Chairman Gian Maria Gros-Pietro attends Trento Festival of Economics

At the 2023 Trento Festival of Economics, Intesa Sanpaolo Chairman Gian Maria Gros-Pietro took part in the discussion of "Family capitalism, internationalisation and the role of banks" with Francesco Gaetano Caltagirone, moderated by Fabio Tamburini, editor of Il Sole 24 Ore.

The 18th edition of the Festival of Economics, held in Trento from 25 to 28 May 2023, had as its central theme for this year "THE FUTURE OF THE FUTURE. The challenges of a new world".

Below are some key passages from Chairman Gros-Pietro's speech:

• "Family businesses are an asset that Italy has because there is in our country a desire for independence and, as such, it must be protected"
• "Most family businesses are small or medium-small and they are fine with that size because they occupy a small market space, which a large company cannot fit into"
• "As a bank, we feel it is our duty to help these companies grow: it is certainly a winning element of the Italian capitalist system, based entirely on human values", an element of success "for the future as well"
• "There will still be room for this type of specialisation and it will expand. Just look at digitalisation and advances in artificial intelligence," a field in which there will be "progress by smaller, already competitive companies"
• "The strength of family businesses is that the family or a part of the family becomes tied to the company's destiny. When things go wrong, they are much more resilient and are able to get back on their feet"
• "An entrepreneur can always find technical skills on the market that he doesn't have, but he has to put courage into it. The reverse is not possible" and 'When it's just a matter of adding technical capabilities, finance is there"
• "The company must perform its function within society and be useful to it. This cannot necessarily be done by the same people indefinitely"
• "It is not essential that heirs who do not have the same passion as their entrepreneurial elders leave the company. They can become directors and someone else, from the family or even an expert, can take the helm of the company"

Organised by Il Sole 24 Ore with Trentino Marketing and Intesa Sanpaolo as Top Partner, the Festival is a key event in the international debate on major issues affecting the economy and society.