This strategic refocusing is carried out by Tages and the new top management team, following the acquisition of the bank from Morgan Stanley at the end of 2013, and is then strengthened via the arrival of Elliott as key shareholder in 2016.
Recovering the historical name of Credito Fondiario, the bank is now a key market player in the secondary credit market in Italy, acting as servicer, credit manager and investors, and co-operating as partner of choice with both banks and institutional investors.

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The bank faces another change of mission following the acquisition by MSREF-T (a US-law real estate fund managed by Morgan Stanley) in 2000, refocusing its activities on securitisation products and services (the securitisation market in Italy is introduced in 1999 with Law 130). In 2006, Morgan Stanley acquires direct control of the bank and relaunches its retail mortgage lending business.
The bank is rebranded “Credito Fondiario – FonspaBank”.

Following the banking sector deregulation reform, which removed the banking specialization by law, the bank changes its name to “Credito Fondiario e Industriale – Fonspa – Istituto per i Finanziamenti a Medio Lungo Termine”, and once again extends its activities, to include mid-to-long term industrial financing.

The bank’s shares are listed on the Milan Stock Exchange. They would be delisted only in 2001, after a change of ownership.


The bank enters the “IRI network” (Institute for Industrial Reconstruction, a public sector conglomerate), and is ultimately controlled by the three nationwide retail banks it owns: Banco di Roma, Comit and Credit (1960). In 1965 the bank‘s name is shortened to Credito Fondiario.

Deposit certificates placed with retail investors throughout the country are a key funding source for the bank.

In the wake of WWII, Credito Fondiario Sardo is an active player in the rebuilding of the country. The bank broadens its coverage to a national level, including in its activities public sector financing and industrial real estate backed lending.

Established in Cagliari, Sardinia on 28th April 1898 and named Credito Fondiario Sardo (Sardinian Land Bank), the bank specialises in mortgage lending in both Sardinia and the Rome area.