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Intesa Sanpaolo


Intesa Sanpaolo is a banking group resulting from the merger between Banca Intesa and Sanpaolo IMI based in Torre Intesa Sanpaolo, Turin, Italy. It has clear leadership in the Italian market and a minor but growing international presence focused on Central-Eastern Europe, the Middle East and North Africa (77% of the bank's revenue (96.3% from Europe) and 86% of all loans to customers come from business in Italy).[1] When it was formed in 2007 it overtook Unicredit Group as the largest bank in Italy with 13 million customers and $690 billion worth of assets.[2] By 2010 its assets had grown to $877.66 billion 26th highest among all of the world's companies.[3][4] The company is a component of the Euro Stoxx 50 stock market index.[5]

As of July 2015, it is the first banking group in Italy by market capitalization.[6]

In 2009 group acquisitions included a 30% interest in business info company MF Honyvem, and an increased stake in Alitalia up to 33.3%[7] Even though the bank was rumoured to have been working with the government to keep Air France from acquiring a stake in Alitalia, Air France eventually acquired 25%.[8][9]

Contents

  • History 1
    • Banca Intesa 1.1
      • Banca Commerciale Italiana 1.1.1
    • Sanpaolo IMI 1.2
    • Intesa Sanpaolo 1.3
  • Major shareholders 2
  • Corporate Governance 3
  • Financial information 4
  • Business Units 5
  • Subsidiaries 6
  • Photo gallery 7
  • See also 8
  • References 9
  • External links 10

History

Torre Intesa Sanpaolo, Intesa Sanpaolo headquarter, Turin
Intesa Sanpaolo former headquarters in piazza San Carlo, Turin
Intesa Sanpaolo secondary headquarters. Ca' de Sass building, Milan

Banca Intesa and Sanpaolo IMI, the two banks that merged in 2007 to create Intesa Sanpaolo, were themselves the product of many mergers.[10] Cariplo and Banco Ambrosiano Veneto merged in 1998 to form Banca Intesa. The following year Banca Commerciale Italiana joined the group. Sanpaolo IMI was born in 1998 following the merger of Istituto Bancario San Paolo di Torino, which specialized in retail banking, and IMI (Istituto Mobiliare Italiano), an investment bank.[10]

Banca Intesa

The oldest part of the banking group is


  • Official website
  • Information about the Intesa Sanpaolo (in English)

External links

  1. ^
  2. ^ a b
  3. ^ The Global 2000
  4. ^ Intesa Sanpaolo S.P.A.
  5. ^ Frankfurt Stock Exchange
  6. ^ http://www.borsaitaliana.it/borsaitaliana/statistiche/statistiche-storiche/capitalizzazioni/2015/201507/capitalizzazionesep_pdf.htm
  7. ^
  8. ^
  9. ^ Intesa CEO attacks French purchase of Alitalia
  10. ^ a b
  11. ^ Italy, Europe and Financial Regulation
  12. ^ Decision time is near for BCI, Banca di Roma
  13. ^ Borsa Italiana 2007 Review
  14. ^
  15. ^ a b
  16. ^
  17. ^
  18. ^
  19. ^
  20. ^
  21. ^
  22. ^
  23. ^
  24. ^
  25. ^ a b
  26. ^
  27. ^
  28. ^ Eurizon Capital Gets New CEO
  29. ^ Viel & Cie participates in the resumption of Fideuram Wargny
  30. ^ Sanpaolo SEC
  31. ^

References

See also

Photo gallery

Intesa Sanpaolo Banka d.d. Bosna i Hercegovina Bosnia and Herzegovina
Banca dell'Adriatico Italy
Banca Fideuram Italy
Banca CR Firenze Italy
Banco di Napoli Italy
Banca Monte Parma Italy
Carisbo Italy
Banca IMI Italy
Banca Intesa Beograd Serbia
Banka Koper Slovenia
CIB Bank Hungary
Intesa Sanpaolo Bank Albania Albania
Bank of Alexandria Egypt
Pravex Bank Ukraine
Bank Intesa Russia
VÚB Banka Slovakia
Intesa Sanpaolo Romania SA Romania
Privredna banka Zagreb Croatia

In addition to its strong presence in Italy, Intesa Sanpaolo has branches and representative offices around the world. The Group also directly controls many foreign banks, especially in Central-Eastern Europe and Middle East and North Africa, with around 1,600 branches and about 8.3 million clients operating in retail and commercial banking.[25][31]

Subsidiaries

  • Banca dei Territori - By far the largest division this is the company's domestic commercial bank in Italy. Subsidiaries include Mediocredito Italiano, Intesa Sanpaolo Private Banking, Banca Prossima, and insurance companies Intesa Sanpaolo Vita, Intesa Sanpaolo Assicura.
  • Corporate and Investment Banking - Present in 29 countries this division acts as a "global partner" supporting the development of financial institutions, both nationally and internationally.
  • International Subsidiary Banks - Present in 12 countries spanning central eastern Europe, the Middle East, and North Africa.
  • Eurizon Capital - One of Italy's largest asset manager[26] that invests in such things as bonds (including government), publicly traded companies and also engages in short term borrowing and lending. In 2010 another leading European asset manager Pioneer was rumoured to have been interested in joining forces with Eurizon Capital.[27][28]
  • Banca Fideuram - Offers financial advice services. It was created in 1968 as a subsidiary of IMI (later merged with Sanpaolo and then Banca Intesa to form the current company) with the purpose of managing IMI's Luxembourg mutual fund business. In 1992 it was merged with another subsidiary Manusardi, that is when it officially became Banca Fideuram. In 1997 it entered the private banking industry, 2000 it became a broker after acquiring French Company Groupe Wargny (was established in 1806, some of the Wargny business was sold in 2007) then in 2004 its parent company IMI took over its life insurance business. Its association with US company Frank Russell group gave it a foothold in the personal financial planning market.[29][30]

The group's operations are segmented into 5 parts[25]

Business Units

Year Operating income (million €) Net income (million €) Total assets (million €) Total equity (million €)
2014 16,898 1,251 646,427 44,683
2013 16,248 -4,550 624,179 44,520
2012 17,881 1,605 673,472 49,613
2011 16,785 -8,190 639,221 47,040
2010 16,529 2,705 657,025 53,533

Table with a comparison of Intesa Sanpaolo financial performance over the last 5 years.[24][15]

Financial information


Members are elected to a three-year term by the annual general shareholders’ meeting. The current members were appointed on 22 April 2013.[23]

Position Name
Chairman Giovanni Bazoli
Deputy chairman Mario Bertolissi
Deputy chairman Gianfranco Carbonato
Member Gianluigi Baccolini
Member Francesco Bianchi
Member Rosalba Casiraghi
Member Carlo Corradini
Member Franco Dalla Sega
Member Piergiuseppe Dolcini
Member Jean-Paul Fitoussi
Member Edoardo Gaffeo
Member Pietro Garibaldi
Member: Rossella Locatelli
Member Giulio Stefano Lubatti
Member Marco Mangiagalli
Member: Jacopo Mazzei
Member Beatrice Ramasco
Member Marcella Sarale
Member Monica Schiraldi

Supervisory board


The current members were appointed on 9 May 2013 and will remain in office until the supervisory board approves the 2015 financial statements.[22]

Position Name
Chairman Gian Maria Gros-Pietro
Senior deputy chairman Marcello Sala
Deputy chairman Giovanni Costa
Managing Director and CEO Carlo Messina
Member Carla Patrizia Ferrari
Member Piera Filippi
Member Gaetano Miccichè
Member Francesco Micheli
Member Giuseppe Morbidelli
Member Bruno Picca

Management board

Intesa Sanpaolo has adopted a dual corporate governance system in which control and strategic management functions, exercised by the supervisory board, are separated from the management of the company's business, which is exercised by the management board. The supervisory board is appointed by the shareholders' meeting. It supervises the activities carried out by the management board and, in particular, it approves the main strategic initiatives proposed by the management board. The management board appoints one of their members to be the CEO.[21]

Corporate Governance

Many shareholders of the group were the former owner (foundation) of the regional bank that was acquired by Intesa and Sanapaolo IMI through shares swap. For example, as of 31 December 2013, Fondazione Carisap (Ascoli) held 0.3537% shares,[16] Fondazione Carisbo (Bologna) held 2.023%, [17] Fondazione Cariparma (Parma, now part of Crédit Agricole Group) held 0.67%,[18] Fondazione Carispezia (La Spezia, now part of Crédit Agricole Group) held 0.25%,[19] Fondazione di Venezia (Venice) held 0.33215%.[20]

Shareholder Stake (% of ordinary shares)
Compagnia di San Paolo
Documentation
9.506%
BlackRock 4.897%
Fondazione Cariplo 4.840%
Fondazione Cassa di Risparmio Padova e Rovigo 4.162%
Ente Cassa di Risparmio di Firenze 3.248%
Norges Bank 2.032%

Intesa Sanpaolo’s shareholders with more than a 2% stake (as of 31 December 2014)[14][15]

Major shareholders

In 2008 Intesa Sanpaolo acquired Banca CR Firenze.

French banking group Crédit Agricole started to spin off from Intesa Sanpaolo, by acquiring Cariparma, FriulAdria in 2007 and Carispezia in 2011, as well as branches from Intesa Sanpaolo. in 2012 Crédit Agricole sold all the shares of Intesa Sanpaolo.

In January 2007 all of these banking entities came together when 2 of Italy's 3 largest banks officially merged (was announced in 2006).[13] Banca Intesa (the result of a 1997 merger of Cariplo and Banco Ambrosiano) acquired Sanpaolo IMI (Sanpaolo was formed in 1998 when Istituto Bancario San Paolo di Torino and Istituto Mobiliare Italiano (IMI) merged, IMI was established in 1931) in a US 37.8 billion dollar deal.[2]

Intesa Sanpaolo

Sanpaolo IMI

Banca Commerciale Italiana (BCI) started in 1894 as a corporate loans lender operating in the commercial industry of Northern Italy. In 1994 Mediobanca purchased an interest in BCI (ironically BCI was one of the 3 banks that formed Mediobanca almost 50 years earlier). BCI tried to acquire Banco Ambrosiano Veneto the same year but was spurned by shareholders who wouldn't accept the US$1.13 billion offer. In 1999 Italy's largest bank Unicredit Group at the time, attempted a hostile takeover of BCI but failed due to Mediobanca's interest in the company (Mediobanca wanted to merge Banca di Roma with BCI)[12] BCI merged with the former Banca Ambrosiano and Cariplo in 1998 to form a financial institution renamed Banca Intesa in 2003.

Banca Commerciale Italiana

Cariplo SpA was formed in 1991 when Cassa di Risparmio Cariplo (sold by Ente Cassa Di Risparmio Cariplo ) merged with its subsidiary IBI. Banco Ambrosiano Veneto originated with Nuovo Banco Ambrosiano and Banca Cattolica del Veneto which merged in 1989. The bank increased in size during the 1990s due to numerous acquisitions (Citibank Italia, Banca Vallone di Galatina and European securities dealer Caboto among others).

[11]

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