“The opening of companies to external investors and the development of a non-banking financial industry are among the main objectives of the European Capital Markets Union project. It is the most promising international front in this area, even if it is exposed to the uncertainties and exhausting negotiations typical of European projects. Italy must move in the meantime”. This was stated by Salvatore Rossi, general manager of the Bank of Italy and president of IVASS, speaking at the 49th savings day.
Rossi recalled the birth of the Pir, which in a few months raised "over 5 billion", a result "exceeding the forecasts formulated by the Government itself; this is good news, even if the risks should not be underestimated, especially in terms of saver protection”.
Another relatively new and growingly successful tool for Italy are the SPACs (Special Purpose Acquisition Companies), small private equity funds "which raise resources from a few investors based solely on the personal reputation of the promoters and use them to acquire the control of a single target company - continued the general manager of Bank of Italy - to be found in a defined time after the vehicle has been set up. They are listed and in turn accelerate the listing of the target company”.
According to Rossi “they are interesting signs, they need to take root. The entire Italian financial system must change and turn towards the best, most innovative companies, helping them to grow. The future of the entire Italian economy depends on it”.
In order for our companies "to be able and willing to turn to non-bank entities or directly to the market for their financial needs - concluded Rossi - they must therefore increase the degree of transparency in management, improve the quality of governance, present balanced and credibility, carry out a profound cultural change, which also involves acquiring new financial skills and developing relationships with investors who have very different needs from those of a traditional bank. All of this is already within the reach of many medium and large companies. The audience needs to widen."
