Ownership structures of Italian banks and non-bank financial intermediates

Stefania Gallo () and Ilaria Petrarca
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Stefania Gallo: Bank of Italy

No 849, Questioni di Economia e Finanza (Occasional Papers) from Bank of Italy, Economic Research and International Relations Area

Abstract: Ownership structures affect the governance of banks and financial intermediaries and can impact financial stability. Using a new dataset, the paper illustrates the dynamics of ownership structures in Italy between 2016 and 2021 for a sample of listed and unlisted banks and financial intermediaries. The analysis shows that the number of shareholders with holdings exceeding the threshold for disclosure has increased and, even though a significant share of investors are foreigners, the majority of them are Italians; for larger banks, however, the share of capital represented by sub-threshold holdings remains high. The existence of a relationship of control is more common among financial intermediaries than among banks. The presence of institutional investors has consolidated over time: in particular, traditional institutional investors participate mainly in the largest banks and alternative ones in the others. An increasing presence of the same participant in two or more intermediaries can be observed, however the phenomenon of common ownership remains uncommon in any case.

Keywords: ownership structure; banks; non-banks financial intermediates; institutional investors; Italian banking foundations; common ownership (search for similar items in EconPapers)
JEL-codes: G21 G23 G32 G34 L14 (search for similar items in EconPapers)
Date: 2024-06
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Persistent link: https://EconPapers.repec.org/RePEc:bdi:opques:qef_849_24

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