Intesa Sanpaolo

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Intesa Sanpaolo S.p.A.
Type Società per azioni
Traded as BITISP
Industry Financial services
Founded 2007 (merger of Banca Intesa and Sanpaolo IMI)
Headquarters Turin, Italy (secondary headquarters Milan)
Number of locations 6,841 branches (5,302 in Italy and 1,539 abroad) (2012)[1]
Area served Italy, Central Eastern Europe, Middle East, and North Africa[2]
Key people
Products Retail, investment and private banking, investment management, public finance
Operating income € 17.881 billion (2012)[4]
Profit € 1.605 billion (2012)[4]
Total assets € 673.472 billion (2012)[4]
Total equity € 49.613 billion (2012)[4]
Employees 96,170 (2012)[1]
Website www.intesasanpaolo.com

Intesa Sanpaolo is a banking group resulting from the merger between Banca Intesa and Sanpaolo IMI based in 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).[5] 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.[6] By 2010 its assets had grown to $877.66 billion 26th highest among all of the world's companies.[7][8]

Now it is the second largest banking group in Italy, after Unicredit Group.

In 2009 group acquisitions included a 30% interest in business info company MF Honyvem, and an increased stake in Alitalia up to 33.3%[9] 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%.[10][11]

History[edit]

Intesa Sanpaolo 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.[12] 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.[12]

The oldest part of the banking group is Cariplo spa which traces its roots to Austrian household savings bank Cassa di Risparmio delle Provincie Lombarde which was established in 1823. Cassa di Risparmio was started by an Italian philanthropic group, the Central Committee of Charity; a response by the government to the hard economic times of the early 19th century. In the early 20th century the bank helped Italian companies in the North obtain capital during and after World War 1 and 2, chiefly under the guide of Giordano Dell'Amore. Banking reforms in 1990 started by Giuliano Amato (Amato Law) led to the restructuring/reorganization of banks by forcing the government to relinquish control of them (the result was a more market driven bank that focussed less on social programs/social causes were abandoned).[13]

Cariplo spa was formed in 1991 when Cassa di Risparmio (sold by Ente Cassa Di Risparmio) merged with IBI. Banco Ambrosiano 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).

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 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)[14] BCI merged with the former Banca Ambrosiano and Cariplo in 1998 to form a financial institution renamed Banca Intesa in 2003.

In January 2007 all of these banking entities came together when 2 of Italy's 3 largest banks officially merged (was announced in 2006).[15] 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.[6]

Major shareholders[edit]

Intesa Sanpaolo’s shareholders with more than a 2% stake (as of 18 July 2013)[4]

Shareholder Stake (% of ordinary shares)
Compagnia di San Paolo 9.72%
Fondazione Cariplo 4.95%
Fondazione Cassa di Risparmio Padova e Rovigo 4.52%
Ente Cassa di Risparmio di Firenze 3.32%
Assicurazioni Generali 2.69%
Harbor International Fund 2.15%
Fondazione Cassa di Risparmio in Bologna 2.02%
Other shareholders < 2% 70.63%

Corporate Governance[edit]

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.[16]

Management board

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


The current members were appointed on 9 May 2013 and will remain in office until the supervisory board approves the 2015 financial statements.[17]

Supervisory board

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


Members are elected to a three-year term by the annual general shareholders’ meeting. The current members were appointed on 22 April 2013.[18]

Financial information[edit]

Table with a comparison of Intesa Sanpaolo financial performance over the last 3 years.[4]

Year Operating income (billion €) Net income (billion €) Total assets (billion €) Total equity (billion €)
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

Business Units[edit]

The group's operations are segmented into 5 parts[19]

  • 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[20] 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.[21][22]
  • 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.[23][24]

Banca Intesa[edit]

Banca Intesa S.p.A. is a major Italian bank based in Milan. It was formed in 1998 from the merger of Cassa di Risparmio delle Provincie Lombarde and Banco Ambroveneto. In 1999 Banca Commerciale Italiana entered the group, which pursuant to the merger in 2001 changed its name in IntesaBci; on 1 January 2003, the group's name changed to Banca Intesa.

Retail Division[edit]

The Retail Division serves individuals, small businesses, small and medium enterprises and non-profit organizations; its main activities include retail banking, wealth management, private banking and industrial credit.

Corporate Division[edit]

The Corporate Division serves mid and large corporates, financial institutions and public administrations; its main activities include mergers and acquisitions and structured finance services, merchant banking, capital market, global custody and the specialized international network.

Italian Subsidiary Banks Division[edit]

The Italian Subsidiary Banks Division includes banking subsidiaries rooted in regional markets.

International Subsidiary Banks Division[edit]

The International Subsidiary Banks Division involves subsidiaries abroad, providing retail and commercial banking services mainly in Central-Eastern Europe. Banca Intesa has branches and representative offices in Europe, Asia, Latin and North America, and Africa.

Sanpaolo IMI[edit]

The Gruppo Sanpaolo IMI is one of Italy's major banking and insurance groups and it is based in Turin. It employs about 44,000 people and it has about seven million customers.

It has about 3,200 local offices where private, business and retail banking activities take place. It also cares about savings and retirement funds.

Subsidiaries[edit]

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.[19][25]

Intesa San Paolo Banka Bosnia and Herzegovina
Banca Fideuram Italy
Banca Intesa Beograd Serbia
Banka Koper Slovenia
CIB Bank Hungary has merged with Inter-Európa Bank Hungary following the merger of Banca Intesa and Sanpaolo IMI.
Intesa Sanpaolo Bank Albania Albania
Bank of Alexandria Egypt
Pravex Bank Ukraine
Bank Intesa Russia
VÚB Banka Slovakia
Intesa Sanpaolo Bank Romania Romania
CR Firenze Romania
Privredna banka Zagreb Croatia

Photo gallery[edit]

See also[edit]

References[edit]

  1. ^ a b "Annual Report 2012". Intesa Sanpaolo. Retrieved 17 October 2013. 
  2. ^ Intesa Sanpaolo Businesses
  3. ^ a b c "Biographies". 
  4. ^ a b c d e f "Company profile". Borsa Italiana. Retrieved 17 October 2013. 
  5. ^ "Annual Report 2011". Intesa Sanpaolo. Retrieved 12 October 2012. 
  6. ^ a b Timmons, Heather (2006-08-28). "Italy's Creation of a Banking Giant Is Seen as a Precursor". The New York Times. 
  7. ^ The Global 2000
  8. ^ Intesa Sanpaolo S.P.A.
  9. ^ "Leali, Other Investors Buy Alitalia Cargo Unit, Corriere Says". 2009-04-02. 
  10. ^ Owen, Richard (2008-03-22). "Silvio Berlusconi may save Alitalia from Air France". The Times (London). 
  11. ^ Intesa CEO attacks French purchase of Alitalia
  12. ^ a b "History". Intesa Sanpaolo. Retrieved December 14, 2012. 
  13. ^ Italy, Europe and Financial Regulation
  14. ^ Decision time is near for BCI, Banca di Roma
  15. ^ Bosrsa Italiana 2007 Review
  16. ^ "Governance model". IntesaSanpaolo. Retrieved October 17, 2012. 
  17. ^ "Management Board". Retrieved October 17, 2013. 
  18. ^ "Management Board". Retrieved October 17, 2013. 
  19. ^ a b "About us". Intesa Sanpaolo. Retrieved November 26, 2012. 
  20. ^ "Eurizon Capital SGR implements Charles River Trader". Retrieved November 26, 2012. 
  21. ^ "Natixis could be good fit for UniCredit's Pioneer". Reuters. 2010-08-16. 
  22. ^ Eurizon Capital Gets New CEO
  23. ^ Viel & Cie participates in the resumption of Fideuram Wargny
  24. ^ Sanpaolo SEC
  25. ^ "Institutional brochure". Intesa Sanpaolo. p. 23. Retrieved November 26, 2012. 

External links[edit]