Cassa Depositi e Prestiti

Cassa Depositi e Prestiti (CDP) is Italy’s national promotional institution, established in 1850 and transformed into a joint-stock company in 2003. It is majority controlled by the Italian Ministry of Economy and Finance, with the remaining shares held by Italian banking foundations. CDP’s funding is dominated by postal savings products—savings bonds and passbooks distributed through Poste Italiane—which benefit from an explicit guarantee of the Italian state; it also issues bonds and raises wholesale market funding. Operations are organized under a dual-account structure: a Separate Account that invests state‑guaranteed postal savings primarily in public-sector lending and other legally defined uses, and an Ordinary Account for market-based activities. CDP finances central and local public entities, infrastructure and project finance, corporate investment in sectors considered strategic, and SME access to credit through guarantees and dedicated funds; it conducts equity investments via subsidiaries such as CDP Equity and manages venture initiatives through CDP Venture Capital SGR. By law it also acts as Italy’s financial institution for international development cooperation and frequently co-finances projects with European and multilateral institutions. CDP is not a retail bank and does not offer current accounts, cards, or payment services; its sole interface with retail savers is through postal savings issued by CDP and placed by Poste Italiane under a long-term distribution agreement. Credit ratings are generally aligned with the sovereign due to strong links with the state and the guarantee framework. Key risk factors include concentration in the domestic economy, exposure to Italian sovereign risk, interest rate sensitivity of postal savings, and policy-driven mandates that can influence asset mix and returns. CDP publishes statutory and sustainability disclosures and is subject to specific public-law oversight and EU state-aid constraints.