Finance
Italian Bank Cdp Seeks Court Ruling to Freeze Reappointment of Milan Bourse Ceo, Sources Say
Published by Global Banking & Finance Review®
Posted on March 23, 2026
2 min readLast updated: March 23, 2026
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Italian state lender CDP has filed a lawsuit in Amsterdam to block the reappointment of Fabrizio Testa as CEO of Borsa Italiana, citing governance rights under 2020 agreements and urging Euronext to consider alternative candidates.
CDP Seeks Court Ruling to Freeze Milan Stock Exchange CEO Reappointment
CDP Challenges Euronext Over Borsa Italiana Leadership
By Giuseppe Fonte
Background and Stakeholder Positions
ROME, March 23 (Reuters) - Italian state lender Cassa Depositi e Prestiti (CDP) has gone to court in Amsterdam to freeze the reappointment of Fabrizio Testa as CEO of the Milan Stock Exchange, two sources familiar with the matter told Reuters on Monday.
CDP holds a 8.1% stake in pan-European exchange operator Euronext, which owns the Milan Stock Exchange, also known as Borsa Italiana.
Testa's Tenure and Expected Reappointment
Testa has been at the helm of Borsa Italiana since 2021 and is expected to be reappointed ahead of an upcoming Euronext shareholder meeting scheduled for May 20.
CDP's Demands and Government Concerns
CDP wants Euronext to consider alternative candidates to Testa and to conduct a proper search process, the sources said, asking not to be named due to the sensitivity of the matter.
Its court case comes amid concerns in Italian government circles that Euronext could scale back its Italian operations and favour listings in France or other markets.
Both Euronext and CDP declined to comment.
Legal Proceedings and Timeline
A first hearing of the case in Amsterdam, where Euronext has its registered office, is scheduled for March 27, while the court is expected to issue an interim ruling on whether to accept or reject CDP's request around April 11, the sources added.
Euronext's Position and Testa's Performance
Euronext CEO Stéphane Boujnah said in February that Testa was on course to secure a new term, praising him for his "unprecedented results" in recent years.
Borsa Italiana's Financial Growth
Borsa Italiana's revenue grew by 57% over the five-year period ending in 2025.
Euronext's Acquisition and Shareholder Structure
Euronext - which operates the Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo and Athens and Paris exchanges - completed its acquisition of Borsa Italiana in 2021 from London Stock Exchange Group. The 4.3-billion-euro deal made Italy one of Euronext's biggest trading venues and a key revenue driver.
Major Shareholders
Italy's largest bank Intesa Sanpaolo owns a 1.55% stake in Euronext, while France's Caisse des Depots holds an 8.1% stake, the same as CDP.
($1 = 0.8608 euros)
(Editing by Susan Fenton)
Key Takeaways
- •CDP is invoking its rights under the 2020 governance agreement to trigger a selection process for Borsa Italiana’s CEO, pushing to replace or reevaluate Fabrizio Testa’s reappointment. (firstonline.info)
- •The legal action was lodged in Amsterdam, with hearings starting March 27 and an interim ruling expected by April 11, amid Italian concerns over Euronext possibly favouring listings outside Italy. (it.investing.com)
- •Borsa Italiana has delivered “unprecedented results,” with a 57% revenue increase from 2020 to 2025, though CDP wants a proper CEO search to safeguard Italian market interests. (globalbankingandfinance.com)
References
Frequently Asked Questions about Italian bank CDP seeks court ruling to freeze reappointment of Milan bourse CEO, sources say
1Why did CDP go to court regarding the Milan Stock Exchange CEO?
CDP filed a court case in Amsterdam to freeze the reappointment of Fabrizio Testa as CEO, seeking a proper search process for alternatives.
2What stake does CDP hold in Euronext?
CDP holds an 8.1% stake in Euronext, the operator of the Milan Stock Exchange.
3When is the next Euronext shareholder meeting?
The next Euronext shareholder meeting is scheduled for May 20.
4Who currently leads the Milan Stock Exchange?
Fabrizio Testa has been CEO of the Milan Stock Exchange (Borsa Italiana) since 2021.
5What is the significance of Euronext’s acquisition of Borsa Italiana?
Euronext's acquisition, valued at 4.3 billion euros, made Italy one of its major trading venues and key revenue drivers.
