Intesa SanPaolo is focused on the conversion of deposits into indirect deposits and to date the bank’s customers have around 80 billion euros of liquidity parked in deposit and the goal is to transform at least 20 billion into AUM within the end of the year. This is how it emerges from the Intesa roadshow from which, according to Equita, positive indications emerged, inducing the Milanese sim to raise the target price by 3% to 2.7 euros (buy rating confirmed).
The analysts of the Milanese SIM in particular recall that the extension of the moratoriums at the end of the year was important to avoid the risk of a cliff effect on exposures to the sectors most impacted by the crisis. The improvement in GDP growth estimates it could result in an acceleration of disbursements – especially to businesses – during the year, although still difficult to observe in the second quarter.
The dividend payment is a priority for the group It is on in front of M&A other operations in commercial banking are excluded, while acquisitions in asset management or insurance could be evaluated, both in Italy and especially abroad. “The operations would mainly take the form of bolt-ons (ie small and medium-sized companies, ed.), Considering the priority of distributing a significant portion of the excess capital to the shareholders”, remarks the Milanese sim.
Towards the sale of Npls in leasing
Meanwhile, today Il Sole 24 Ore reports the rumor according to which the “Portland project”, which includes a nominal value of 1.1 billion of impaired loans originating from the leasing of Intesa Sanpaolo, is about to be concluded. Four players are now in the final phase ready to take over the bank’s NPLs: the American Bain Capital Credit, the Credito Fondiario group (controlled by the Elliott fund), the other American giant of alternative investments Fortress and, finally, a consortium formed by Scandinavian group Intrum and Deva Capital.