With Fabrizio Palenzona, Italian capitalism tries to emerge from its lethargy

Italian capitalism, little big capitalism, is coming out of hibernation. He spent a long time in apnea, but let’s be indulgent: between the pandemic, war, inflation, energy crisis, government crisis, the fifth change of political majority in a decade (and what a change) all that remained was to put mattresses on the windows. The last shiver died a year ago with the battle of Trieste for Assicurazioni Generali, now this spring awakening brings a friccico to Piazza degli Affari. Meanwhile, thanks to the 2022 rebound, listed companies have made full profits, even beating inflation. Dividends to shareholders are expected to amount to thirty billion euros with an increase of 11.3 percent, while the price growth achieved so far is only five percentage points. With this “treasure” the animal spirits they get going again. And if someone wants to lie down in the tropical sun, there are those, like Fabrizio Palenzona, the alarm sounds. Capitalism is not an ectoplasm, it is made of flesh and blood, it walks on the legs of men who roll up their sleeves, it requires arms and, even more, brains. Italy needs a strategic vision where crony capitalism has dominated for a long time and relationship capitalism still sets the standard. As for relationships, Palenzona has nothing to envy anyone, on the contrary there are many who envy him. Perhaps it would be quicker to say who doesn’t know, his agenda is so thick: from banks (Unicredit and Bpm) to infrastructure (Benetton, Gavio), from real estate (Prelios of which he is president) to finance (Mediobanca, Caltagirone), from airports (Rome Fiumicino) to road haulage, without ever forgetting local and national politics. Now he is president of the Cassa di Risparmio di Torino Foundation which he wants to transform into the center of gravity of new economic balances; after Giuseppe Guzzetti and in his footsteps, but with a different personality. We’re not just talking about the towering physical presence (one meter ninety by one hundred and twenty kilos) or the outgoing character that sometimes puts bloodless bankers in grisaille in awe. Anyone who meets him can’t help but think about a modern Falstaff, but we will hardly hear him conclude that “everything in the world is a joke” as in Giuseppe Verdi’s opera. “All duped, all duped”? Not everybody.