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Ownership structures of Italian banks and non-bank financial intermediates

Author

Listed:
  • Stefania Gallo

    (Bank of Italy)

  • Ilaria Petrarca

    (Bank of Italy)

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.

Suggested Citation

  • Stefania Gallo & Ilaria Petrarca, 2024. "Ownership structures of Italian banks and non-bank financial intermediates," Questioni di Economia e Finanza (Occasional Papers) 849, Bank of Italy, Economic Research and International Relations Area.
    • Handle: RePEc:bdi:opques:qef_849_24
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    File URL: https://www.bancaditalia.it/pubblicazioni/qef/2024-0849/QEF_849_24.pdf
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    More about this item

    Keywords

    ownership structure; banks; non-banks financial intermediates; institutional investors; Italian banking foundations; common ownership;
    All these keywords.

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • L14 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Transactional Relationships; Contracts and Reputation

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