When it comes to finding a bank in Italy, it depends on your needs and preferences. Italy is home to local and international banks, offering various services such as retail banking, corporate banking, investments, and international financial solutions.
Selecting a bank in Italy is a decision that can significantly impact your financial situation and convenience.
With its history and vibrant culture, Italy boasts a selection of banks offering unique services and benefits.
Whether you are a resident of Italy, an expatriate, or a business owner operating in the country, finding the bank to support your goals is essential.
So, let’s explore the factors and considerations that can provide insights into identifying “what are the best banks in Italy?”
(13) The best banks in Italy
Did you happen to know that Italy boasts several 505 banks?
Would you believe that they have 25,400 branches?
It’s quite a lot of locations for conducting your banking activities. Moreover, they employ a massive workforce comprising 278,200 staff members to ensure the operation of all these branches.
Many people are working hard to keep Italy’s banking system running smoothly!
So, in 2018, the Italian banking system went through a rough patch. The banking sector lost around 30 percent of its market value, which was not good news.
But guess what? Fast forward two years and things are starting to look up!
Let’s talk about some of the best Italian banks.
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1. Gruppo Bancario ICCREA
As a local financial institution, Gruppo Bancario ICCREA serves the needs of its customers. There are more than 130 cooperatives involved.
This organization contains several separate banks. However, ICCREA Banca is the cooperative’s parent bank and the authority over its subsidiary banks.
Gruppo Bancario ICCREA is an Italian financial company that helps other banks and credit unions serve rural areas. So, it can be one of the best banks in Italy.
Each bank in the Gruppo Bancario ICCREA family is responsible to its sister banks to provide liquidity and capital.
ICCREA Banca and ICCREA Holding amalgamated in 2016 as part of the group as part of the country’s financial reforms.
website: https://www.gruppobcciccrea.it/
2. Banca Nazionale del Lavoro
The Italian government took control of the bank, founded in 1913 under a different name, in 1929.
In 1988, a private company bought the bank and moved it out of the public sector. The French banking giant BNP Paribas acquired the bank in 2006.
Banca Nazionale del Lavoro is one of the largest banks in Italy, with headquarters in Rome. It offers customers a full range of banking products and services, including savings and checking accounts, credit and debit cards, insurance, cash management, and more.
In the beginning, Banca Nazionale del Lavoro had a branch in Argentina. However, HSBC purchased this location in 2006.
website: https://bnl.it/
3. Cassa Depositi e Prestiti
Cassa Depositi e Prestiti is an investment banking group that promotes national development.
It’s pretty cool that they’re now the third-largest bank in Italy regarding assets. Their headquarters are located in Rome!
The bank’s main shareholders are the Ministry of Economy and Finance, which gives them an advantage in being the Italian Postal savings custodians.
This is one of the ways they get their financial resources. At the end of 2018, the bank had total assets of €425.1 billion and loans worth €105 billion.
website : https://www.cdp.it/
4. Banco BPM
Most of Banco BPM’s branches are centralized in Lombardy, Veneto, and Piedmont, making it the fourth biggest bank in Italy with 4 million clients.
So basically, what happened was that Banco Popolare and Banca Popolare di Milano (BPM) merged in January 2017 to form this new bank.
So the bank has around 25,000 employees, and their main offices are in Milan and Verona. At the end of 2018, the bank’s balance sheet showed that its assets were consolidated at €160.5 billion.
website: https://www.bancobpm.it/
5. Credito Emiliano
The original name for Credito Emiliano was something else. Bank of Commercial Agriculture of Reggio Emilia.
The bank changed its name in 1983. Credito Emiliano acquired Banca Belinzaghi, a Milan-based financial institution, during this change.
It is in the region of Emilia-Romagna that Credito Emiliano makes its home. The bank is also included in the FTSE Italia index.
Credito Emiliano is the other best and so large bank in Italy that the European Apex Bank oversees it directly. This bank offers a full range of banking services to its customers.
The bank is organized into three primary departments for the sake of efficiency. Corporate Banking, Retail Banking, and Private Banking are the three sub-departments.
website : https://www.credem.it/
6. Banca d’Italia
Banca d’Italia is the Italian Central Bank. This organization participates in the European Central Bank.
The Bank of Italy was a Roman institution that opened for business in 1893. In this capacity, it must oversee the whole banking sector of the nation, ensure financial stability, and carry out monetary policy.
In addition to these functions, this organization also controls the creation and distribution of Euros.
The Minister of Finance and Economy appoints the Governor of Banca d’Italia to oversee the organization’s daily operations.
This individual’s job description calls for them to mediate between Italian and EU concerns.
website : https://www.bancaditalia.it/
7. Banca Sella Group
Since its founding in 1886, the Banca Sella Group has called Biella, Italy, home to its headquarters. Because of its size and longevity, this bank has one of Italy’s most extensive internet infrastructures.
In addition, it collaborates closely with commercial enterprises and private citizens. The continued success of this organization in the national market depends on its ability to provide superior digital services to its customers.
Customers may easily get financial services such as loans, insurance, mortgages, and more. The bank offers wealth management and investment services to customers who want more from their financial institution.
website : https://sellagroup.eu/
8. Deutsche Bank AG
Deutsche Bank AG is a financial institution based in Germany, as indicated by its name. The organization is an internationally recognized investment bank with its main headquarters in Frankfurt.
However, Deutsche Bank AG has been conducting operations in Italy since the 1970s and has become one of the best banks in Italy.
The company provides a range of services to its clients, encompassing investment banking, corporate banking, wealth management, retail banking, and other offerings.
In addition to the services above, it is worth noting that this bank maintains a significant presence in the capital markets of Italy.
Over the past few years, the Italian division of the financial institution has undergone a comprehensive overhaul aimed at enhancing the customer experience through a strategic emphasis on client relationships and sustainable development.
website: https://www.db.com/
9. Banca Carige
Banca Carige, established in 1483, is regarded as one of Italy’s most ancient financial institutions.
The bank had a different name at its inception. The bank currently maintains its corporate headquarters in Genoa.
Additionally, the organization possesses numerous branches and ATM outlets dispersed throughout Italy.
Banca Carige is a member of the financial cluster known as the Banca Carige Group. In addition to its offices located in Italy, the bank maintains a limited number of outlets across Europe.
The company specifically maintains an office located in the city of Nice, France.
website : http://www.gruppocarige.it/
10. Banca Popolare di Bari
Banca Popolare di Bari, a cooperative bank, has its headquarters in Bari. The cooperative bank, which was established in 1960, holds the distinction of being one of the oldest banks in Italy.
Furthermore, it offers its esteemed clientele a comprehensive range of products and services, encompassing loans, mortgages, savings, and insurance coverage.
Like other banks, this financial institution collaborates with communities, businesses, and individuals.
Banca Popolare di Bari also adopts a sustainable approach, aiming to offer its clients long-term functionality.
website : https://www.popolarebari.it/
11. Mediobanca
Since its founding in 1946, Mediobanca has functioned as an investment bank providing a comprehensive array of services for financial investments.
Mediobanca, the tenth-best and largest bank in Italy on our list, offers its clients a range of financial services, encompassing principal investment, consumer banking, investment banking, and wealth management.
Mediobanca played a crucial role in the reconstruction efforts of Italian cities following the devastation caused by the Second World War.
The bank’s role contributed significantly to establishing its reputation as one of the most trusted financial institutions in the country. Throughout its operations, Mediobanca has successfully established several international branches in key locations, including Madrid, New York, Paris, Luxembourg, London, Frankfurt, and Milan.
website: https://www.mediobanca.com/
12.MOnte dei Paschi di Siena
Monte has become the eleventh-best bank in Italy in our list by offering a wide range of services like deposits, loans, bancassurance, asset management, investment banking, and online banking.
So, the Ministry of Economy and Finance is the big boss here, owning a whopping 68% of the shares. Assicurazioni Generali SpA, on the other hand, has a smaller stake, with just 4.3% of the shares.
Did you know it’s one of the world’s oldest banks? It was established way back in 1472! And guess what?
At the end of 2018, it sold its subsidiary, Banca Monte Paschi Belgio, to an American Equity firm called Warburg Pincus. Pretty interesting, right?
So, it’s based in Siena and had assets worth €143.59 billion by the end of 2018.
website: https://www.mps.it/
13. Unicredit SpA
Did you know that Unicredit SpA is the largest bank in Italy? The Central Bank of Italy has confirmed that Unicredit SpA tops the charts regarding assets, loans, and deposits.
They have a huge customer base of over 25 million people! They also have a lot of branches, with 4,500 locations in total. It’s interesting to know that 2,868 of those branches are in Italy.
And they’ve provided jobs for a whopping 84,600 employees. In January 2020, Unicredit Bank’s market capitalization was around US$31 billion.
website : https://www.unicreditgroup.eu/
What are considerable tips about the best banks in Italy?
When considering which bank in Italy would be the best fit for you, it’s important to consider a few things to make a well-informed choice.
We’ve got some important tips that can help you navigate the process. Check them out:
- Before picking a bank, determine your short- and long-term objectives. Different banks excel in savings accounts, investment services, or foreign exchange, so match your aims with theirs.
- Each bank’s services should be researched. Consider if you need checking, savings, investment, mortgage, or business services. Choose a bank with your requirements in mind.
- Examine bank fees. Account maintenance, ATM, transaction, and other costs should be considered. Find a bank with clear, competitive fees.
- Consider branch and ATM accessibility, particularly if you prefer in-person banking. A large network simplifies account and service access.
- Assess platforms’ quality. User-friendly digital services improve banking and save time.
- Check the bank’s service. Read testimonies and ask friends and coworkers for suggestions. Excellent customer service may improve your banking experience.
- Comparison of savings and bank account interest rates. Higher interest rates accelerate savings growth.
- The bank’s financial soundness and credit ratings should be checked. A financially solid bank will likely protect your money and assets.
- Expatriates in Italy should ask about multi-currency accounts, English-language help, and international banking.
- Check out the bank’s insurance, investment, and rewards programs. Our services may improve your banking connection.
- Carefully read and comprehend banking product and service agreements. Check minimum balances, withdrawal limitations, and account restrictions.
- Talk to bank personnel at different banks. Ask questions and clarify any doubts.
- If you’re new to Italy or inexperienced with banking, consult local financial professionals or expatriate groups. Experienced people may provide insights.
Remember that the best Italian financial institution for you may differ from person to person based on your specific needs and objectives.
Put in the time and effort necessary to select the best financial institution that fits your requirements and preferences.
Summary,
Searching for the finest bank in Italy is very personalized, depending on the person’s unique monetary requirements and goals.
Italy’s banking industry is varied and competitive, with institutions providing everything from retail banking to institutional investment services.
Finding the best bank for your specific needs in Italy requires a careful evaluation of your financial objectives, extensive research into the services and fees offered by various banks, and careful consideration of important factors such as convenience (such as location and online banking options), customer service (including response time), and security (such as the bank’s financial health).
Furthermore, remember that the greatest Italian bank for you may differ from the best bank for someone else since different people have different objectives.
If you pay attention to the advice, you can establish a solid banking connection in Italy to support your financial goals.
Now, let’s see your idea and share what you know about the best banks in Italy.
6. I’m not sure which bank to choose. I’m looking for a bank that has good customer service, low fees, and a variety of online banking options.
I’m considering opening an account with them when I move to Italy next year.
Great blog post! I’m planning a trip to Italy soon and I need to figure out how I’m going to manage my money there. This will be a great resource for me to start my research.