A branch of Banca Monte dei Paschi di Siena SpA in Siena.
Photographer: Francesca Volpi/BloombergBillionaire Clans Jostle for Power in Italy’s Reshaped Banking Sector
Two wealthy families are building their influence as a wave of banking deals sweeps across the country.
Two of Italy’s most prominent billionaire clans are emerging as key power brokers in the biggest reshaping of the country’s banking industry for more than a decade.
The Del Vecchios, who control Ray-Ban maker EssilorLuxottica SA, and construction tycoon Francesco Gaetano Caltagirone have both built big stakes in Banca Monte dei Paschi di Siena SpA, the once-troubled bank set to play a pivotal role in the M&A wave. Together, the families now wield a combined €15 billion of financial services investments in Italy — and plan to make their voices heard as consolidation accelerates.