Financial conglomerates

On March 31, 2006, Consob, the Bank of Italy and ISVAP (now IVASS) jointly signed the coordination agreement on the identification and capital adequacy of financial conglomerates.

Drafted in implementation of the legislative decree 30 May 2005, n. 142, the text specifies the ways in which the three authorities consult and exchange information aimed at identifying the financial conglomerates to be subject to supplementary supervision, the authorities called upon to carry out the role of coordinator of the supplementary supervisory activity on the already identified conglomerates, the criteria and methods for capital adequacy measurements at the conglomerate level.


LIST OF ITALIAN FINANCIAL CONGLOMERATES SUBJECT TO SUPPLEMENTARY SUPERVISION BY THE NATIONAL COMPETENT AUTHORITIES AT 31 DECEMBER 2020
(published on 2 November 2021)
 

Conglomerate Main sector Coordinating Authority
Generali Insurance IVASS
Mediolanum Banking / Financial Bank of Italy

LIST OF ITALIAN FINANCIAL CONGLOMERATES SUBJECT TO SUPPLEMENTARY SUPERVISION BY THE NATIONAL COMPETENT AUTHORITIES AT 31 DECEMBER 2019 (published on 17 December 2020)

Conglomerate Main sector Coordinating Authority
Generali Insurance IVASS
Mediolanum Banking / Financial Bank of Italy

LIST OF ITALIAN FINANCIAL CONGLOMERATES SUBJECT TO SUPPLEMENTARY SUPERVISION BY THE NATIONAL COMPETENT AUTHORITIES AT 31 DECEMBER 2018
(published on 25 September 2019)
 

Conglomerate Main sector Coordinating Authority
Generali Insurance IVASS
Mediolanum Banking / Financial Bank of Italy
Unipol (*) Insurance IVASS

(*) As regards the Unipol financial conglomerate, it reserves the right to update the assessments provided for by Legislative Decree no.142 / 2005 in light of the corporate transactions completed in 2019.


LIST OF ITALIAN FINANCIAL CONGLOMERATES SUBJECT TO SUPPLEMENTARY SUPERVISION BY THE NATIONAL COMPETENT AUTHORITIES AT AL 31 DECEMBER 2017
(published on 28 September 2018)
 

Conglomerate Main sector Coordinating Authority
Generali Insurance IVASS
Mediolanum Banking / Financial Bank of Italy
Unipol Insurance IVASS

LIST OF ITALIAN FINANCIAL CONGLOMERATES SUBJECT TO SUPPLEMENTARY SUPERVISION BY THE NATIONAL COMPETENT AUTHORITIES AT AL 31 DECEMBER 2016
(published on 24 October 2017)
 

Conglomerate Main sector Coordinating Authority
Generali Insurance IVASS
Mediolanum Banking / Financial Bank of Italy
Unipol Insurance IVASS

LIST OF ITALIAN FINANCIAL CONGLOMERATES SUBJECT TO SUPPLEMENTARY SUPERVISION BY THE NATIONAL COMPETENT AUTHORITIES AT 31 DECEMBER 2014
(published on 5 August 2015)
 

Conglomerate Main sector Coordinating Authority
Azimut Banking / Financial Bank of Italy
Carige (*) Banking Bank of Italy
Generali Insurance IVASS
Intesa Sanpaolo Banking / Financial Banca Centrale Europea
Mediolanum Banking / Financial Bank of Italy
MPS (esenzione ex art.
4, comma 1, lettera a,
del d.lgs. n. 142/2005)
Banking / Financial  
Unicredit (esenzione ex art.
4, comma 1, lettera a,
del d.lgs. n. 142/2005)
Banking / Financial  
Unipol Insurance IVASS

(*) The Carige Group met the requirements to be qualified as a financial conglomerate based on the data at the end of 2014 but, due to the sale of all its insurance holdings with effect from 5 June 2015, it is no longer qualified as a financial conglomerate at the time of publication of this list.


LIST OF ITALIAN FINANCIAL CONGLOMERATES SUBJECT TO SUPPLEMENTARY SUPERVISION BY THE NATIONAL COMPETENT AUTHORITIES AT 31 DECEMBER 2013
(published on  4 July 2014)
 

Conglomerate Main sector Coordinating Authority
Azimut (*) Banking / Financial Bank of Italy
Carige Banking / Financial Bank of Italy
Generali Insurance IVASS
Intesa Sanpaolo Banking / Financial Bank of Italy
Mediolanum (**) Banking / Financial Bank of Italy
Unipol Insurance IVASS

(*) As far as the insurance sector is concerned, the group only includes companies based in Ireland and, as such, not subject to supervision by IVASS.

(**) It should be noted that the group denotes a balanced activity in the various sectors as in recent years: at 31.12.2013, however, the predominance of banking activity was confirmed over insurance, which assumes a structural character. The role of Coordinating Authority is therefore assumed by the Bank of Italy.


LIST OF ITALIAN FINANCIAL CONGLOMERATES SUBJECT TO SUPPLEMENTARY SUPERVISION BY THE NATIONAL COMPETENT AUTHORITIES AT DECEMBER 2012
(published on  5 August 2013)

Conglomerate Main sector Coordinating Authority
Azimut (*) Banking / Financial Bank of Italy
Carige Banking / Financial Bank of Italy
Generali Insurance IVASS
Intesa Sanpaolo Banking / Financial Bank of Italy
Mediolanum (**) Banking / Financial Bank of Italy
Unipol Insurance IVASS

(*) As far as the Insurance sector is concerned, the group only includes companies based in Ireland and, as such, not subject to supervision by IVASS.

(**) It should be noted that the group denotes a balanced activity in the various sectors as in recent years: at 31.12.2012, however, the predominance of banking activity was confirmed over insurance, which assumes a structural character. The role of Coordinating Authority is therefore assumed by the Bank of Italy.


LIST OF ITALIAN FINANCIAL CONGLOMERATES SUBJECT TO SUPPLEMENTARY SUPERVISION BY THE NATIONAL COMPETENT AUTHORITIES AT 31 DECEMBER 2011
(published on 21 September 2012)

Conglomerate Main sector Coordinating Authority
Azimut (*) Banking / Financial Bank of Italy
Carige Banking / Financial Bank of Italy
Generali Insurance ISVAP
Intesa Sanpaolo Banking / Financial Bank of Italy
Mediolanum (**) Banking ISVAP
Unipol Insurance ISVAP

(*) As far as the insurance sector is concerned, the group only includes companies based in Ireland and, as such, not subject to supervision by ISVAP.

(**) The group has a balanced activity in the various sectors: as at 31.12.2011, the prevalence of the Banking sector over the Insurance sector is very modest and is attributable to a cyclical change in the balance sheet aggregates and not to a change in the strategy of the Conglomerate on the Insurance sector, therefore coordination is maintained by ISVAP.


LIST OF ITALIAN FINANCIAL CONGLOMERATES SUBJECT TO SUPPLEMENTARY SUPERVISION BY THE NATIONAL COMPETENT AUTHORITIES AT 31 DECEMBER 2010 
(published on 15 July 2011)

Conglomerate Main sector Coordinating Authority
Azimut (*) Banking / Financial Bank of Italy
Carige Banking / Financial Bank of Italy
Generali Insurance ISVAP
Intesa Sanpaolo Banking / Financial Bank of Italy
Mediolanum Insurance ISVAP
Unipol Insurance ISVAP

(*) As far as the insurance sector is concerned, the group only includes companies based in Ireland and, as such, not subject to supervision by ISVAP.


LIST OF ITALIAN FINANCIAL CONGLOMERATES SUBJECT TO SUPPLEMENTARY SUPERVISION BY THE NATIONAL COMPETENT AUTHORITIES AT 9 JULY 2010)

Conglomerate Main sector Coordinating Authority
Azimut (*) Banking / Financial Bank of Italy
Carige Banking / Financial Bank of Italy
Generali Insurance ISVAP
Intesa Sanpaolo Banking / Financial Bank of Italy
Mediolanum (**) Insurance ISVAP
Unipol Insurance ISVAP

(*) The group includes only insurance companies based in Ireland and, as such, not subject to supervision by ISVAP.

(**) The prevalence of the Mediolanum group's activity in the Banking sector, which was found for the first time in 2008, proved to be temporary, confirming the validity of the choice made last year to maintain the role of coordinator of supplementary supervision by ISVAP.


LIST OF ITALIAN FINANCIAL CONGLOMERATES SUBJECT TO SUPPLEMENTARY SUPERVISION BY THE NATIONAL COMPETENT AUTHORITIES AT 31 DECEMBER 2008
(published on 9 July 2009)

Conglomerate Main sector Coordinating Authority
Azimut (*) Banking / Financial Bank of Italy
Carige Banking / Financial Bank of Italy
Generali Insurance ISVAP
Intesa Sanpaolo Banking / Financial Bank of Italy
Mediolanum (**) Banking / Financial ISVAP
Unipol Insurance ISVAP

(*) The group includes only insurance companies based in Ireland and, as such, not subject to supervision by ISVAP.

(**) The coordination of the supplementary supervision of the Mediolanum group was maintained by ISVAP in consideration of the fact that the main activity in the Banking sector was encountered for the first time in 2008. Banking sector assumes a structural nature, the assignment of the role of coordinator of supplementary supervision will consequently be reviewed.


LIST OF ITALIAN FINANCIAL CONGLOMERATES SUBJECT TO SUPPLEMENTARY SUPERVISION BY THE NATIONAL COMPETENT AUTHORITIES AT 31 DECEMBER 2007
(published on  2 October 2008)

Conglomerate Main sector Coordinating Authority
Azimut (*) Banking / Financial Bank of Italy
Banco di Desio e della Brianza Banking Bank of Italy
Carige Banking Bank of Italy
Generali Insurance ISVAP
Intesa Sanpaolo Banking Bank of Italy
Mediolanum  Insurance ISVAP
Unipol Insurance ISVAP

(*) The group does not include Italian insurance companies subject to supervision by ISVAP.


LIST OF ITALIAN FINANCIAL CONGLOMERATES SUBJECT TO SUPPLEMENTARY SUPERVISION BY THE NATIONAL COMPETENT AUTHORITIES AT 31 DECEMBER 2006
(published on 19 September 2007)

Conglomerate Main sector Coordinating Authority
Azimut (*) Insurance Bank of Italy
Banco di Desio e della Brianza Banking Bank of Italy
Carige Banking Bank of Italy
Generali Insurance ISVAP
Intesa (**) Banking Bank of Italy
Mediolanum (**) Insurance ISVAP
Monte dei Paschi di Siena Banking Bank of Italy
San Paolo-IMI Banking Bank of Italy
Unipol Insurance ISVAP

(*) The group does not include Italian insurance companies subject to supervision by Isvap.

(**) The two banking groups Intesa and San Paolo-IMI merged with effect from 1.1.2007.


With reference to the financial statement data for the 2004 financial year,
the following financial conglomerates have been identified
(published on 31 March 2006)

Conglomerate Main sector Coordinating Authority
Carige Banking Bank of Italy
Intesa Banking Bank of Italy
Mediolanum Insurance ISVAP
Monte dei Paschi Banking Bank of Italy
San Paolo-IMI Banking Bank of Italy
Unicredito Banking Bank of Italy
Unipol Insurance ISVAP