Banca del Mezzogiorno – MedioCredito Centrale
An Italian state-controlled banking institution focused on public-sector finance, SME support and the management of public credit-guarantee programs.
Last updated November 4, 2026
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Overview
Banca del Mezzogiorno – MedioCredito Centrale, commonly abbreviated as BdM-MCC or MCC, is an Italian bank headquartered in Rome. Its institutional history began in 1952, when it was created as a public-law entity to provide medium-term credit to small and medium-sized industrial companies. The bank formed part of Italy's broader Mediocredito system, a network of specialized institutions intended to channel longer-term finance to businesses that were not always adequately served by conventional short-term commercial banking. The institution was converted into a joint-stock company in 1994 under the reforms associated with the Amato law. During the following decade it passed through a series of ownership and organizational changes. Banca di Roma, through MedioCredito di Roma, acquired control in 1999, and the bank subsequently became part of the Capitalia group. In 2002 it adopted the shorter name MCC S.p.A. During the Capitalia period, the bank absorbed Sofipa and later Capitalia Leasing & Factoring, while also undergoing changes to its minority shareholder structure and business perimeter. Capitalia's acquisition by UniCredit led to another reorganization and placed MCC within the UniCredit group. In 2008 the institution was renamed UniCredit MedioCredito Centrale S.p.A. The restructuring transferred real-estate activities to other UniCredit companies, incorporated project-finance activities from UniCredit Infrastrutture, and moved some corporate-banking operations elsewhere in the group. The result was a narrower organization with a stronger concentration on public-sector finance. A further reorganization in 2010 reduced the scale of its balance sheet and operations, reinforcing its role as a specialized rather than full-service commercial bank. UniCredit sold the bank to Poste Italiane in August 2011. Around 2012, it adopted the name Banca del Mezzogiorno – MedioCredito Centrale, using “Mezzogiorno,” the Italian term for southern Italy, to emphasize a public-policy mission connected with development and access to finance. Under Poste Italiane, the bank became closely involved in government and European financial-support programs. In March 2012 it was selected, alongside other financial institutions, to help manage Italy's Fondo di Garanzia per le Piccole e Medie Imprese, a public guarantee scheme designed to improve financing access for small and medium-sized enterprises. It also worked with Artigiancassa on back-office services connected with the Kyoto Fund, an environmental financing initiative administered through Cassa Depositi e Prestiti. Later in 2012, the bank became a fund manager for the European Union's JEREMIE program in Calabria, supporting micro, small and medium-sized enterprises in the region. Poste Italiane recapitalized the bank in 2014. Poste Italiane itself was partially re-privatized in 2015 when the Ministry of Economy and Finance sold part of its shareholding to public investors, although the bank remained linked to a state-controlled group. In August 2017, ownership of Banca del Mezzogiorno – MedioCredito Centrale was transferred in full to Invitalia, Italy's state-owned development agency under the Ministry of Economy and Finance. This change returned the institution more directly to the public-development sphere. The bank's contemporary identity is therefore less that of a conventional retail bank and more that of a public-policy and development-finance platform. It provides or administers medium- and longer-term financing, supports public-sector initiatives, and helps deliver credit guarantees and European or national programs for Italian businesses. Its role expanded materially after the 2020 rescue of Banca Popolare di Bari: Mediocredito Centrale took control of the southern Italian bank, creating a larger state-supported banking structure. The transaction also brought greater regulatory and credit scrutiny, including a rating downgrade by Moody's in 2021. BdM-MCC remains an Italian state-controlled institution whose principal relevance lies in SME finance, public intervention in credit markets and the management of development-oriented banking programs.
History
Banca del Mezzogiorno – MedioCredito Centrale traces its origin to 1952, when the Italian state established Istituto Centrale per il Credito a Medio Termine a Favore delle Medie e Piccole Industrie as a public-law institution. Its purpose was to provide medium-term credit to small and medium-sized industrial companies. The bank belonged to Italy's Mediocredito system, which specialized in longer-term business finance and regional economic development. In 1994, following the reforms associated with the Amato law, the institution became a joint-stock company and adopted the name MedioCredito Centrale – Istituto Centrale per il Credito a Medio Termine S.p.A. It subsequently entered a period of consolidation in the Italian banking industry. In 1997 it subscribed to a capital increase by Banco di Sicilia. In 1999, Banca di Roma acquired control through its subsidiary MedioCredito di Roma. The bank became part of the Capitalia group when Banca di Roma was reorganized under that name in 2002. During the Capitalia period, MedioCredito Centrale absorbed Sofipa in 2001, although Sofipa SGR remained separate. The bank was renamed MCC S.p.A. in May 2002. It also experienced changes in its shareholder base as Capitalia bought and sold minority interests. MCC absorbed Capitalia Leasing & Factoring in 2005, while some activities were transferred to Capitalia. Capitalia later consolidated full control before its own acquisition by UniCredit. Under UniCredit, the bank was renamed UniCredit MedioCredito Centrale S.p.A. in 2008. Real-estate activities were transferred to UniCredit Real Estate, while project-finance activities from UniCredit Infrastrutture were incorporated. Other corporate-banking operations were moved to UniCredit Corporate Banking. These changes reduced the bank's commercial scope and left it primarily focused on public-sector finance. A further restructuring in 2010 made the organization considerably smaller and more specialized. UniCredit sold the bank to Poste Italiane on 1 August 2011. Around 2012, the new owner renamed it Banca del Mezzogiorno – MedioCredito Centrale. The name referenced the Mezzogiorno, the broad geographical term for southern Italy, and supported a positioning centered on development finance and access to credit for smaller firms. In March 2012, the bank was selected as one of the managers of Italy's Fondo di Garanzia per le Piccole e Medie Imprese. The guarantee program is intended to help SMEs obtain financing by providing public credit support. That same month, the bank and Artigiancassa signed agreements with Cassa Depositi e Prestiti to provide back-office services for the Kyoto Fund of the Ministry of the Environment. In December 2012, Banca del Mezzogiorno became a manager of the European Union's JEREMIE Calabria fund, supporting micro, small and medium-sized companies in Calabria. Poste Italiane recapitalized the bank in 2014. In 2015, the Italian Ministry of Economy and Finance sold 35 percent of Poste Italiane to public investors, partially changing the ownership structure of the parent group. In August 2017, the bank was transferred entirely to Invitalia S.p.A., a state-owned development agency controlled by the Ministry of Economy and Finance. The transfer strengthened the bank's direct connection to Italy's public industrial and regional-development policies. Its main functions became the delivery of public and European financing programs, the management of SME guarantees and specialized lending rather than mass-market retail banking. The institution assumed a broader banking-sector role in 2020, when Mediocredito Centrale took control of Banca Popolare di Bari following that bank's rescue. The transaction placed the state-supported development bank at the center of a major restructuring of southern Italy's banking market. Moody's downgraded MCC's rating in 2021 after the transaction, reflecting the additional risks and responsibilities associated with the enlarged group. The bank's present identity is consequently defined by public ownership, development finance, SME support and intervention in the Italian banking system.
- 2021
Moody's rating downgrade
[1]Moody's downgraded MCC's rating after the institution assumed control of Banca Popolare di Bari.
- 2020
Control of Banca Popolare di Bari
[1]Mediocredito Centrale took control of Banca Popolare di Bari following its rescue.
- 2017
Transfer to Invitalia
[1]Full ownership moved to Invitalia, the Italian state-owned development agency.
- 2014
Recapitalization by Poste Italiane
[1]Poste Italiane recapitalized the bank.
- 2012
Adoption of the Banca del Mezzogiorno name
[1]The bank adopted its current name and expanded its role in government-backed SME and regional-development programs.
- 2011
Sale to Poste Italiane
[1]UniCredit sold the institution to Poste Italiane.
- 2008
Reorganization under UniCredit
[1]The bank became UniCredit MedioCredito Centrale and was refocused on public-sector finance.
- 2005
Absorption of Capitalia Leasing & Factoring
[1]MCC absorbed the sister company Capitalia Leasing & Factoring as part of group restructuring.
- 2002
Renaming as MCC S.p.A.
[1]The bank adopted the shorter MCC S.p.A. name during the Capitalia era.
- 2001
Absorption of Sofipa
[1]MedioCredito Centrale absorbed its subsidiary Sofipa, while Sofipa SGR was retained as a separate entity.
Products and positioning
A state-controlled Italian development and specialized banking institution that channels public and European resources toward SMEs, public-sector projects and regional economic development.
Business banking · 1952
Medium-term SME lending
The institution originated as a specialist provider of medium-term loans to small and medium-sized industrial companies. This lending role remains central to its development-finance identity, although the bank's modern activities are closely tied to public programs, guarantees and policy-directed financing rather than ordinary mass-market lending.
Public finance · 2008
Public-sector finance
Public-sector finance became the bank's principal specialization after UniCredit reorganized its business in the late 2000s. The offering covers specialized financing activities connected with public bodies and government-supported economic initiatives.
Credit guarantees · 2012
Fondo di Garanzia per le Piccole e Medie Imprese
BdM-MCC has served as one of the managers of Italy's public guarantee fund for small and medium-sized enterprises. Rather than functioning solely as a conventional loan product, the program uses public guarantees to make bank financing more accessible to eligible Italian businesses.
European development finance · 2012
JEREMIE Calabria
The bank became a fund manager for the European Union's JEREMIE initiative in Calabria. The program was designed to provide financial support to micro, small and medium-sized enterprises in the region through European and public development resources.
Program administration · 2012
Kyoto Fund back-office services
Together with Artigiancassa, the bank provided back-office services connected with the Kyoto Fund, a public environmental-finance initiative associated with Cassa Depositi e Prestiti and Italy's Ministry of the Environment.
Brand decisions
2020
Take control of Banca Popolare di BariM&ABackground
Banca Popolare di Bari underwent a state-supported rescue and required a new controlling structure.
Action taken
Mediocredito Centrale took control of Banca Popolare di Bari.
Aftermath
The transaction expanded MCC's role in the southern Italian banking system and was followed by a Moody's rating downgrade in 2021.
2017
Transfer the bank to InvitaliaStrategyBackground
The bank had increasingly become a vehicle for public-sector finance, SME support and state-backed development programs.
Action taken
Ownership was transferred in full from the Poste Italiane group to Invitalia, the state-owned development agency.
Aftermath
The move placed the institution more directly within Italy's public development-finance framework.
Recent events
- 2021
Moody's downgrades MCC's rating after the Banca Popolare di Bari transaction[1]
Other
Moody's lowered the bank's rating after Mediocredito Centrale assumed control of Banca Popolare di Bari, reflecting increased exposure to the rescued banking group.
- 2021
Moody’s downgraded MCC’s rating after the Popolare di Bari intervention[2]
Other · Regulation
Moody’s downgraded MCC’s rating in the aftermath of its assumption of control over Banca Popolare di Bari and the related financial and credit risks.
- 2020
Mediocredito Centrale takes control of Banca Popolare di Bari[1]
M&A · Bankruptcy
Following the rescue of Banca Popolare di Bari, Mediocredito Centrale took control of the bank, expanding its role in the restructuring of Italy's southern banking sector.
- 2020
MCC took control of Banca Popolare di Bari[2]
M&A · Regulation
Following the rescue of Banca Popolare di Bari, Mediocredito Centrale took control of the bank, significantly broadening MCC’s institutional and banking responsibilities.
- 2017
Ownership of Banca del Mezzogiorno moves to Invitalia[1]
M&A
The bank's ownership was transferred entirely to Invitalia, Italy's state-owned development agency, bringing it directly under a public development-finance group.
- 2017
Invitalia took full ownership of MCC[2]
M&A
Ownership of Banca del Mezzogiorno – MedioCredito Centrale was transferred in full to Invitalia, bringing the bank under the control of Italy’s state-owned development agency.
- 2012
The bank adopts the Banca del Mezzogiorno name[1]
Other
The institution was renamed Banca del Mezzogiorno – MedioCredito Centrale, aligning its identity with a public-development mission focused on southern Italy and SME finance.
- 2012
BdM-MCC is selected to manage Italy's SME guarantee fund[1]
Regulation
The bank joined a group of financial institutions appointed to manage the Fondo di Garanzia per le Piccole e Medie Imprese, a national program intended to facilitate credit access for small and medium-sized businesses.
- 2012
BdM-MCC becomes a JEREMIE Calabria fund manager[1]
Other
The bank was appointed to help manage the European Union's JEREMIE initiative in Calabria, directing development resources toward micro, small and medium-sized enterprises.
- 2012
MCC selected to help manage Italy’s SME guarantee fund[2]
Other
Banca del Mezzogiorno – MedioCredito Centrale was selected, alongside several other financial institutions, to manage Italy’s Fondo di Garanzia per le Piccole e Medie Imprese under a multiyear arrangement.
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