Romain Zaleski, the Franco-Polish financier, is in talks with banks about refinancing part of his Italian investment company's €5.5bn ($7bn) in debts after its portfolio of Italian banking shares plummeted in value in recent months.

Mr Zaleski has become one of the biggest investors in the Milan stock market in recent years through Carlo Tassara, a former steel company that has become his chief Italian investment vehicle. But sharp falls in bank share prices have seen the value of his investments sink, forcing him to seek an accommodation with his creditors.