(Alliance News) - Over 60 years in business, Francesco Gaetano Caltagirone has navigated many eras of the Italian economy: from Roman construction in the 1960s to cement, from major infrastructure projects to publishing and finance, building a debt-free group with strategic stakes in MPS, Mediobanca, and Generali. Today, with assets of approximately EUR12 billion, he remains among the most influential figures in Italian finance.
'My father left Sicily in 1926 to move to Rome and began building thanks to a loan from a friend', he recounted in an interview with Corriere della Sera.
The group's growth was driven by its ability to generate cash and reinvest it: first Vianini, then Cementir through privatizations, followed by newspapers and finally banks, from BNL to MPS, via UniCredit, Mediobanca, and Banco BPM.
Regarding his return to MPS, he distinguishes between rationality and emotion: 'The investment has been excellent, but there was also a broader vision. Over 55% of the population lives south of the Po Valley, and the only major bank rooted in Central-Southern Italy is MPS. I thought it could become a hub capable of rebalancing the system'.
For Caltagirone, a regional bank is fundamental not only for financing businesses and households but also as a center for training and attracting talent. This also informs his opposition to the Generali-Natixis project, which he described as a risk for the country.
On a potential MPS-Mediobanca integration, he expressed opposition to any model that shifts resources from the real economy to finance: 'It diminishes the social function of banks'. He also defended the historical role of Mediobanca, hoping that the human capital built over the years will not be squandered.
As for Lovaglio, he acknowledged the turnaround work achieved at MPS but noted that 'there is no man for all seasons' and that mediation skills and strategic vision are now required.
Caltagirone further believes that Mediobanca should maintain its stake in Generali: 'If all the major banks want Generali, I do not understand why those who already own it should sell'.
Conversely, he views a possible merger between MPS and Banco BPM with concern, fearing that Siena could lose its centrality to Milan: 'A wealth of professional expertise accumulated over five centuries would risk being lost'.
By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter
Comments and questions to redazione@alliancenews.com
Copyright 2026 Alliance News IS Italian Service Ltd. All rights reserved.
