MILANO (ITALPRESS) – To support the growth and competitiveness of Italian entrepreneurs: this is what is proposed ‘PMI2Changè, innovative project of Banca Generali presented at Palazzo Mezzanotte, in Milan. The initiative, in the first phase, aims to concretely support the development and valorisation of small and medium-sized enterprises listed nationally, recognized as a key element of the Italian production system.
In Italy, the companies listed with market capitalization of less than billion euros account for approximately 80% of the total number of companies listed on the Stock Exchange, but only 3% of the market capitalisation value, suggesting a significant unexpressed potential in the domestic stock market.
PMI2Change addresses the problem of the limited liquidity and valorisation of SMEs listed by helping to create better conditions for a more efficient meeting between capitals and enterprises, in order to enhance the central role of entrepreneurs who in the first person are the growth engines of these companies.
These SMEs, on the other hand, represent an interesting investment opportunity by virtue of fundamental solids and high discount ratings largely attributable to the limited liquidity of the segment and the trend of increasing concentration and polarization on the lists.
The project is based on the expertise of Intermonte, leading Italian operator in the sector with more than thirty years of experience in financial markets – particularly in research on SMEs, sales and trading, market making and investment banking – and an integral part of the Banca Generali Group since the beginning of 2025.
The initiative is focused on the launch of an ‘Intermonte Valore Italià index that includes one hundred companies listed on the Italian Stock Exchange, with capitalization less than billion euros and not belonging to the FTSE MIB. The companies are selected through rigorous criteria of technical and financial nature, aimed at ensuring adequate levels of liquidity, transparency and investiability, including: minimum float, solid governance standards, analyst coverage, financial sustainability and debt level, as well as representation within the index itself.
The index represents a real split of the best expertise of the Italian economy, with an exposure to key sectors such as: consumer goods, mechanics, technology, energy and health, helping to expand and diversify investment opportunities compared to traditional indices for both domestic and international investors. At the end of 2025, the companies included in the index represented an aggregate of approximately 33 billion euros of total turnover – with an average annual growth (CAGR) of 16% over the last 2 years – and employed almost 120 thousand people to confirm the dynamism and the potential development of these realities of excellence.
Starting from the index, Banca Generali presents a new active management ETF and PIR compliant that will invest mainly in the universe defined by the index itself. The instrument was designed to create a bridge between savings and the world of enterprises also in line with the wishes of European Savings and Investments Union (SIU).
Banca Generali is committed to supporting the launch of the instrument with an initial collection of 100 million euros in the first months, with a gradual growth of the exhibition up to reach 500 million euros in the medium term. It is therefore estimated that the initiative can help generate new investment flows of EUR 1-2 million per day, representing more than 5% of the floating of the index.
In addition to the financial instrument to support small and medium-sized enterprises listed, PMI2Change aims to accompany towards the best opportunities of the capital market not only the potential new listed companies, but also the wide range of companies not yet present on the list they wish to intrapmake a virtuous path to enter investor radar.
To do this, the Banca Generali Group with Intermonte, flanked by partners like Borsa Italiana – in proposing markets and routes facilitated to the quotation of SMEs – and PwC Italia – in comparison and in the skills developed alongside SMEs globally – will create a roadshow on the territory from next autumn that will touch the main areas of the country.
It is important to remember that in the Italian context, the basin of small and medium-sized enterprises is extremely wide, estimated in almost five million companies. Within this universe between 5,000 and 10,000 companies would already be potentially eligible to access the capital market by quotation.
According to the data of Banca d’Italia, moreover, the total value of the enterprises not listed at the end of 2025 stood at approximately 1,800 billion euros in the face of a value of the companies listed pairs to approximately 1,200 billion euros: numbers that evidence the poor representativeness of the companies listed regarding the national economic fabric.
Italy is therefore in an opposite position compared to the other major European economies – such as Germany, France and Spain – in which the listed companies value those not listed.
In light of this scenario, SME2Change’s further objective is to stimulate the competitiveness of companies, through access to capital markets, alongside entrepreneurs in choosing the best strategic way to support dimensional growth, improve visibility and strengthen the financial structure and governance of their enterprises.
The theme is particularly felt within Banca Generali for the wide presence of customers who are also entrepreneurs and who head over 25,000 companies, according to the data of end 2025.
“We strongly believe in the value of Italian companies and their entrepreneurs – said the CEO of Banca Generali, Gian Maria Mossa –. In these years we have developed a privileged point of observation, accompanying them in the challenges related to the protection, growth and continuity of their assets and their companies. From this dialogue a central theme emerges clearly: today companies have talent, skills and ambition, but they operate in an increasingly complex context, where access to capital and comparison with the market are not always up to their potential. PMI2Change was born from here, with a precise objective: to contribute to the strengthening of the link between capital and enterprises, bringing to the center the role of the market in the growth of small and medium Italian companies”. “The initiative – he added – intends to act on two concrete levers: a greater visibility and enhancement of listed companies – through the Intermonte Valore Italia index – and the development of dedicated investment tools, starting from the first PIR active ETF compliant. This tool is continuously integrated with the main system initiatives and aims to become a stable mechanism to increase over time investments and liquidity on the market of SMEs listed. Visibility and access to capital are no longer ancillary elements, but decisive factors to strengthen competitiveness and support growth over the long term. PMI2Change represents the evolution of our role as ‘Banca of Entrepreneurship: not only financial partner, but an active part of a wider system to support the development of the Italian productive fabric’.
“For more than 30 years Intermonte is the reference point for investors and SMEs on the Italian market – explained the CEO of Intermonte, Guglielmo Manetti -. This is why we are very proud to make our contribution to this ambitious project that aims to give a significant boost to the SME market listed, with the aim of helping entrepreneurs to be able to meetrare quote on the Stock Exchange as a fundamental tool to finance its growth without having to renounce governance.” Federica Brignone was also present at the launch of PMI2Change. The ski champion, who won two gold medals at the Winter Olympics in Milan Cortina a year after the very serious accident that forced her to stay temporarily away from the track, retraced the 16 years of relationship that the league to Banca Generali, of which she is ambassador and testimonial. “It is very important and beautiful, in my opinion, to have my path in the World Cup associated with Banca Generali; it emphasizes the mutual trust that is there,” he said. “They believed in me when I was a girl, I was 19 years old and I looked at the world context. So it’s as if Banca Generali and I were one thing, they accompanied me throughout my sports career. It’s 17 seasons that we do together, and so, in my opinion, it’s really, really nice to be able to represent them, also because we have so many values in common. I would say this is a very successful partnership.”
Among the partners supporting the SME2Change project is PwC Italia. Alessandro Grandinetti, Clients and Markets Leader of PwC Italia explained the role of the company: “It’s a strategic initiative – he said –. Our business volume comes almost half from activities we do with small and medium-sized enterprises. So it’s not a support event for us, but it’s part of our strategy. They should invest in this project investors who care about the diversity and wealth that small and medium-sized enterprises create.” “The profile is perhaps that of a patient investor who wants to support these companies that need capital to grow sustainably, or profitably for themselves and for the country,” he added.
Giovanni Tamburi, founder of Tip, underlined a concept for him key: simplification. “It is necessary to be able to bring companies to the Stock Exchange. We absolutely have to keep simplifying. Prospects were somewhat shortened, but there is still too much bureaucracy,” he said.
– photo press office Banca Generali –
(ITALPRESS).
