Mauro Micillo's option for Mediobanca's future gains ground

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A solid profile is needed to lead Mediobanca , someone who is no longer a Roman-style imitation of Enrico Cuccia or a pretentiously market-oriented approach. Looking around, one name stands out and is already at the top of the list from which the new reference shareholders will have to draw if, as now seems highly likely, MPS's offer rejects a broad support among Mediobanca shareholders. This name is Mauro Micillo , who now, along with Stefano Barrese, is part of Intesa Sanpaolo's leading duo, behind Carlo Messina . Those familiar with the bank's situation know, however, that within the duo, Barrese is the one who holds a significant lead (though not a significant one) in Messina's favor, while, even outside the bank, everyone knows full well that Messina is firmly in control with the intention of taking on further mandates as CEO. In short, it is clear that for a well-regarded and esteemed banker like Micillo, it is logical and natural to be highly sought after for the most important positions that become available.

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This has already happened with Unicredit, when the choice ultimately fell to Andrea Orcel, and with MPS, which was then entrusted to Luigi Lovaglio. We're talking about a selection process that's not public, and in which, more often than not, those included on the final lists don't actively participate. For the new Mediobanca, the general conditions seem to align perfectly in Micillo's favor. His experience as a banker with a strong focus on business relationships and his knowledge of Italy's productive fabric are key. And, along with this widely recognized experience, his many years of work developing wealth management also count. The traditional Mediobanca and the one that has more recently entered the lucrative wealth management market should be kept together, and Micillo's experience seems the most appropriate. He rose to the top of the banking world through his own efforts .

A working-class father, he was born in 1970 in Desenzano, on Lake Garda, and graduated in Economics near his hometown, at the University of Brescia. Good university results and further in-depth studies on the most innovative aspects of credit markets almost immediately propelled him into management. Twenty-five years ago, still at the beginning of his career, he even made a move to Mediobanca, working at Banca Esperia, whose capital also included Mediolanum. Then came another leap as a young central director of the Capitalia group, his last attempt to maintain Roman roots for a major bank. This significant experience led to his first CEO position in 2005, again at Capitalia, in the group's asset management company . Two years later, he joined Banca Popolare di Vicenza, in central functions, and then, navigating various mergers and acquisitions, he was promoted directly to the top levels of Intesa in 2009, overseeing the rapid growth that made it the leading banking group in Italy.

Confidentiality is part of the rules of the trade, and we won't emphasize it here, but his interpretation of what is the first commandment for a banker is not dogmatic. His vision of economic and financial affairs is also known thanks to his public speeches and journalistic commentaries on topics related to the business world, perhaps also due to his Brescia education and the legacy of a region where banks have grown in contact with the real economy. His pragmatism and ability to hold his nerve are evident. This was evident both in the way the banker handled the Covid crisis and, more recently, in his non-dramatic comments regarding the new and aggressive American trade policy. Micillo continues to visit his hometown. He has a house in Desenzano and a passion for sailing . His public appearances on non-banking issues remain zero. With his appointment, Mediobanca's new shareholders would find the most experienced person to manage the investment bank's reorganization, both to withstand the attacks coming from the excluded segment of Milan's banking world and to transform the habits and practices of a bank accustomed to its leadership role but now immersed in a more competitive landscape. And in any case, Micillo, as an Inter fan, knows full well that in Milan, you can strive for great goals, but you can't get along with everyone.

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