ Italy approves bill to set up $1.1 billion fund for strategic firms] ''Reuters''.</ref>
In July 2022, rating agency Moody's cut the outlook from stable to negative, along with 13 other Italian financial institutions.<ref>{{cite web|url=https://www.ilsecoloxix.it/economia/2022/08/09/news/moody-s-taglia-il-rating-a-14-banche-italiane-ci-sono-anche-carige-e-bper-1.41626133/amp/|title=Moody's taglia l'outlook a 14 banche italiane: ci sono anche Carige e Bper|language=Italian|access-date=9 August 2022|archive-date=9 August 2022|archive-url=https://web.archive.org/web/20220809182421/https://www.ilsecoloxix.it/economia/2022/08/09/news/moody-s-taglia-il-rating-a-14-banche-italiane-ci-sono-anche-carige-e-bper-1.41626133/amp/|url-status=dead}}</ref>
Since 2023, CDP has increasingly been working on transactions to return to domestic ownership companies that were acquired by foreign investors.<ref>Valentina Za (26 January 2023), [https://www.reuters.com/business/finance/italys-state-lender-cdp-says-working-equity-reshoring-2023-01-26/ Italy's state lender CDP says working on 'equity reshoring'] ''Reuters''.</ref> In 2023, Italy's government presented plans to set up an investment fund backed by CDP to promote startups investing in artificial intelligence (AI).<ref>Giuseppe Fonte (30 May 2023), [https://www.reuters.com/technology/italy-plans-state-backed-fund-promote-ai-startups-2023-05-30/ Italy plans state-backed fund to promote AI startups] ''Reuters''.</ref>
==Assets== 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.<ref name="osservatoriocpi">{{cite web |url= https://osservatoriocpi.unicatt.it/cpi-CDP_conti_pubblici_OssCPI.pdf|title=CDP e i conti pubblici |language= Italian|access-date= 20 June 2022}}</ref>
=== Data ===
==== Financial results ==== {| class="wikitable" style="text-align:center;" |- ! Esercizio !! Consolidated net<br/>income (bn €) !! Consolidated net<br/>equity (bn €) !! Total assets<br/>(bn €) !! Funding (bn €) !! Resources<br/>deployed (bn €) |- |2024 <ref>{{Cite web |title=CDP: net income grows to €3.3 billion in 2024. Objectives of the 2022-2024 strategic plan significantly exceeded |url=https://www.cdp.it/sitointernet/page/en/cdp_net_income_grows_to_3_3_billion_in_2024_objectives_of_the_2022_2024_strategic_plan_significantly_exceeded?contentId=CSA50633}}</ref> |6.0 |48.0 |478.0 |398.0 |24.6 |- |2023 <ref name=":0">{{Cite web |last=Annual Report 2023 |first=Annual Report 2023 |date=14 April 2024 |title=Annual Report 2023 |url=https://www.cdp.it/resources/cms/documents/RFA_2023_Gruppo_CDP_PW_ENG.pdf}}</ref><ref>{{Cite web |title=CDP, nel 2023 utile netto record oltre 3 miliardi (+23%) |url=https://finanza.lastampa.it/News/2024/04/04/cdp-nel-2023-utile-netto-record-oltre-3-miliardi-+23percento-/MTIxXzIwMjQtMDQtMDRfVExC |access-date=2024-10-11 |website=www.teleborsa.it |language=it}}</ref> |5.0 |41.8 |475.0 |402.7 |20.1 |- | 2022 <ref>{{Cite web |last=Annual Report 2022 |first=Annual Report 2022 |date=11 April 2023 |title=Annual Report 2022 |url=https://www.cdp.it/resources/cms/documents/RFA_2022_Gruppo_CDP_ENG.pd}}</ref><ref name="risultati2022">{{cite web |url= https://www.ilsole24ore.com/art/cdp-2022-utile-netto-crescita-25-miliardi-AEO4MmBD|title=Cdp, nel 2022 utile netto in crescita a 2,5 miliardi|date=30 March 2023 |access-date= 22 November 2023}}</ref> || 6.8 || 39.7 || 478.1 || 406.3 || 30.6 |- | 2021<ref name="AR2021">{{Cite web|url=https://www.cdp.it/resources/cms/documents/RFA_2021_Gruppo_CDP_ENG.pdf|title=Annual Report 2021|date=20 June 2022}}</ref><ref name="risultati2021">{{cite web |url= https://finanza.lastampa.it/News/2022/03/31/cdp-utile-consolidato-2021-sale-5-3-miliardi-24-miliardi-risorse-impegnate/MTExXzIwMjItMDMtMzFfVExC|title=CDP, utile consolidato 2021 sale 5,3 miliardi. 24 miliardi risorse impegnate|access-date= 30 August 2022}}</ref> || 5.3 || 35.4 || 517.1 || 419.5 || 23.8 |- | 2020<ref name="AR2020">{{cite web |url= https://www.cdp.it/resources/cms/documents/CDP-Annual-Report-2020_ENG.pdf|title=Annual Report 2020|access-date= 30 August 2022}}</ref><ref name="milanofinanza1">{{cite web |url= https://www.milanofinanza.it/news/cdp-utile-netto-2020-a-2-8-mld-202103311428471584|title=Cdp, utile netto 2020 a 2,8 mld|date=31 March 2021 |access-date= 30 August 2022 }}</ref> || 1.2 || 33.7 || 512.4 || 417.1 || 38.6 |- | 2019<ref name="AR2019">{{cite web |url= https://www.cdp.it/resources/cms/documents/RFA-12.2019%20Gruppo-CDP_UK.pdf|title=Annual Report 2019|access-date= 30 August 2022}}</ref><ref name="startmag19">{{cite web |url= https://www.startmag.it/economia/cdp-ecco-i-conti-2019-di-cassa-depositi-e-prestiti/|title=Cdp, ecco i conti 2019 di Cassa depositi e prestiti|date=3 April 2020 |access-date= 30 August 2022}}</ref> || 3.4 || 36.1 || 448.7 || 355.7 || 34.6 |}
==== Long-term rating ==== Source:<ref>{{Cite web |title=Credit Rating |url=https://www.cdp.it/sitointernet/en/rating.page |access-date=16 April 2025}}</ref>
* '''S&P's''': BBB+ * '''Moody's''': Baa3 * '''Fitch''': BBB * '''Scope''': BBB+
== Shareholders == 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.<ref name=":0" />
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.<ref name="camera.it">{{cite web |url= https://www.camera.it/leg17/561?appro=app_la_partecipazione_delle_fondazioni_bancarie_in_cassa_depositi_e_prestiti|title=La partecipazione delle fondazioni bancarie in Cassa Depositi e Prestiti|access-date= 30 August 2022}}</ref><ref name="cdp.it">{{cite web|url=https://www.cdp.it/sitointernet/en/azionariato.page|title=Shareholding|access-date=30 August 2021}}</ref>
== Shareholdings and investments == The CDP Group:<ref>{{Cite web |last=Relazione Semestrale CDP 2024 |first=Relazione Semestrale CDP 2024 |date=1 August 2024 |title=Relazione Semestrale CDP 2024 |url=https://www.cdp.it/resources/cms/documents/RFS2024_GRUPPO_CDP_ITA.pdf}}</ref><ref>{{Cite web |title=CDP: approvata la relazione semestrale finanziaria consolidata al 30 giugno 2024 |url=https://www.cdp.it/sitointernet/page/it/cdp_approvata_la_relazione_semestrale_finanziaria_consolidata_al_30_giugno_2024?contentId=CSA48631 |access-date=2024-10-11 |website=Cassa Depositi e Prestiti |language=it}}</ref>
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* '''CDP Equity (100%)''' ** Ansaldo S.p.A (99.6%) ** Saipem S.p.A (12.8%) ** Fincantieri S.p.A. (71.3%) ** Hotelturist S.p.A. (45.9%) ** Webuild S.p.A. (16.4%) ** GPI S.p.A. (18.4%) ** Euronext N.V. (7.8%) ** Renovit S.p.A (30%) ** GreenIT S.p.A (49%) ** Polo Strategico Nazionale S.p.A. (20%) ** CDP Venture Capital SGR S.p.A. (70%) ** Fondo Italiano d'Investimento SGR S.p.A. (55%) ** F2i - Fondi Italiani per le Infrastrutture SGR S.p.A. (14%) ** Holding Reti Autostradali (51%) *** Autostrade per l'Italia S.p.A (88.1%) ** Open Fiber Holdings S.p.A. (60%) *** Open Fiber S.p.A (100%) ** Mozart Holdco S.p.A. (14.9%) *** Maticmind S.p.A (100%) ** Kedrion Holding S.p.A. (6.6%) ** CDPE Investimenti (72.1%) ** Valvitalia S.p.A. (75%) ** Nexi S.p.A. (8.2%) ** Trevi Finanziaria Industriale S.p.A. (21.2%) * '''CDP Reti (59.1%)''' ** Terna S.p.A. (29.8%) ** Snam S.p.A. (31.3%) ** Italgas S.p.A. (25.9%) * '''Fintecna S.p.A (100%)''' * '''CDP Real Asset S.p.A (70%)''' * '''SIMEST S.p.A (76%)''' * '''Eni S.p.A. (28.5%)''' * '''Poste Italiane S.p.A. (35%)''' * '''Telecom Italia S.p.A. (9.8%)''' * '''Istituto della Enciclopedia Italiana fondata da Giovanni Treccani S.p.A. (6.6%)''' * '''Istituto per il Credito Sportivo (2.2%)''' * '''Elite S.p.A. (15%)''' * '''Redo SGR S.p.A. (30%)''' * '''European Investment Fund (1.1%)'''
==Governance== ===Headquarters=== Corporate headquarters is in Rome, Via Goito, 4 - 00185.<ref>{{Cite web|url=https://www.cdp.it/sitointernet/en/homepage.page|title=CDP | Cassa Depositi e Prestiti|website=www.cdp.it}}</ref>
===Chairs of the Board of Directors=== * 2010–2015: Franco Bassanini<ref name="reuters.com">Francesca Landini (27 June 2015), [https://www.reuters.com/article/uk-telecomitalia-cdp-investment-idUKKBN0P70NA20150627 Outgoing CDP chairman denies refusing to invest in Telecom Italia] ''Reuters''.</ref> * 2015–2018: Claudio Costamagna<ref name="Alberto Sisto 2015">Francesca Landini and Alberto Sisto (10 July 2015), [https://www.reuters.com/article/italy-cdp-management-idINL8N0ZQ40R20150710 Italy state fund names new chiefs in shake-up sought by Renzi] ''Reuters''.</ref><ref name="ft.com">Rachel Sanderson (5 June 2018), [https://www.ft.com/content/96f2ddea-6900-11e8-b6eb-4acfcfb08c11 Italy state lender bosses to leave in expected shake-up under incoming government] ''Financial Times''.</ref> * 2018–2019: Massimo Tononi<ref>{{cite web|url=https://www.ilsole24ore.com/art/cdp-tononi-lascia-presidenza-fondazioni-divise-successore-ACCSTxr|title=Cdp, Tononi lascia la presidenza, Fondazioni divise sul successore|date=15 October 2019 |language= Italian|access-date= 28 October 2019}}</ref> * 2019–present: Giovanni Gorno Tempini<ref>{{cite web|url=https://www.repubblica.it/economia/2019/10/24/news/cdp_giovanni_gorno_tempini_nuovo_presidente-239394016/|title=Cdo, Giovanni Gorno Tempini nuovo presidente|date=24 October 2019 |language= Italian|access-date= 28 October 2019}}</ref>
===Chief Executive Officers=== * 2010–2015: Giovanni Gorno Tempini<ref name="reuters.com"/> * 2015–2018: Fabio Gallia<ref name="Alberto Sisto 2015"/><ref name="ft.com"/> * 2018–2021: Fabrizio Palermo<ref>Giuseppe Fonte (20 July 2018), [https://www.reuters.com/article/uk-italy-cdp-deal-idUKKBN1KA1FG Italy government picks CEO of CDP and Treasury DG - sources] ''Reuters''.</ref> * 2021–present: Dario Scannapieco<ref>Stefano Bernabei and Francesca Landini (27 May 2021), [https://www.reuters.com/business/finance/italy-govt-picks-scannapieco-new-ceo-state-lender-cdp-sources-2021-05-27/ 'Draghi boy' Scannapieco named head of Italian state lender CDP] ''Reuters''.</ref>
==See also== {{Portal|Companies|Banks}} * List of national development banks * List of banks in Italy
==References== {{Reflist}}
==External links== * {{Official website|}} {{Banking in Italy}}
{{Authority control}}
Category:Banks of Italy Category:Partly privatised companies of Italy Category:Companies based in Rome Category:Banks established in 1850 Category:Government-owned companies of Italy Category:Freemasonry in Italy Italy