The Italian embassy in London held an event yesterday, in cooperation with Federazione Banche Assicurazione e Finanza (FeBAF – Italian Banking Insurance and Finance Federation) and Legance law firm, which saw the participation of young Italian professionals who work in the City. The event took place on the fringes of the London session of the 2017 Anglo-Italian Dialogue on financial services, a forum for discussion between FeBAF and TheCityUK, associations which represent the Italian and British financial industries, respectively.
In his opening remarks, Ambassador Pasquale Terracciano pointed out that although the UK’s exit from the EU has brought about numerous systemic uncertainties, it has also created opportunities, especially for other financial hubs such as Milan. A fragmentation of London’s financial sector is quite possible in the Brexit fallout, which could result in the capital of Lombardy playing a complementary role to the City’s, as it intercepts segments of the sector in which Italy has particular strengths, such as asset management, thanks to the high rate of private savings in Italy, private equity, a result of the country’s productive fabric, which is characterised by numerous high-value brands, and fintech, which has driven the evolution of Italy’s banking business model and the growth of its many innovative startups in recent years.
Paolo Garonna, the secretary general of FeBAF, and Marco Gubitosi, managing partner of Legance, introduced the discussions by giving an overview of the timeline for the Brexit negotiations, starting with the Great Repeal Bill, a necessary step to ensure operational continuity in a wide range of sectors.
Further talks were then given by Professor Innocenzo Cipolletta, vice-president of FeBAF and president of Assonime, and Maurizio Sella, the head of Banca Sella and former head of the Italian banking association. Professor Cipolletta pointed out that despite the significant risks linked to the current systemic instability, Italy has witnessed many encouraging economic indicators. Mr Sella outlined the opportunities that Brexit will present for Italy in the short term. He pointed out that although Italy is still suffering from residual uncertainties in the mechanisms of the banking system, the current trends – characterised by a growing number of banks in Italy and the recent regulatory interventions aimed at stabilising the banking system, and the development of fintech platforms, particularly in the retail segment – are leading to greater organisational and administrative efficiency.
– The Italian Banking, Insurance and Finance Federation (FeBAF)
