At the end of March 2019, there were 505 banks in Italy including 136 public limited banks (Spa), 22 cooperative banks, 268 mutual banks and 79 branches of foreign banks. Overall, the banks operate 25,400 branches and employ 278,200 staff. The number of ATMs in Italy equals approximately 49,000. During 2018 the Italian banking system lost about 30% of its market value. Unicredit, Intesa Sanpaolo, CDP and Banco BPM are the four largest Italian banks as measured by assets. Banca d'Italia (or Bank of Italy), established in 1893, is the central bank of the country. Following is a list of the largest and best banks in Italy.

Unicredit SpA

Unicredit SpA is the largest bank in Italy by total assets, loans and deposits. It serves over 25 million customers through more than 4,600 branches and ATMs, including over 2,500 branches in Italy and 340 in Germany. It also has branches in the United States, the UK, France, Switzerland, Spain, UAE, Japan and China, among others. Founded in 1998, the company is headquartered in Milan and employs over 88,000 employees. At March 31, 2019, it had €847.7 billion in total assets, €474 billion in deposits and €58 billion in shareholders' equity. Unicredit is rated Baa1, BBB, and BBB by Moody's, Standard & Poor’s and Fitch, respectively. As of September 30, 2019, Unicredit had a market capitalization of US$26.5 billion.

Intesa Sanpaolo

Intesa Sanpaolo is the second largest bank in Italy by assets and the largest by number of branches and employees. Headquartered in Turin, it is one of the top banks in the eurozone offering services to retail, corporate and SME customers as well as high net worth individuals. With 11.9 million clients in Italy, it operates a network consisting of 4,217 domestic branches and 1,085 branches abroad. The company’s business lines include Corporate and Investment Banking, Banca dei Territori, International Subsidiary Banks, Private Banking, Asset Management, and Insurance. For the year ended December 31, 2018, the Bank reported net income of €4.05 billion, €787.7 billion in total assets, €394 billion in loans and €415.1 billion in direct deposits from banking business. With 92,120 employees including 68,308 in Italy, Intesa Sanpaolo has a domestic market share of 18% in customer deposits, 19% in customer loans, 20.7% in asset management, 22.4% in pension funds and 26.8% in factoring.

Cassa Depositi e Prestiti

Established in 1850, Cassa Depositi e Prestiti (CDP) is an investment banking group and the national promotion institution headquartered in Rome. With about 30,000 employees, it is the third largest Italian bank by assets. The Italian Ministry of Economy and Finance is the principal shareholder of the company. 15.9% of CDP’s share capital is held by a group of banking foundations and 1.3% in treasury shares. Cassa Depositi e Prestiti is responsible for the Italian Postal savings which represent first source of its financial resources. Companies subject to management and coordination by CDP are SACE SIMEST (insurance, reinsurance and financial products), CDP Immobiliare, Fintecna, CDP Investmenti SGR, CDP Equity and CDP RETI (an investment vehicle). As of December 31, 2018, Cassa Depositi e Prestiti total assets and loans amounted to €425.1 billion and €105 billion, respectively.

Banco BPM

Banco BPM S.p.A. is the fourth largest bank in the country with approximately 4 million customers. The bank’s branches are concentrated in Lombardy, Veneto and Piedmont. It was formed through the merger of Italian cooperative banks Banco Popolare and Banca Popolare di Milano (BPM) on January 1, 2017. The company is headquartered in Milan and Verona and employs 25,000 people. The consolidated balance sheet totalled €160.5 billion at December 2018.

Monte dei Paschi di Siena

Banca Monte dei Paschi di Siena S.p.A. (BMPS) is the fifth largest bank in Italy. It offers deposit and lending products, bancassurance, asset management, investment banking, online banking and other services. Ministry of Economy and Finance is the majority shareholder with 68% shares. Other large shareholder is Assicurazioni Generali S.p.A. (4.3%). Established in 1472, Monte Paschi is the oldest bank in the world. In October 2018, it agreed to sell its subsidiary Banca Monte Paschi Belgio to Warburg Pincus, an American private equity firm.

UBI Banca

UBI Banca (or Unione di Banche Italiane S.p.A.) is one of the top 10 banking groups in Italy. It operates through approximately 1,650 branches nationwide and employs 21,000 people. The branch network is concentrated in Calabria, Apulia, Basilicata, Campania, Marche, Liguria, Lombardy and Piedmont. The company was founded by the merger of Banche Popolari Unite and Banca Lombarda e Piemontese in 2007. The following units were incorporated into UBI Banca in 2016-2018: Banca Popolare di Bergamo, Nuova Banca delle Marche, Banca Popolare Commercio e Industria, Banca Regionale Europea, Banco di Brescia, Banca Popolare di Ancona, Nuova Banca dell'Etruria e del Lazio, Banca di Valle Camonica, Banca Carime as well as Nuova Cassa di Risparmio di Chieti.

The Group's specialist companies include UBI Pramerica SGR S.p.A. (asset management), UBI Leasing, UBI Factor (factoring) and IW Bank Private Investments (online bank). UBI Banca S.p.A. is listed on the Borsa Italiana, with a market capitalization of EUR 2.6 billion as of June 1, 2019.

Banca Nazionale del Lavoro

Banca Nazionale del Lavoro (BNL), headquartered in Rome, is one of the leading banking groups in Italy. It operates as a subsidiary of BNP Paribas, a French banking group. It offers savings products, personal and commercial loans, mortgages, debit and credit cards, insurance, leasing, factoring, cash management, international payments, investment banking, real estate brokerage, asset management, mobile and online banking and more. The company was founded in 1913 and currently operates approximately 1,000 branches across Italy.

BPER Banca

BPER Banca S.p.A. (formerly Banca Popolare dell'Emilia Romagna), based in Modena, is the eighth largest bank in the country. It provides mainly the traditional banking services throughout Italy, except in Piedmont and Sardinia. The Group's network includes over 1,200 branches located in 18 Italian regions as well as office in the Grand Duchy of Luxembourg. The company offers corporate and investment banking, insurance, wealth management, personal and SME loans, mortgages, leasing, factoring and mobile and online banking. The company was created in 1983 from the merger of Banca Popolare di Modena (established in 1867) and Banca Cooperativa di Bologna. In 1992, the Bank merged with Banca Popolare di Cesena. As of September 2018, BPER Banca Group had €50 billion in loans and €51.2 billion in direct deposits.

Mediobanca

Headquartered in Milan, Mediobanca is the leading investment bank as well as one of major consumer credit operators in Italy through Compass Banca. The Group’s main business activities are Corporate & Investment Banking (CIB), Consumer Banking, Wealth management, and Principal Investing. Wealth management division include Compagnie Monégasque de Banque, CheBanca!, Spafid, Mediobanca Private Banking, Cairn Capital, Mediobanca SGR, MB Asset Management and RAM Active Investments. Mediobanca has international branches and offices in London, New York, Madrid, Paris, Frankfurt and Luxembourg. Founded in 1946 to support the post-war reconstruction, the company employs 4,700 people.

Credit Agricole Italia

Based in Parma, Credit Agricole Italia (a trading name of Crédit Agricole Cariparma S.p.A.) is a member of French banking group Crédit Agricole. With 997 retail branches and 55 small business centers, the company provides financial products and services in 11 Italian regions including Liguria, Emilia-Romagna, Friuli-Venezia Giulia, Lazio, Campania, Umbria, Lombardy, Tuscany, Veneto and Piedmont. Subsequent to the acquisition of Cassa di Risparmio di Rimini, Cassa di Risparmio di Cesena, and Cassa di Risparmio di San Miniato, finalized in 2017, the company serves more than 2 million clients and employs over 10,000 staff. Crédit Agricole Italia Banking Group has total assets of over EUR 65 billion. It is rated Baa1 by Moody’s, with negative outlook.

See also:

Branches of Foreign Banks in Italy

Below is a list of branches foreign banks in Italy.

Aareal Bank Ag (Via Mercadante 12/14, Rome)
Abc International Bank, Milano branch
AKF Bank Gmbh & Co
Alpenbank AG (20 Via della Rena, 39100 Bolzano BZ)
Attijariwafa Bank Europe Sede Secondaria Italiana
Banca Farmafactoring S.p.A
Banca Transilvania
Banca UBAE S.p.A.
BBVA, Milan Branch
Banco do Brasil S.A.
Bank of America, N.A.
Bank of China Ltd, Italian Branch
Bank Sepah (50 Via Barberini, 00187 Comune di Roma)
Banque Populaire Cote D'Azur
Banque PSA Finance, Italian Branch
Barclays Bank Plc
Bayerische Landesbank
BHW Bausparkasse AG
Binckbank NV, Italy
BMW Bank Gmbh (Via della Unione Europea 4, San Donato Milanese)
BNP Paribas Leasing Solutions S.p.A.
BNP Paribas Securities Services, Milan Branch
Bnp Paribas Succursale Italia
BSI Europe S.A.
Carrefour Banca
Citibank International Plc
Citibank N.A., Italy
Commerzbank AG
Credit Agricole Corporate & Investment Bank
Credit Suisse (Italy) S.p.A.
Credit Suisse AG, Milan Branch
Credit Suisse International, Italian Branch
Depfa Bank Public Limited Company
Europe Arab Bank Plc - Milan Branch
Fce Bank Plc, Italy
HSBC Bank plc, Milan branch
Hypo Alpe-Adria-Bank SpA
Hypothekenbank Frankfurt AG
Industrial and Commercial Bank of China (Europe) S.A.
ING Bank N.V, Italy
ING Direct N.V.
J.P. Morgan Securities Plc
JPMorgan Chase Bank, National Association
La Compagnie Financiere Edmond de Rothschild Banque
Bank of America Merrill Lynch International DAC (BAMLI DAC), Milan Branch
(formerly Bank of America Merrill Lynch International Ltd (BAMLI Ltd))
Morgan Stanley Bank International Ltd, Milan Branch
Natixis S.A., Milan Branch
Portigon AG (formerly WestLB AG)
Societe Generale, Italy
Standard Chartered Bank (Corso Europa 2, Milan, MI)
MUFG Bank Ltd, Milan branch (formerly Bank of Tokyo-Mitsubishi UFJ)
Volkswagen Bank GmbH Italia
Royal Bank of Scotland Plc (Permanently closed)
Union Bancaire Privee (Europe) S.A. (UBP Milan)