Romain Zaleski, the Franco-Polish financier whose portfolio of Italian banking shares has plummeted in value in recent months, is in talks with Italian banks about refinancing part of his €5.5bn debts as he struggles to weather the fall-out from the global credit crisis.

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.