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Italian billionaire Francesco Gaetano Caltagirone is playing a pivotal role in reshaping Italy's financial sector. As a major shareholder in bailed-out bank Monte dei Paschi di Siena (MPS) and fund manager Anima Holding, his influence is expanding.
MPS recently announced a €13.3 billion all-share bid for Mediobanca, where Caltagirone holds the second-largest stake. He also owns 6.9% of Generali, Italy’s top insurer, where Mediobanca is the largest investor with 13%. Caltagirone has long criticized Mediobanca’s control over Generali, particularly its governance system, and has challenged CEO Philippe Donnet’s leadership. Donnet’s term, due for renewal in spring, may see further opposition.
Prime Minister Giorgia Meloni’s government has backed Caltagirone’s push for stricter corporate governance reforms, further aligning with his interests. His growing stakes in MPS, Anima, and Banco BPM position him against UniCredit CEO Andrea Orcel, who recently disrupted Rome’s plans by bidding for BPM. The Treasury had envisioned a BPM-MPS merger, where Caltagirone’s holdings would make him a central shareholder.
Caltagirone, born in 1943 to a Sicilian family, built his empire through construction, cement, real estate, publishing, and finance. He owns Cementir, a global cement leader operating in 18 countries, and several Italian newspapers, including Il Messaggero. With a net worth of €5.6 billion, he ranks among Italy’s richest, yet maintains a low public profile.
As consolidation continues in Italy’s banking sector, Caltagirone’s strategic investments and governance advocacy are reshaping the industry’s landscape.
