Cassa Depositi e Prestiti

Cassa Depositi e Prestiti S.p.A., commonly known as CDP, is Italy’s national promotional institution and a central instrument of the country’s economic-development policy. Founded in Turin in 1850 as the Cassa Piemontese, it was originally established to channel savings collected through state-supported mechanisms into public-utility works such as roads, water systems and railways. Following Italian unification, the institution expanded geographically and progressively developed the postal-savings model that remains one of its defining sources of funding. CDP’s role is broader than that of a conventional commercial bank. It manages funds connected with Italian postal savings and uses them to support the Italian state, regional and local authorities, public infrastructure, enterprises and investments considered strategically important to the national economy. Its activities include long-term lending, equity investment, venture and growth capital, infrastructure finance, support for small and medium-sized enterprises, export and internationalisation assistance, real-estate and urban-regeneration initiatives, energy transition, technology transfer and cooperation with public administrations. The institution’s legal form and relationship with the state changed several times. It became a general directorate of the Ministry of the Treasury in 1898, acquired greater autonomy during the twentieth century, and received a distinct legal personality in 1993. In 2003, legislation transformed it into a joint-stock company. That reform enabled banking foundations to acquire preferred shares while leaving the Italian Ministry of Economy and Finance as the controlling shareholder. CDP subsequently developed into a group with operating companies and stakes in infrastructure, energy, telecommunications, transport, finance, industrial manufacturing, real estate and investment management. CDP has played a particularly visible role when Italian companies or infrastructure assets have been regarded as nationally significant. Through subsidiaries and investment vehicles, it has participated in transactions involving networks, energy systems, construction, telecommunications, transport and financial-market infrastructure. Since 2023, it has also been associated with government efforts to encourage domestic ownership of strategically important companies and to promote investment in areas such as artificial intelligence and technology startups. The institution works with public authorities, banks, companies, institutional investors and European partners. It is a founding participant in the D20 Long-Term Investors Club alongside institutions including Caisse des Dépôts, KfW and the European Investment Bank, and it is a member of the European Long-Term Investors association. CDP therefore occupies a position between public administration, development finance and institutional investment. Its public mandate distinguishes it from ordinary retail banks, while its corporate structure allows it to invest through subsidiaries, funds and direct shareholdings. Its current identity combines stewardship of a historically important national savings channel with long-term financing of Italy’s economic, industrial and infrastructure priorities.

Cassa Depositi e Prestiti began in 1850 as the Cassa Piemontese, established by the Parliament of the Kingdom of Sardinia to collect and channel savings into public-utility works. Its early mission focused on financing roads, water infrastructure and other projects that private finance was not well positioned to support. The institution was reorganised in 1857 during the first Cavour government. After the unification of Italy, comparable institutions in other Italian states were progressively incorporated into the national framework. CDP followed the movement of the capital from Turin to Florence and ultimately Rome. Its funding role broadened as it introduced savings instruments whose proceeds could support state and local-government purposes. The development of postal savings was particularly important. In 1875, post offices began collecting savings through postal savings books, extending access to households and communities that had limited contact with commercial banks, especially in rural areas. CDP later introduced instruments connected with public borrowing and local authorities. Postal securities known as Cartelle Postali were issued from 1896 to help consolidate local-government deficits. In 1898, the institution became a general directorate within the Ministry of the Treasury. During the early twentieth century, it also participated in the creation or development of specialised public-finance institutions. It held a leading shareholding in Crediop, founded in 1919, and participated in the establishment of ICIPU in 1924. Postal savings bonds were first issued in 1924 in small denominations with fixed and guaranteed returns, making them accessible to modest savers; versions denominated in dollars and sterling were subsequently offered, including for Italian emigrants. The institution’s legal status evolved again after the Second World War. Law No. 197 of 1983 gave CDP operational autonomy, while Law No. 68 of 1993 recognised it as a legal entity distinct from the Italian state. A decisive transformation came through Decree Law No. 269 of 2003, which converted CDP into a joint-stock company and transferred the rights and obligations of the former public institution to the new company. A related ministerial decree set out its functions and activities. The reform also allowed 65 Italian banking foundations to acquire preferred shares representing a minority interest, creating a mixed public and foundation-based ownership structure. CDP expanded its institutional scope in the 2000s. In 2002 it established Infrastrutture S.p.A. to finance infrastructure and major public works, and in 2006 CDP incorporated that company. Its activities came to cover large industrial projects, international cooperation, small and medium-sized enterprises, public-administration support, real estate, physical and digital infrastructure, energy efficiency and technology transfer. Following the global financial crisis, tighter credit conditions led CDP in late 2009 to develop channels for lending to small and medium-sized companies through commercial banks. This complemented its direct public-sector role with a mechanism for improving access to credit in the productive economy. In later years, CDP developed a group structure comprising investment companies, funds and operating subsidiaries, with exposure to sectors including energy, telecommunications, construction, transport, financial infrastructure, manufacturing and real estate. The 2019–2021 business plan, approved in December 2018, placed emphasis on mobilising capital for businesses, infrastructure and regional development. In 2021, CDP launched the Patrimonio Rilancio fund to provide support to Italian companies affected by the economic crisis. The fund’s eventual investment activity was considerably smaller than the amount initially contemplated. In 2022, Moody’s changed CDP’s outlook from stable to negative in a broader review of Italian financial institutions. From 2023 onward, CDP became increasingly associated with efforts to bring strategically important companies or assets back under stronger Italian ownership. The government also proposed a CDP-backed vehicle for investment in artificial-intelligence startups. These developments illustrate CDP’s continuing evolution from a state savings and public-works institution into a diversified national promotional group that combines long-term finance, strategic investment and the execution of public economic policy.

1. 2023Strategic domestic-ownership and AI initiatives expand

   CDP becomes more active in transactions involving strategically important domestic assets, while the government proposes a CDP-backed fund for artificial-intelligence startups.

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2. 2021Patrimonio Rilancio is launched

   CDP launches a fund intended to support Italian companies affected by the economic crisis.

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3. 20182019–2021 business plan approved

   The board approves a plan focused on businesses, infrastructure and territorial development.

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4. 2009Indirect SME lending begins

   CDP begins supporting small and medium-sized enterprises through lending channels operated with banks.

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5. 2006Infrastrutture S.p.A. is incorporated

   CDP incorporates the infrastructure-finance company it had established in 2002.

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6. 2003Converted into a joint-stock company

   A legislative reform creates CDP S.p.A. and permits Italian banking foundations to enter its shareholding structure.

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7. 1993Receives separate legal personality

   CDP is recognised as a legal entity distinct from the Italian state.

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8. 1983Operational autonomy is established

   Legislation grants CDP autonomy from its previous Treasury directorate structure.

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9. 1924Postal savings bonds are introduced

   Small-denomination postal savings bonds with fixed and guaranteed returns are issued for the first time.

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10. 1898Becomes a Treasury general directorate

    CDP is transformed into a general directorate of the Ministry of the Treasury.

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11. 1875Postal savings network begins

    Post offices begin collecting savings, broadening access to savings products among households outside the commercial-banking system.

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12. 1857First major reorganisation

    The institution is reorganised during the first Cavour government.

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13. 1850Cassa Piemontese is established

    The institution is founded in Turin by an act of the Parliament of the Kingdom of Sardinia to direct savings toward public-utility works.

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Italian national promotional institution and public development bank

• Postal savings booksSavings products1875

  Postal savings books are collected through Italy’s post-office network and form part of the historical savings channel associated with CDP. They extend access to basic savings services beyond conventional bank branches and provide a funding base for CDP’s public-sector and development activities.

• Postal savings bondsSavings products1924

  Postal savings bonds are fixed-return instruments issued in accessible denominations and distributed through the postal network. Introduced in 1924, they became a major retail savings product and an important source of funds connected with CDP’s institutional mandate.

• Public-sector financeDevelopment finance1850

  CDP provides long-term financing to the Italian state and local or regional public authorities. This activity supports public works, infrastructure, public services and other projects aligned with national or territorial development priorities.

• Enterprise and SME financeBusiness finance2009

  CDP supports companies through direct and indirect financing, equity investment and partnerships with banks and investment vehicles. The offering is intended to improve access to capital, help firms grow, support internationalisation and strengthen Italian industrial capacity.

• Infrastructure and strategic investmentInfrastructure finance2002

  Through CDP and its group companies, the institution finances or invests in infrastructure, networks, energy, telecommunications, transport, construction and other sectors regarded as strategically relevant. It can participate through loans, funds, subsidiaries or direct equity stakes.

• Patrimonio RilancioCorporate investment fund2021

  Patrimonio Rilancio was established as a crisis-support investment fund for Italian companies. Its purpose was to provide capital during the economic disruption of the COVID-19 period and to help preserve the productive and strategic base of the Italian economy.

• 2023Artificial-intelligence startup investment initiative

  Italy

  The Italian government proposed a CDP-backed investment fund to encourage the development and financing of startups working in artificial intelligence.

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• 2021Patrimonio Rilancio

  Italy

  CDP launched Patrimonio Rilancio as a public investment response to the economic effects of the COVID-19 crisis, targeting Italian companies requiring capital support.

  Outcome. The fund invested substantially less than the amount initially envisaged, according to the referenced account.

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• 2023Greater focus on strategic domestic ownershipStrategy

  The Italian government increasingly emphasised national control or influence over assets considered strategically important.

  What changed. CDP became more active in transactions intended to return strategically important companies or assets to stronger domestic ownership.

  Aftermath. The institution’s role increasingly combined development finance with strategic industrial and economic policy.

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• 2021Launch of Patrimonio RilancioProduct launch

  The economic effects of the COVID-19 crisis created a need for additional capital support for Italian companies.

  What changed. CDP launched an investment fund intended to support companies affected by the crisis.

  Aftermath. The fund’s deployment was materially below its initially intended scale, according to the referenced source.

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• 2018Approval of the 2019–2021 business planStrategy

  CDP sought to define a larger role in financing Italian businesses, infrastructure and territorial development.

  What changed. The board approved a three-year plan focused on mobilising resources across those areas.

  Aftermath. The plan reinforced CDP’s positioning as a national promotional institution rather than a narrowly defined public lender.

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• 2009Launch of bank-channel SME lendingStrategy

  The global financial crisis tightened credit conditions for businesses, particularly smaller companies.

  What changed. CDP began lending to small and medium-sized enterprises through commercial banks.

  Aftermath. The institution expanded beyond direct public-sector lending and became a channel for improving business access to credit.

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• 2006Incorporation of Infrastrutture S.p.A.M&A

  CDP had established Infrastrutture S.p.A. to support infrastructure and major public works.

  What changed. CDP incorporated Infrastrutture S.p.A. into its structure.

  Aftermath. Infrastructure finance became more directly integrated into CDP’s wider development and investment platform.

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• 2003Transformation into a joint-stock companyStrategy

  The Italian government sought to modernise CDP’s legal and operating framework while preserving its public-development role.

  What changed. Legislation converted the institution into CDP S.p.A. and allowed banking foundations to acquire preferred shares.

  Aftermath. CDP became a mixed-ownership corporate group while remaining a central public-policy financing institution.

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• 2023CDP becomes more active in returning strategic assets to domestic ownership

  CDP increasingly participated in transactions intended to strengthen Italian ownership or control of companies and assets viewed by the government as strategically important.

  M&A
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• 2023Italy proposes a CDP-backed fund for artificial-intelligence startups

  The Italian government presented plans for an investment fund backed by CDP to encourage startup investment in artificial intelligence.

  Product launch
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• 2022Moody’s changes CDP’s outlook to negative

  In July 2022, Moody’s revised CDP’s outlook from stable to negative as part of a broader action affecting Italian financial institutions.

  RegulationOther
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• 2021CDP launches the Patrimonio Rilancio fund

  The fund was created to support Italian companies during the economic disruption associated with the COVID-19 period, although later deployment was substantially below its initially intended scale.

  Product launchOther
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• 2018CDP approves a three-year plan to mobilise resources for development

  CDP approved its 2019–2021 business plan, directing its institutional capacity toward businesses, infrastructure and territorial development.

  Other
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1. Cassa Depositi e Prestiti