Intesa Sanpaolo
Intesa Sanpaolo is one of Italy's largest banks with headquarters in Turin. The company is listed on the FTSE MIB financial index.
History
In August 2006 it was announced that the Sanpaolo IMI SpA and the Italian Banca Intesa will merge. With the merger in late 2006, the second-largest bank in Italy, which was given the name Intesa Sanpaolo was formed.
Banca Intesa was formed in 1998 through a merger of Cassa di Risparmio delle Milan Sparkasse Provincie Lombard ( Cariplo ) with the Banco Ambroveneto. In 1999, the Banca Commerciale Italiana traditional taken. Banca Intesa was involved in a number of Italian banks, including the Savings Bank and Parma at the Bank of Trento and Bolzano. Abroad controlled Banca Intesa, inter alia, the PBZ Croatian, Slovak VUB, the Serbian Intesa Beograd (the second largest banks in each country ), the Hungarian CIB and the Russian KMB Bank. The company had in 2004 nearly 57,000 people.
The new bank is one of the largest institutes in Europe and in 2010 was counted by CNBC of the safest banks in the world. With a market capitalization of about 18 billion euros (2011) ranked Intesa Sanpaolo among the 50 largest companies in Europe and is currently in the Euro Stoxx 50 with about 1.22% weighting represented.
Group structure
After the merger, Intesa Sanpaolo operates six divisions:
The " Corporate Centre " of the group is another, non-surgical, ( overhead ) unit of the group, in which, inter alia, the Treasuy and proprietary trading are located.
International presence and system relevance
Although Intesa Sanpaolo is one of the few large institutions, which is not currently taken into account to the G- SIFI list of G20, the Bank has a significant presence in all major financial centers of the world and beyond to other selective locations, among others in Eastern Europe and Africa.
In Europe, the company operates branches in London (European hub), Amsterdam, Frankfurt / Main, Madrid and Paris. Representations consist, inter alia, in Athens, Brussels, Istanbul, Moscow, Warsaw and Stockholm.
In Asia, the Bank Ho is in Dubai, Hong Kong (Asian hub), Shanghai, Singapore and Tokyo with branches and in Beijing, Beirut, Chi Minh City, Mumbai, Seoul and Tehran representative offices.
In America, the Bank operates four branches: branches in New York and Georgetown, as well as representative offices in Santiago and Sao Paulo.
In Africa it holds - 70 percent - a majority stake in Bank of Alexandria in Egypt.
Financial crisis
The Intesa Sanpaolo came up today (December 2011) comparatively well by the financial and debt crisis. This is also its conservative stance on the retail business in Italy and at the customer-centric international corporate and investment banking owe. In November 2011, the Bank published a 9 -month earnings ( net income) of around 1.9 billion euros and profit for the third quarter of 500 million euros. Although the result was positively affected by tax effects, it reflects the operational strength of the institute. Nevertheless, Intesa is the bank with the largest sovereign -debt exposure in Italy. Depreciation on Italian government bonds had the result affected correspondingly negative. Of liberty is no increased capital requirements even after the stress tests by the European Banking Authority. Under the depreciation (especially Italian ) government bonds to market value, the Core Tier One ratio of Intesa Sanpaolo would still be above 9% - the target value of the EBA. Under heading of the nominal value in the balance sheet, the rate is 10.2 %, which makes Intesa one of the strongest banks in Europe. Many other European banks, including Unicredit domestic competitors as well as the German Bank and Commerzbank need by EBA guidelines by mid-2012 in the amount of new equity nearly 115 billion euros.
Change of leadership
The acquisition of the business of government in Italy by a government of technocrats under Mario Monti, a change of leadership at the helm of Intesa became necessary. The long-time CEO and Managing Director Corrado Passera was appointed super-minister for industry and infrastructure into the cabinet Monti. After a few days already Intesa was able to present a successor. Enrico Cucciani, previously responsible for the European and South American operations of the Alliance, the post ran as CEO on 22 December 2011. Analysts predict that under new head retained the conservative strategy of the institute, but the expansion is being driven abroad.