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Archive » February 2026 » Impact banking and urban regeneration. A model of intervention for the banking sector

Impact banking and urban regeneration. A model of intervention for the banking sector

Claudio Zara, Ylenia Moscheni
February 2026 - n. 2
Keywords: Social banking, impact banking, creazione di valore condiviso, rigenerazione urbana, valore condiviso circolare
Jel codes: G21, G28, R10

This paper provides a reading and interpretation of the urban regeneration project in the Quartiere Satellite district in Pioltello (Mi), implemented by Intesa Sanpaolo (Isp) within a public–private partnership (Ppp), through an ex post application of the theoretical Circular Shared Value (CeSv) model. This model explains how to reconcile the generation of social and environmental impacts with financial materiality, by using circular economy principles as activation levers. Isp's initiative constitutes an archetype of impact banking and signals a shift from a philanthropic approach to the development of socially impactful business. In this sense, in addition to delivering positive social and environmental impact for a vulnerable local community, the initiative also generated economic value, which Isp subsequently chose to retain within the territory, further strengthening the social benefits achieved. The intervention can therefore be interpreted as a CeSv-based modality which may be adopted by the banking system as a whole to pursue its commitments to local communities in the context of urban regeneration.

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