The logo of bank Intesa Sanpaolo is seen in Milan, Italy, January 18, 2016.
REUTERS/Stefano Rellandini/File Photo Acquire Licensing RightsCERNOBBIO, Italy, Sept 1 (Reuters) - The chairman of Intesa Sanpaolo (ISP.MI) sees no cause for alarm over the impact of the windfall tax on Italian banks and said it would probably cost Italy's biggest bank less than 1 billion euros ($1.08 billion).
The windfall tax, which wrongfooted bank investors when announced in August, is a one-off measure targeting gains from higher interest rates.
The Treasury expects to draw less than 3 billion euros from the measure, sources have said.
Gros-Pietro said dividends would inevitably be affected by any impact of the tax on profit but that Intesa investors would still be well rewarded.
Persons:
Stefano Rellandini, Intesa, Gian Maria Gros, Pietro, Gros, Elvira Pollina, Giulio Piovaccari, Keith Weir, Alvise Armellini, Louise Heavens
Organizations:
REUTERS, House, Treasury, Thomson
Locations:
Milan, Italy