Intesa’s investment prospects
Per Intesa Sanpaolo “there are no future M&A transactions” in Italywhile the 2022-2025 business plan envisages that it “pursue the objective of strengthening its international presence through the strengthening of European leadership in wealth management with selective small acquisitions in strategic geographies”. This can be read in the written replies to the shareholders in view of the shareholders’ meeting on 28 April.
The bank also recalls that “the consolidation of international growth in private banking has already led to the acquisition of the Reyl group in Switzerland and the Compagnie de Banque Privee Quilvest in Luxembourg”.
Exposure to Russia
Several questions from members touched on the theme of war and exposure to the country led by Vladimir Putin. Intesa explained that as of December 31, 2021 gross exposure to Russia (loans to customers, loans to banks and securities, through the subsidiary Banca Intesa Russia and cross border, net of ECA guarantees) amounted to approximately 4.9 billion euro (approximately 4.9 billion euro also the net exposure) . At the end of 2022 the gross residual exposure is almost halved approximately 2.5 billion euro (less than 2 billion euro net exposure).
At the end of 2022, the residual exposures to Russia amounted, in terms of gross values, to 372 million euros (205 million euros net) with reference to Bank Intesa Russia and 1,257 million euros (963 million euros net) with reference to cross border exposures to customers residing in Russia (net of ECA guarantees). To these values are added exposures to banks for a total of 797 million euros (782 million euros net) and in securities for a total of 73 million euros (41 million euros net). (Ticker)