May 2026
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Largest Commercial Banking Public Companies in Italy
Benchmark revenue and EBITDA valuation multiples for public comps like
UniCredit, Intesa Sanpaolo, Banca Monte dei Paschi di Siena, BPER Banca and Banco BPM.
 | UniCredit is one of the two largest Italian retail and commercial banks, but roughly a half of its operations is outside Italy. UniCredit has a strong presence in Germany, Austria, and Central and Eastern Europe. It generates most of its revenue from retail banking, but also maintains a sizable corporate and investment bank. | $86 | +31% | $129B | $247B | 8.5x | - | ||
| Intesa Sanpaolo is an Italian banking group resulting from the merger of Banca Intesa and Sanpaolo IMI in 2007. The Italian segment still accounts for by far the most of its earnings. Still, Intesa also has a growing international presence, focusing on some smaller countries in Central and Eastern Europe. Intesa has an enviable market position in the Italian savings market that it services through its private banking, asset management and life insurance operations, which accounts for around 25% of its revenue. While Intesa does have a sizable corporate banking business, it has limited exposure to securities trading and underwriting. | $7 | +17% | $115B | $225B | 6.8x | - | ||
| Banca Monte dei Paschi di Siena S.p.A. is a banking group operating in Italy, and mainly providing traditional retail and commercial banking services. The group is also active in other business areas such as leasing, factoring, corporate finance, and investment banking through its various subsidiaries. A majority of the group's net revenue is net interest income, followed by net fees and commission income. Loans to customers overwhelmingly constitute a majority of the bank's earning assets, approximately half of which are mortgages. The company's segment includes Retail banking, Wealth Management, Corporate banking, and Large Corp. & Investment Banking. The company generates majority of revenue from Retail and corporate banking segment. | $11 | +27% | $32B | $85B | 14.4x | - | ||
| BPER Banca SpA is a banking group consisting of four Italian regional commercial banks that merged on the initiative of BPER Banca. The banks are involved in a number of market segments, including retail banking, corporate and investment banking, and wealth management and insurance. In addition to the banks, the Group includes product companies, including asset management, personal loans, leasing, and factoring operations, and special purpose vehicles. Its strategy emphasizes customer service and cooperative banking. BPER group's customer base overwhelming derives from retail banking, mostly from individuals with some business deposits. Its loan base, however, is principally the group's corporate customers. | $14 | +52% | $28B | $46B | 5.7x | - | ||
| Banco BPM SpA is a financial services provider. It offers services including retail banking, corporate banking and private and investment banking/asset management. | $16 | +37% | $24B | $50B | 6.4x | - | ||
| Mediobanca SpA is a specialized financial group operating in Wealth Management, Corporate & Investment Banking, and Consumer Finance in the Italian market. It operates through four divisions: Wealth Management, which provides savings products and investment and wealth management services; Corporate & Investment Banking, which provides financial advisory services and capital markets transactions; Consumer Finance, which offers personal loans, credit cards, salary-backed loans, and HeyLight BNPL solutions; and Insurance & Principal Investing, which manages equity investments including Assicurazioni Generali. Holding Functions support Group operations. The majority of revenue comes from Consumer Finance. | $25 | +11% | $20B | $59B | 13.8x | - | ||
| Banca Mediolanum is an Italy-based company which provides banking and financial services. It operates with various segments namely Lending which includes Retail and Commercial Banking, Treasury activities which has trading and sales, Asset Management and Retail Brokerage. The company offers current accounts, mortgages and loan products; credit, debit, and rechargeable cards and investment products. Geographically, it operates the market of Italy, Spain, and Germany of which Italy accounts for a larger share of revenue. | $23 | +35% | $17B | $17B | 6.2x | - | ||
| FinecoBank SpA is a FinTech bank in Europe. It offers a business model which combines platforms with a large network of financial advisors. It offers a single account with banking, trading and investment services, on transactional and advisory platforms developed with proprietary technologies. Fineco is a bank in brokerage in Europe, and an important player in private banking in Italy, offering advanced and tailor-made advisory services. | $24 | +11% | $15B | $16B | 8.7x | - | ||
| Banca Popolare di Sondrio SpA operates prominently in Italy, offering a broad range of banking products and services. Its key business segments include retail banking with current and savings accounts, various types of loans for individuals and small to medium-sized enterprises, and deposit services. The bank also provides insurance products and services, including life, property, health, and travel insurance. Additionally, it generates revenue through financial instruments, asset management, leasing, advisory, and payment services. The company serves a diverse client base and supports both traditional and digital banking operations. Its revenue comes largely from interest income, fees, and insurance premiums. | $21 | +54% | $9B | $16B | - | - | ||
| Banca Generali is a private bank that supports clients in the care and protection of assets with innovative and sustainability-oriented solutions. It is involved in financial planning and asset protection of clients. It offers services such as Home Banking; Online Trading; Mobile and Wearable Payments and C-less debit and credit cards; Investment services and wealth management services. The company has more than 45 branches and 170 offices in the main Italian cities. | $64 | +17% | $7B | $8B | 5.8x | - | ||
| Credito Emiliano is a banking group that consists of several financial services companies. The group operates in multiple regions throughout Italy, particularly in the north and central portions of the country. Its activities principally include commercial banking, including retail services and small and medium enterprise banking, asset management, bancassurance as well as Trading services, and treasury. The group's distribution network targeting retail and corporate banking customers includes branches, business centers, and financial outlets. Its wealth management activities include mutual fund management, portfolio management, as well as private equity and hedge fund offerings. The bank's funding sources derive from direct bank deposits, insurance reserves, and assets under management. | $18 | +24% | $6B | $11B | 4.6x | - | ||
| Banca Ifis is an independent banking group specializing in the provision of banking and other financial services. It specializes in providing factoring services, managing distressed loans, servicing and managing non-performing, secured loans, and offering leasing services, among other activities. The company's operating segments are Commercial & Corporate Banking, NPL, and Governance & Services and Non-Core. A majority of its revenue is generated from the Commercial & Corporate Banking segment, which represents the Group's commercial offerings dedicated to businesses and also includes personal loans with the assignment of one-fifth of salary or pension. This segment consists of the factoring, leasing, and corporate banking & lending business areas. | $23 | -12% | $1B | $7B | 7.3x | - | ||
| Banco Di Desio E Della Brianza SpA is an Italy based company engaged in providing financial services. The group operates by carrying out traditional banking activities, providing asset management services and selling life and non-life bancassurance products. It offers loans and deposits; financial, banking, and payment services; insurance products, asset management products; debit and credit cards. The bank serves individuals and small to midsized businesses by providing other services. The activities are carried out through Italy. | $11 | +30% | $1B | $6B | 7.7x | - | ||
| Dovalue SpA is principally engaged in the management of credit portfolios and real estate arising from non-performing loans. It offers its clients, both banks and investors, services for the management of portfolios of non-performing loans (NPL), unlikely to pay (UTP), early arrears, and performing loans. Along with its subsidiaries, the company is also active in the management and development of real estate assets arising from the management of non-performing loans. In addition, the group offers various ancillary services such as legal services, due diligence services, data management services, and master servicing activities. Geographically, it operates in Italy, the Hellenic Region, and Iberia. A majority of its revenue is generated from the Hellenic Region. | $3 | -9% | $492M | $1B | 1.5x | 4.1x | ||
| Banca Sistema SpA provides factoring and banking services. It is specialized in the acquisition, management, and financing of receivables. The firm's products and services comprise current accounts, time deposits, funding for SMEs, non-recourse factoring, credit management, and payment services. Segment reporting of the company includes the following divisions: Factoring Division includes the business related to the origination of trade and tax receivables with and without recourse and the management. CQ Division, which includes the business related to the purchase of salary- and pension-backed loans. Collateralized Lending Division includes the business related to collateral-backed loans. Corporate Division includes activities related to the management of the Group’s financial resources. | $2 | +4% | $167M | $380M | 1.9x | - | ||
| Banca Profilo SpA provides services for managing the assets of private and institutional clients and to the financial needs of companies. The company's operating segments include Private Banking and Investment banking; Finance; Digital channels; Activities Abroad and Corporate Centre. It generates maximum revenue from the Finance segment. The Finance segment relates to the management and development of trading activities on their own account and on behalf of third parties in financial instruments and services related to their issue and placement. | $0 | +1% | $126M | $19M | 0.2x | - | ||
| Median | $17 | +21% | $12B | $16B | 6.4x | 4.1x |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
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