Scannapieco wins second term as head of Italy's state lender CDP
ROME, July 15 (Reuters) -The Italian government appointed Dario Scannapieco on Monday for a second term as chief executive of the state lender Cassa Depositi e Prestiti (CDP).
Founded 173 years ago, the CDP plays a key role in keeping strategic assets in national hands. Its equity portfolio includes energy group Eni ENI.MI, motorway operator Autostrade per l'Italia (ASPI) and shipbuilder Fincantieri FCT.MI.
The state lender also helps the government implement the country's EU post-COVID Recovery Plan, under which Italy is due to receive a total of around 194 billion euros ($211.77 billion) in grants and cheap loans over six years through 2026.
Scannapieco, 56, got the nod to continue from Prime Minister Giorgia Meloni despite objections from key figures within her government, who had backed alternative candidates, political sources said.
He was European Investment Bank (EIB) vice president before Meloni's predecessor Mario Draghi appointed him to the helm of the CDP in June 2021.
Giovanni Gorno Tempini was re-appointed as CDP chairman.
The nominations were expected to take place in May but were repeatedly postponed partly due to political divisions over the composition of the CDP board of directors.
The government decided to increase the number of board members to 11 from 9 to incorporate nominations from the ruling parties, which put forward mostly men, while maintaining at least 40% women directors, the sources added.
Among the women newcomers are lawyer Valentina Milani and Flavia Mazzarella, former chairman of the lender BPER Banca EMII.MI.
CDP, which invests savings made by Italians through the national post office network Poste Italiane PST.MI, is a strategic industrial policy tool for the government as its debt is not booked as part of Italy's mammoth public debt-pile.
($1 = 0.9161 euros)
Reporting by Giuseppe Fonte, editing by Gavin Jones
Related Assets
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
