The wise man The Bank of Values, by Francesco Antonioli focuses on the profound historical and social reconstruction that the author offers of the San Paolo banking institution, today known as Intesa Sanpaolo after the merger with Banaca Intesa. The volume published by Leo S. Olschki in 2024 is part of a series of studies promoted by the 1563 Foundation for Art and Culture of the Compagnia di San Paolo and aims to answer a crucial question: how one of the largest banks Italian banks have transformed into a true “bank-institution” with a marked civic and social impact. The peculiarity is that there is nothing austere about it as often happens with this type of essay, but it is a compelling ride through the history of Italy seen, so to speak, from the privileged observatory of the San Paolo skyscraper in Corso England, the tallest in the city of the Mole, without ever falling into sterile academia, with a surprising narrative attitude.
The structure of the book in fact follows an itinerary that starts from the origins of the Compagnia di San Paolo, founded in 1563, with roots in the Monti di Pietà, and arrives at the great merger between Sanpaolo Imi and Banca Intesa in 2007, tracing a path in which the growth finance is constantly intertwined with a very strong social responsibility. One of the most interesting aspects is the reflection on the evolution of the concept of “bank” and on the importance of the fiduciary relationship between the banking institution and its customers, which unfolds over centuries of history, since the bank was born as a tool for take less wealthy citizens away from usurers thanks to the Monti di Pietà.
Antonioli does not limit himself to a merely chronological narrative. The author manages to combine a rigorous historiographical approach with the typical agility of journalism, keeping the reader’s interest alive through compelling episodes, such as the foundation of the Monti di Pietà in the 15th century by the Franciscans and their contribution in reducing the The impact of usury in the poorest communities. The book then explores how these values have evolved and consolidated over time, moving from simple acts of charity to a real corporate philosophy oriented towards inclusion and sustainability, aspects that today are reflected in ESG (Environmental, Social, and Governance) adopted by large companies. Outlining the history of San Paolo (later San Paolo Intesa) means retracing the history of the economy of Turin and Piedmont, with connections to national companies and international presence.
One of the strengths of the volume is the ability to make the great historical and social transformations tangible through the protagonists of this long journey. The author does not hesitate to cite figures such as Luigi Einaudi, who had already understood at the beginning of the 20th century the importance of honest and transparent banking management, a theme that recurs throughout the history of San Paolo and its subsequent incarnations. The role of great bankers and administrators who, over the centuries, have been able to combine profit with an ethical and civic vision of banking is underlined. These figures, halfway between myth and reality, are not mere dusty memories, but they represent the common thread of a savings ethic that is still reflected today in Intesa Sanpaolo’s governance strategies.
The work is enriched by extensive archival documentation, curated by the 1563 Foundation, which offers the reader a unique look at over five centuries of banking history. The sources used include not only economic and legal texts, but also direct testimonies of men and women who, over time, contributed to the development of the bank and its transformation into a reference institution not only for the financial world, but also for civil society. The focus on civil society is constant, as can be seen in the Supply Chain Programme, which supports manufacturing industries, almost an “anthropological presupposition” with respect to the market and its liberalist tendencies. «A space where competition and competitiveness certainly must not be eliminated, but with a different spirit in the way of understanding relationships: not homo homini lupusbut homo homini natura amicusI look at it – also in this case, of the civil economy. We must have it in mind as a lens with which to observe the evolution of the bank”, writes Antonioli.
Another interesting aspect of the book is the attention paid to the concept of “sustainability”, which, as underlined in the introduction by Gian Maria Gros-Pietro, is today a central element in the evaluation of the activities of large companies. Antonioli’s narrative highlights how this principle was rooted in the history of San Paolo since its origins and how, in recent decades, it has transformed into a fundamental pillar of the institution’s governance strategies. The author reflects on the bank’s ability to adapt to global changes, without ever losing sight of its original mission of supporting the community.
In conclusion, The Bank of Values it is a book that manages to merge historical narrative with a profound reflection on the role of banks in contemporary society. Antonioli’s ability to make complex themes accessible through a fluid and compelling narrative style makes the work a must-read for anyone interested in Italian economic history and the evolution of the concept of banking as a social institution.