On May 26, 2025, Carlo Messina, CEO of Intesa Sanpaolo, Italy's largest bank, declared that the institution would not engage in any transactions that would transfer the management of Italy's national savings to foreign entities. Messina emphasized the bank's role in safeguarding the €1.4 trillion in customer financial assets it manages, highlighting the strategic importance of maintaining these assets under Italian control.

Messina's statement underscores Intesa Sanpaolo's commitment to national financial sovereignty amid ongoing consolidation in Italy's banking sector. This position aligns with the Italian government's "golden power" regulations, which allow intervention in deals affecting national security, including those in the financial sector. The announcement comes as the proposed merger between Italy's Generali Investments and France's Natixis Investment Managers faces scrutiny over potential national security implications.

Intesa Sanpaolo, under Messina's leadership since 2013, has consistently prioritized organic growth and operational efficiency over mergers and acquisitions. In 2024, the bank reported a record net income of €8.7 billion, the best result in its history. Messina has expressed skepticism about the value creation of such deals, emphasizing the bank's focus on providing clarity and stability to its employees and stakeholders.

Italy's "golden power" regulations grant the government authority to scrutinize and potentially block transactions involving strategic national assets, including those in the financial sector. These rules are designed to protect national interests by ensuring that critical assets remain under domestic control, especially when foreign entities are involved.

In January 2025, Italian insurer Generali and French banking group BPCE, the parent company of Natixis Investment Managers, signed a non-binding memorandum of understanding to merge their asset management operations. The proposed joint venture aims to create Europe's largest asset manager by revenue, managing approximately €1.9 trillion in assets. Under the agreement, both parties would hold equal ownership, with balanced governance and control rights.

The proposed merger has raised concerns among Italian stakeholders and the government. The Italian government is seeking assurances from Generali that it will maintain full control over the allocation of savings collected within the country, emphasizing the importance of Italians' €5 trillion financial wealth for refinancing the national debt. The deal is subject to Italy's "golden power" regulations, which allow the government to impose conditions or block transactions involving strategic national assets.

Carlo Messina stated, "We do not need acquisitions and we do not intend to participate in merger operations." He also emphasized the bank's role in safeguarding national savings, highlighting the strategic importance of maintaining these assets under Italian control.

Messina's stance reinforces the importance of domestic control over financial assets, potentially influencing other institutions' strategic decisions and the broader regulatory environment. The Italian government's use of "golden power" regulations reflects concerns about maintaining control over domestic financial assets and ensuring that national savings continue to support the country's economic interests. This cautious approach may impact future mergers and acquisitions in the financial sector.

Carlo Messina's recent statement underscores Intesa Sanpaolo's commitment to maintaining control over Italy's national savings and highlights the broader tensions between globalization and national financial sovereignty. As the Italian government continues to scrutinize deals like the Generali-Natixis merger under its "golden power" regulations, the outcomes will have lasting implications for the country's financial sector and economic policy.