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☆ Intesa Sanpaolo aims to reinforce its wealth management and protection attitudes, CEO says
▼ + stars: | 2024-05-08 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIntesa Sanpaolo aims to reinforce its wealth management and protection attitudes, CEO saysCarlo Messina, CEO of Intesa Sanpaolo, discusses the bank's earnings and the outlook for the European banking sector.

Persons: Carlo Messina, Intesa Sanpaolo

☆ Intesa Sanpaolo CEO says Italian asset quality is now among the best in Europe
▼ + stars: | 2024-01-16 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIntesa Sanpaolo CEO says Italian asset quality is now among the best in EuropeCarlo Messina, CEO of Intesa Sanpaolo, discusses the outlook for interest rates and growth in Europe, and the increased resilience of Italian financial institutions.

Persons: Europe Carlo Messina, Intesa Sanpaolo Locations: Europe

☆ Intesa CEO says bank profits at peak
▼ + stars: | 2023-11-30 | by ( ) www.reuters.com time to read: 1 min

Carlo Messina, Chief Executive Officer of Intesa Sanpaolo bank, looks on during a meeting in Rome, Italy April 18, 2023. REUTERS/Remo Casilli/File Photo Acquire Licensing RightsMILAN, Nov 30 (Reuters) - Bank profits are close to peaking, and net fees will again play a prominent role from next year, giving an edge to banks such as Intesa Sanpaolo (ISP.MI) which has a diversified business model, Chief Executive Carlo Messina said on Thursday. "There is no doubt that we are currently in a peak phase for bank profits," Messina said. Italian banks have posted record profits this year thanks to higher interest rates, which lifted lending costs while deposit returns remained very low. Reporting by Valentina Za, editing by Gianluca SemeraroOur Standards: The Thomson Reuters Trust Principles.

Persons: Carlo Messina, Remo Casilli, Messina, Valentina Za, Gianluca Semeraro Organizations: REUTERS, Bank, Thomson Locations: Sanpaolo, Rome, Italy

☆ Italy's competition watchdog stops Intesa moving clients to mobile bank
▼ + stars: | 2023-11-30 | by ( ) www.reuters.com time to read: +3 min

Intesa Sanpaolo bank logo and stock graph are seen displayed in this illustration taken, May 3, 2022. Italy's AGCM antitrust authority opened a probe earlier this month into the way Intesa was transferring clients to Isybank after a raft of complaints which the watchdog said had now reached 5,000. It wants Intesa to only move clients who explicitly give their consent. Isybank targets 4 million Intesa customers under 65 who only access their banking services remotely. The group migrated the first 300,000 Intesa account holders in October and plans to shift another 2 million in March.

Persons: Dado Ruvic, Intesa, AGCM, Carlo Messina, Antonio Valitutti, Isybank, Valentina Za, Giulia Segreti, Christina Fincher, Jane Merriman, Susan Fenton Organizations: REUTERS, Bank of Italy, European Central Bank, Thomson Locations: Italy

☆ Intesa Sanpaolo gives clients more time to opt out of digital shift
▼ + stars: | 2023-11-13 | by ( ) www.reuters.com time to read: +1 min

Intesa Sanpaolo bank logo is seen displayed in this illustration taken, May 3, 2022. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsROME, Nov 13 (Reuters) - Italy's biggest bank Intesa Sanpaolo (ISP.MI) reopened the deadline for thousands of its customers to opt out of switching to its digital lender Isybank, a document showed, following protests from consumer associations and ruling lawmakers. The complaints prompted Italy's central bank as well as the antitrust authority to look into the way the lender was shifting the clients to the app-based unit. In a note sent to customers on Monday and seen by Reuters, the bank wrote that anyone wanting to remain with Intesa Sanpaolo had until the end of February to say so. The competition watchdog took aim at how Intesa informed account holders of the move, adding it had received more than 2,000 complaints.

Persons: Dado Ruvic, Intesa Sanpaolo, Intesa, Paolo, Letizia, Giorgia Meloni, Carlo Messina's, Giuseppe Fonte, Keith Weir Organizations: REUTERS, Rights, Reuters, Brothers, Thomson Locations: Italy

☆ In Italy, banks and the government have a 'common target,' says Intesa Sanpaolo CEO
▼ + stars: | 2023-11-06 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIn Italy, banks and the government have a 'common target,' says Intesa Sanpaolo CEOCarlo Messina, CEO of Intesa Sanpaolo, discusses his macro outlook after third-quarter earnings.

Persons: Intesa, Carlo Messina, Intesa Sanpaolo Locations: Italy

☆ Europe needs bigger banks but mergers hard without banking union -Intesa CEO
▼ + stars: | 2023-11-06 | by ( ) www.reuters.com time to read: +2 min

MILAN, Nov 6 (Reuters) - European banks need to join forces if the region is to withstand competition from the United States and China but without a banking union, cross-border mergers do not make sense, the head of Italy's biggest bank Intesa Sanpaolo (ISP.MI) said on Monday. "You need synergies and the area where investors are looking for synergies is cost," he said, adding it was not easy "to deliver real cross-border synergies on the cost side". "I think we'll need to wait for a banking union to see real, significant cross-border consolidation. Orcel last month said Europe was destined to "irrelevance" if it did not work to unify its capital markets and create a banking union that allowed lenders to compete with U.S. rivals and adequately finance the region's economy. Intesa has a 30% market share of deposits and mutual funds, and 20% of insurance products, the CEO said.

Persons: Carlo Messina, Andrea Orcel, Messina, Intesa, Andrea Enria, Valentina Za, Kirsten Donovan Organizations: MILAN, CNBC, U.S, Central Bank's, Thomson Locations: United States, China, Europe, Orcel, Messina, Italy

☆ Italy's antitrust probes Intesa's customer shift to mobile service Isybank
▼ + stars: | 2023-11-02 | by ( Giulia Segreti | ) www.reuters.com time to read: +2 min

Intesa Sanpaolo bank logo is seen displayed in this illustration taken, May 3, 2022. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsCompanies Intesa Sanpaolo SpA FollowROME, Nov 2 (Reuters) - Italy's antitrust authority said on Thursday it had opened a probe into the transfer of thousands of Intesa Sanpaolo (ISP.MI) customers to the bank's mobile-only service Isybank. After launching Isybank in June, Intesa at the beginning of October started moving about 300,000 customers from its traditional network. The antitrust also said that the shift to Isybank carried with it "important changes" to the terms and conditions of the accounts. Intesa told a presentation in June that it would over time increase the number of services Isybank users can access on their accounts.

Persons: Dado Ruvic, Intesa, Giorgia Meloni, Carlo Messina's, Giulia Segreti, Valentina Za Organizations: REUTERS, Intesa, ROME, Treasury, Thomson Locations: Italy's

☆ Intesa CEO hopes to keep reins with Catholic philosophy for 'many years'
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +2 min

"We can do that because we already spend 300 million euros a year for social causes," Messina said. Intesa has among core shareholders charitable banking foundations inspired by Catholic values, commonly referred to in Italy as "Catholic finance". "I hope to have the honour to continue to lead our company for many years with this philosophy," Messina said. At the helm since 2013, Messina has made the digital switch a key plank of his long-term strategy for Intesa, with a view to cutting costs and focusing resources on wealth management and insurance operations. Intesa this year launched both Isybank, a cloud-based, low-cost mobile bank to serve younger, mass-market clients, and Fideuram Direct, a digital wealth management service targeting younger private banking clients.

Persons: Carlo Messina, Messina, Intesa, " Messina, Pope Francis, Valentina Za, Tomasz Janowski Organizations: MILAN, Thomson Locations: Italy, Messina

☆ Intesa to add 2 bln to reserves from bank tax
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +2 min

The logo of bank Intesa Sanpaolo is seen in Milan, Italy, January 18, 2016. REUTERS/Stefano Rellandini/File Photo Acquire Licensing RightsMILAN, Oct 25 (Reuters) - Italy's biggest bank, Intesa Sanpaolo (ISP.MI), on Wednesday said it would increase non-distributable reserves by 2.07 billion euros ($2.19 billion) instead of paying a one-off windfall tax, making use of an opt-out clause in the law. A similar decision was announced on Tuesday by rival UniCredit (CRDI.MI), which is boosting reserves by 1.1 billion euros. Reserves must increase by 2.5 times the amount that would be paid as tax, which in Intesa's case would have been 828 million euros. In announcing it was increasing reserves, Intesa said it had decided to spend around 1.5 billion euros over the 2023-2027 period to help people in need.

Persons: Stefano Rellandini, Intesa, UniCredit, Carlo Messina, Valentina Za, Leslie Adler Organizations: REUTERS, Reuters, Thomson Locations: Milan, Italy

☆ Intesa lifts profit outlook after record first-half
▼ + stars: | 2023-07-28 | by ( Valentina Za | ) www.reuters.com time to read: +3 min

Intesa posted a 2.27 billion euro net profit for April-June, above a Reuters analyst consensus of 1.82 billion euros ($2 billion), with lower than expected loan loss provision also helping to offset rising costs. Intesa now sees its full year profit "well above" a previous forecast of 7 billion euros, with further growth projected in 2024 and 2025. Under the strategy unveiled in February last year Intesa had originally aimed for a 6.5 billion euro 2025 net profit. Intesa expects to reap more than 13.5 billion euros in 2023 from its net interest margin, and grow it further in 2024 and 2025. "(Intesa's) '24/'25 profit guide is supported by growing net interest income, recovery in commissions, cost reduction and low cost of risk," Jefferies said.

Persons: Intesa, Carlo Messina, Messina, Jefferies, Valentina Za, Keith Weir, Gavin Jones Organizations: MILAN, TECH, Thomson Locations: Italy's, Italy, Europe

In mid-2020 Rome secured the lion's share of a 724-billion-euro kitty aimed at helping EU members emerge from COVID greener and more tech-friendly. Italy's 191.5 billion euros ($210 billion) of cheap loans and grants, to be received in tranches through 2026, was intended for productive investments in the bloc's most chronically stagnant economy. MICRO-PROJECTSMore than half the EU money is meant to go on digitalisation and ecological transition, with the rest devoted to sustainable transport, education, social cohesion and health. The government is still awaiting a 19-billion-euro tranche of the EU funds blocked in March over missed policy targets stemming from 2022. It brings Italy's byzantine rules closer to EU standards, but Gobbato said people will initially find it hard to adapt.

Persons: Flavio Lo Scalzo, Rome, Roberto Perotti, Giorgia Meloni, Mario Draghi, Giuseppe Conte, Carlo Messina, Intesa, Vittorio Soldavini, Davide Carlucci, It's, Gustavo Piga, Rome's, Ilaria, Dentons, Gobbato, Catherine Evans Organizations: REUTERS, Milan's Bocconi University, Treasury, European Central Bank, Technology, Tor Vergata University, Reuters, Thomson Locations: Milan, Italy, ROME, MILAN, tranches, Brussels, Italy's, Italian, Parma

☆ Intesa CEO: bank to expand in wealth management thanks to technology
▼ + stars: | 2023-07-11 | by ( Valentina Za | ) www.reuters.com time to read: +2 min

MILAN, July 11 (Reuters) - Thanks to cost-saving investments in technology, Intesa Sanpaolo (ISP.MI) plans to grow its market share in wealth management without having to make any acquisitions, Chief Executive Carlo Messina said on Tuesday. Presenting a new digital financial advisory service for private banking customers, weeks after launching the group's new digital bank for mass-market clients, Messina said Intesa was increasingly acquiring fintech features. In a similar fashion, Intesa said it was lunching Fideuram Direct, using technology to serve younger and less demanding private banking clients. "We can imagine for example the son of one of our private banking customers as a Fideuram Direct customer," he said. Fideuram Direct, the new digital service, has already 60,000 clients and 2.5 billion euros in AUMs, Intesa said.

Persons: Intesa, Carlo Messina, Messina, Tommaso Corcos, Corcos, Valentina Za, Alvise Armellini, Keith Weir Organizations: MILAN, Thomson Locations: AUMs

☆ Intesa launches cloud-based Isybank in digital push
▼ + stars: | 2023-06-15 | by ( Vaibhav Sadhamta | ) www.reuters.com time to read: +2 min

Isybank is powered by cloud technology provided by Britain's ThoughtMachine, a cloud-native banking technology firm. High-street banks globally face a big challenge in replacing their existing core IT infrastructure, known as mainframe, with cloud technology. Legacy systems pose a major hurdle, while the task is easy for challenger banks built from scratch on cloud technology. Intesa Sanpaolo has forecast its new digital bank would save around 800 million euros a year in 2026-2027, up from 600 million euros in 2025, according to a strategy presentation delivered in February last year. Isybank targets some 4 million Intesa customers who generate around 200 million euros in revenues a year and could become more profitable for the bank if shifted away from branches given they already only use digital bank services.

Persons: Britain's ThoughtMachine, Paul Taylor, Intesa, Intesa Sanpaolo, Carlo Messina, Stefano Barrese, Valentina Za, Conor Humphries Organizations: MILAN, Google, Thomson Locations: Italy's, Italy, Europe

☆ Pent-up demand promises record tourist season for southern Europe
▼ + stars: | 2023-05-19 | by ( Giselda Vagnoni | ) www.reuters.com time to read: +6 min

What's more, there appears to be growing demand for the luxury end of the spectrum. Portugal registered more than 2.8 million of foreign visitors from January to March, the best first quarter on record, according to official data. Airlines such as Lufthansa, easyJet and Ryanair have confirmed robust summer bookings while Ryanair, in anticipation of strong demand, has just ordered 150 new 737 Max-10s and optioned another 150. Italian travel and tourism company Alpitour forecasts turnover 30% higher this year. "We already see a very strong demand to book Christmas holidays in 2023.

☆ European banks' business model is 'safe and sound': Intesa Sanpaolo CEO
▼ + stars: | 2023-05-10 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEuropean banks' business model is 'safe and sound': Intesa Sanpaolo CEOCarlo Messina, CEO at Intesa Sanpaolo, weighs in on the outlook for European banks, which he says are in a different situation to their counterparts in the U.S., and have a solid business model and are supported by central bank supervision.

☆ UniCredit CEO Orcel has leverage in pay debate
▼ + stars: | 2022-12-06 | by ( Lisa Jucca | ) www.reuters.com time to read: +4 min

Under UniCredit’s remuneration policies, Orcel receives 2.5 million euros in salary, with the potential for twice that via an annual bonus. A regulatory cap prevents UniCredit from paying its CEO a bigger bonus, so the board may have to hike his fixed salary to pay him more. UniCredit Chairman Pier Carlo Padoan said Orcel has not asked for a pay rise. Follow @LJucca on TwitterloadingCONTEXT NEWSItalian lender UniCredit will review the pay package of its Chief Executive Andrea Orcel ahead of its 2023 general meeting. Orcel’s pay package envisages a fixed salary of 2.5 million euros a year and a bonus of up 5 million euros.

☆ Italy's Intesa agrees further 500 euro one-off payment to staff
▼ + stars: | 2022-11-22 | by ( ) www.reuters.com time to read: +1 min

MILAN, Nov 22 (Reuters) - Italy's biggest bank Intesa Sanpaolo (ISP.MI) has agreed with unions a further 500-euro ($513.45) one-off payment to help staff cope with soaring inflation, the sector's largest union FABI said on Tuesday. Intesa had announced with first half earnings a previous 500 euro one-time payment for its employees. The contributions concern 70,000 workers in Italy excluding executives, Intesa said, adding that the two payments would cost the bank around 87 million euros. Intesa is currently engaged in broad ranging discussions with unions over remote-working arrangements and the introduction of a four-day working week, to help the bank save on energy costs. ($1 = 0.9738 euro)Reporting by Valentina Za; editing by Agnieszka Flak, Alvise Armellini and Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.

☆ Intesa’s payments exit sends awkward message
▼ + stars: | 2022-11-15 | by ( ) www.reuters.com time to read: +2 min

MILAN, Nov 15 (Reuters Breakingviews) - Carlo Messina has picked a puzzling moment to get out of Nexi (NEXII.MI). Italy’s biggest bank by market capitalisation, a key industrial partner to the 11 billion euro payments group, sold its entire 5% stake at 8.7 euros a share late on Monday, or 584 million euros. Intesa, which sold its retail payments business to Nexi for 1 billion euros and entered a long-term partnership, will remain a key business ally. Analysts believe Nexi is worth 12 euros a share, according to average target prices from Refinitiv. Intesa’s hurried sale suggests the stock, which has already lost more than a third of its value this year, may have further to fall.

The European Central Bank (ECB), which supervises euro zone banks, believes some lenders have overly optimistic assumptions about the economy, based on models that cannot fully capture the damage from the current bout of inflation, the sources say. Source: S&P Global-EBAMorgan Stanley estimates euro zone banks will pay out 40 billion euros ($40 billion) in 2022 dividends plus an additional 60 billion euros in share buybacks between this year and next - an outsized return by recent standards. "It's not a good idea to pay out capital during a recession," Intesa's Chief Executive Carlo Messina told analysts last week. "With the economy entering recession, the time of massive bank payouts is over," Marco Troiano, a managing director at Scope Ratings, said. "Running down capital cushions would weaken banks."

☆ Factbox: Companies potentially affected by Italy's election
▼ + stars: | 2022-09-25 | by ( ) www.reuters.com time to read: +5 min

A woman walks at a polling station during the snap election in Rome, Italy September 25, 2022. read moreHere is a list of companies that could be affected by the outcome of the election. The change of government and calls by Meloni to revisit Italy's national recovery plan could threaten Italy's ability to meet the commitments to which European Union post-pandemic funds are tied. Brothers of Italy welcomed CDP's decision to wait for the election before filing its non-binding bid for TIM's network. read moreBrothers of Italy has called for the new government to be allowed to make a final decision on ITA.

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