Banca Generali has launched PMI2Change, an initiative designed to support the growth, visibility and competitiveness of Italian small and medium-sized enterprises. Presented at Borsa Italiana’s Palazzo Mezzanotte in Milan in July 2026, the project initially focuses on listed SMEs.
Its first phase combines the Intermonte Valore Italia index with a new PIR-compliant active ETF, developed with Intermonte and Investlinx. Through PMI2Change, Banca Generali aims to strengthen the connection between private savings, capital markets and Italian businesses. At the same time, the project reinforces the bank’s role as a strategic partner for entrepreneurs.
The potential of listed Italian SMEs
Companies with a market capitalisation below €1 billion represent around 80% of all businesses listed on the Italian stock exchange. However, they account for only about 3% of total market capitalisation, according to data from June 2026. This gap highlights the untapped potential of the Italian equity market and the limited weight of smaller companies within the listed segment.
Listed SMEs often face limited liquidity and reduced visibility. As a result, their market valuations may fail to reflect their underlying fundamentals. Moreover, investment flows have become increasingly concentrated in a limited number of large-cap securities. PMI2Change therefore aims to create better conditions for dialogue between investors and businesses, while supporting companies that play a central role in Italy’s productive economy.
The initiative draws on the expertise of Intermonte, an Italian financial services provider with more than 30 years of experience in capital markets. Specifically, its activities include SME research, sales and trading, market making and investment banking. Intermonte has been part of the Banca Generali Group since early 2025.
The Intermonte Valore Italia index
At the heart of the initiative is the Intermonte Valore Italia index, which comprises 100 companies listed on Borsa Italiana. Each company has a market capitalisation below €1 billion and is not included in the FTSE MIB. The index therefore represents a broad selection of listed Italian SMEs, while giving investors access to companies that meet specific financial and market standards.
Strict technical and financial criteria determine which businesses enter the index. These include adequate liquidity and free float, sound governance, transparency, analyst coverage and financial sustainability. In addition, debt levels and the weight of each company within the index are taken into account. Overall, the selection process is designed to ensure adequate levels of investability.
The index provides exposure to several sectors, including consumer goods, industrial engineering, technology, energy and healthcare. At the end of 2025, the companies included generated around €33 billion in aggregate revenues, recorded a compound annual growth rate of 16% over the previous two years and employed almost 120,000 people. According to Banca Generali, these figures confirm their dynamism and growth potential. Furthermore, the index offers Italian and international investors a broader and more diversified universe than traditional market indices.
The first PIR-compliant active ETF
Alongside the index, Banca Generali has announced a new actively managed ETF. The instrument complies with Italy’s Individual Savings Plan framework, known as PIR, and will invest mainly in companies represented by the Intermonte Valore Italia index.
Investlinx and Intermonte developed the ETF together with Banca Generali. The instrument is designed to connect private savings with the financing needs of Italian businesses. In addition, it is aligned with the objectives of the European Savings and Investments Union.
Initially, Banca Generali plans to support the launch with a commitment of €100 million. Subsequently, the bank expects to increase its exposure gradually and reach a medium-term target of €500 million. Consequently, the initiative could generate between €1 million and €2 million in new daily investment flows, representing more than 5% of the index’s free float. Besides giving investors exposure to listed Italian SMEs, the ETF should increase liquidity and support more efficient market valuations.
Support for unlisted Italian companies
PMI2Change is not limited to businesses that are already publicly traded. On the contrary, the project also targets unlisted companies seeking to improve their financial structures, strengthen governance and prepare for a potential future listing. Its broader ambition is therefore to bring more Italian companies closer to capital markets and investors.
To support this objective, Banca Generali plans to launch a roadshow across Italy’s main business districts in autumn 2026. Intermonte, Borsa Italiana and PwC Italy will also take part. Borsa Italiana will contribute its expertise in markets and streamlined listing pathways for SMEs, while PwC Italy will draw on its experience and longstanding relationships with small and medium-sized enterprises. During the roadshow, entrepreneurs will learn more about the opportunities offered by capital markets and the available pathways towards a stock market listing.
Italy’s untapped capital market potential
Italy has almost five million unlisted SMEs. Within this universe, between 5,000 and 10,000 companies may already be suitable candidates for accessing capital markets.
According to the Bank of Italy’s Financial Accounts for the fourth quarter of 2025, published in June 2026, unlisted Italian companies were worth approximately €1.8 trillion at the end of 2025. By comparison, listed companies were worth around €1.2 trillion, based on Bloomberg data from March 2026. These figures therefore highlight the limited representation of listed businesses within Italy’s wider productive economy.
Moreover, the Italian market differs from those of Germany, France and Spain, where the overall value of listed companies exceeds that of unlisted businesses. This contrast underlines the potential role of capital markets in supporting Italian companies. At the same time, it shows how much room remains to increase the number and weight of listed businesses.
Banca Generali’s strategy for entrepreneurs
Another objective of PMI2Change is to improve the competitiveness of Italian companies by facilitating access to capital markets. For entrepreneurs, the initiative may help identify the most appropriate strategies to finance growth, increase corporate visibility and strengthen financial and governance structures.
The project is particularly relevant to Banca Generali because many of its clients are also entrepreneurs. According to year-end 2025 data, they lead more than 25,000 companies. For this reason, PMI2Change forms part of the bank’s broader strategy to become the preferred adviser and banking partner for business owners. Its integrated offering combines wealth management advice with services dedicated to corporate development.
Banca Generali began developing its comprehensive advisory model around ten years ago. The model covers both the financial and non-financial wealth of private and high-net-worth clients. Following the acquisition of Intermonte in 2025, the strategy gained further momentum, as the transaction expanded the Group’s corporate and investment banking services for Italian companies.
PMI2Change consequently represents another step in this process, bringing together wealth management, corporate advisory and access to capital markets. Ultimately, the initiative reflects the evolution of Banca Generali’s role as a bank for entrepreneurs. Rather than acting solely as a financial partner, the bank aims to support the wider development of Italy’s productive economy.
Mossa: access to capital is decisive for growth
The Chief Executive Officer of Banca Generali, Gian Maria Mossa, stated: “We strongly believe in the value of Italian companies and of their entrepreneurs. Over the years, we have developed a unique vantage point, supporting them in the challenges related to the protection, growth and continuity of their wealth and businesses. This relationship has highlighted a clear point: today’s businesses have talent, capabilities and ambition, yet they operate in an increasingly complex context where access to capital and market valuation are not always aligned with their potential. PMI2Change stems from this insight, with a precise objective: contributing to strengthening the link between capital and businesses, thus restoring the central role of capital markets in supporting the growth of Italian SMEs.
The initiative aims to act on two tangible drivers: higher visibility and value enhancement of listed companies – through the ‘Intermonte Valore Italia’ index – and the development of specific investment instruments, starting from the first PIR-compliant active ETF. This instrument fits seamlessly within the main system-wide initiatives and aims to become a stable mechanism to gradually increase investment and liquidity in the market of listed SMEs. Visibility and access to capital are no longer ancillary elements, but decisive factors to strengthen competitiveness and sustain growth over the long term. PMI2Change represents the evolution of our role as ‘Bank of entrepreneurs’: not only a financial partner, but an active player in a wider system supporting the development of the Italian productive fabric.”
Intermonte: listing can finance growth
The Chief Executive Officer of Intermonte, Guglielmo Manetti, stated: “For over 30 years, Intermonte has been a point of reference for investors and SMEs on the Italian market. This is one of the reasons why we are very proud to support this ambitious project, which aims at significantly boosting the market of listed SMEs, so as to help entrepreneurs to consider the opportunity to list their businesses as a key instrument for financing growth without compromising on governance control.”
