Intesa Sanpaolo

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Intesa Sanpaolo S.p.A.
Società per azioni
Traded as BITISP
Industry Financial services
Founded 2007; 9 years ago (2007)
(merger of Banca Intesa and Sanpaolo IMI)
Headquarters Torre Intesa Sanpaolo, Turin, Italy
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
Increase €17.149 billion (2015)[4]
Profit € 2.739 billion (2015)[4]
Total assets € 676.496 billion (2015)[4]
Total equity € 47.776 billion (2015)[5]
Number of employees
90,807 (2015)[4]
Website www.intesasanpaolo.com

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 (97% of the bank's revenue from Europe) and 86% of all loans to customers come from business in Italy).[6] 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.[7] By 2010 its assets had grown to $877.66 billion 26th highest among all of the world's companies.[8][9] The company is a component of the Euro Stoxx 50 stock market index.[10]

As of January 2016, it is the first banking group in Italy by market capitalization,[11] but second by total assets (using 2014 data).[12]

History[edit]

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.[13] 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.[13]

Banca Intesa[edit]

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 focused less on social programs/social causes were abandoned).[14]

Cariplo SpA was formed in 1991 when Cassa di Risparmio delle Provincie Lombarde (sold by Ente Cassa di Risparmio delle Provincie Lombarde ) 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).

Banca Commerciale Italiana[edit]

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

Sanpaolo IMI[edit]

Sanpaolo IMI 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.[7]

Intesa Sanpaolo[edit]

In January 2007 Banca Intesa and Sanapaolo IMI, two of the three largest bank of Italy, officially merged.[16]

As part of the authorization of the merger, Autorità Garante della Concorrenza e del Mercato forbidden Intesa Sanpaolo opened new branches for two years in in the provinces of Udine and Gorizia (Friuli – Venezia Giulia region), provinces of Rovigo and Padua (Veneto region), Aosta Valley, provinces of Biella and Alessandria (Piedmont region), Province of Bolzano (South Tyrol), Province of Bologna (Emilia-Romagna region), Province of Pavia (Lombardy region), Province of Naples (Campania region), Province of Imperia (Liguria region), provinces of Sassari and Cagliari (Sardinia Island), Province of Rieti (Lazio region), province of Terni (Umbria region), Province of Pesaro-Urbino (Marche region), Province of Pescara (Abruzzo region) and Province of Catanzaro (Calabria region).[17]

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 December 2007 Cassa di Risparmio di Biella e Vercelli was also sold to Banca Monte dei Paschi di Siena for €399 million.[18]

In 2008 Intesa Sanpaolo acquired Banca CR Firenze. In December 2008 Cassa di Risparmio di Fano was sold to Credito Valtellinese.

In 2009 group acquisitions included a 30% interest in business info company MF Honyvem, and an increased stake in Alitalia – Compagnia Aerea Italiana up to 33.3%[19] 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%.[20][21] Alitalia – Compagnia Aerea Italiana sold part of its stake in the airline to Etihad Airways in 2015.

From 2012 to 2013 Intesa Sanpaolo write down the value of investment in Banca delle Marche (a minority interests of 5.84% share capital) for a total of €90 million (€18 + 72 million), as well as €26 million for a minority stake in Cassa di Risparmio della Provincia di Chieti in 2014. The shareholders of the banks was bail-in in the rescue plan in 2015.

In 2014 Cassa di Risparmio di Venezia and Banca di Credito Sardo were absorbed into Intesa Sanpaolo.

In 2015 local banks Banca Monte Parma, Banca di Trento e Bolzano, Cassa di Risparmio di Civitavecchia, Cassa di Risparmio di Rieti and Cassa di Risparmio della Provincia di Viterbo were absorbed into Intesa Sanpaolo. Banca dell'Adriatico and Casse di Risparmio dell'Umbria were planned to be absorb by Intesa Sanpaolo in mid-2016.

Major shareholders[edit]

Intesa Sanpaolo’s shareholders with more than a 2% stake (as of 26 February 2016)[22]

Shareholder Stake (% of ordinary shares)
Compagnia di San Paolo (it) 9.341%
BlackRock 4.893%
Fondazione Cariplo 4.836%
Fondazione Cariparo 3.305%
Ente Cassa di Risparmio di Firenze 2.640%
Norges Bank 2.521%

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,[23] Fondazione Carisbo (Bologna) held 2.023%,[24] Fondazione Cariparma (Parma, now part of Crédit Agricole Group) held 0.67%,[25] Fondazione Carispezia (La Spezia, now part of Crédit Agricole Group) held 0.25%,[26] Fondazione di Venezia (Venice) held 0.33215%.[27]

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.[28]

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 Stefano Del Punta
Member Piera Filippi
Member Gaetano Miccichè
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.[29]

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.[30]

Financial information[edit]

Table with a comparison of Intesa Sanpaolo financial performance over the last 5 years.[31][5]

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

Business Units[edit]

The group's operations are segmented into 5 parts[32]

  • 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[33] 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.[34][35]
  • 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.[36][37]

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.[32][38]

Intesa Sanpaolo Banka d.d. Bosna i Hercegovina Bosnia and Herzegovina
Mediocredito Italiano Italy
Banca Fideuram Italy
Banca CR Firenze Italy
Banco di Napoli Italy
Carisbo Italy
Cariromagna Italy
CR Veneto Italy
CariFVG Italy
Casse dell'Umbria 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
Všeobecná úverová banka Slovakia
Intesa Sanpaolo Romania SA Romania
Privredna banka Zagreb Croatia

Photo gallery[edit]

See also[edit]

References[edit]

  1. ^ "Annual Report 2012". Intesa Sanpaolo. Retrieved 17 October 2013. 
  2. ^ Intesa Sanpaolo Businesses
  3. ^ a b c "Biographies". 
  4. ^ a b c d "Annual Report 2015". Retrieved July 25, 2016. 
  5. ^ a b "Company profile". Borsa Italiana. Retrieved April 24, 2015. 
  6. ^ "Annual Report 2011". Intesa Sanpaolo. Retrieved 12 October 2012. 
  7. ^ a b Timmons, Heather (2006-08-28). "Italy's Creation of a Banking Giant Is Seen as a Precursor". The New York Times. 
  8. ^ The Global 2000
  9. ^ Intesa Sanpaolo S.P.A.
  10. ^ Frankfurt Stock Exchange
  11. ^ "Borsa Italiana - CAPITALISATION FTSE MIB BASKET ON 29.01.2016". Retrieved 4 March 2016. 
  12. ^ "LE PRINCIPALI BANCHE ITALIANE" (PDF) (in Italian). Ricerche e Studi. 10 November 2015. Retrieved 21 February 2016. 
  13. ^ a b "History". Intesa Sanpaolo. Retrieved December 14, 2012. 
  14. ^ Italy, Europe and Financial Regulation
  15. ^ Decision time is near for BCI, Banca di Roma
  16. ^ Borsa Italiana 2007 Review
  17. ^ "Provvedimento n. 16249 C8027 - BANCA INTESA/SANPAOLO IMI" (PDF) (in Italian). Autorità Garante della Concorrenza e del Mercato. 20 December 2006. Retrieved 5 March 2016. 
  18. ^ "JOINT PRESS RELEASE SALE OF 55% OF BIVERBANCA FINALISED". Intesa Sanpaolo & Banca Monte dei Paschi di Siena. 20 December 2007. Retrieved 16 February 2016. 
  19. ^ "Leali, Other Investors Buy Alitalia Cargo Unit, Corriere Says". 2009-04-02. 
  20. ^ Owen, Richard (2008-03-22). "Silvio Berlusconi may save Alitalia from Air France". The Times (London). 
  21. ^ Intesa CEO attacks French purchase of Alitalia
  22. ^ "Borsa Italiana - Shareholders". Retrieved 4 March 2016. 
  23. ^ "bilancio 2013" (PDF) (in Italian). Fondazione Carisap. 22 April 2014. Retrieved 27 March 2015. 
  24. ^ "bilancio 2013" (PDF) (in Italian). Fondazione Carisbo. 22 April 2014. Retrieved 27 March 2015. 
  25. ^ "bilacnio 2013" (in Italian). Fondazione Cariparma. 30 April 2014. Retrieved 27 March 2015. 
  26. ^ "bilancio 2013" (PDF) (in Italian). Fondazione Carispezia. 7 May 2014. Retrieved 27 March 2015. 
  27. ^ "2013 bilancio" (PDF) (in Italian). Fondazione di Venezia. 19 January 2015. Retrieved 27 March 2015. 
  28. ^ "Governance model". IntesaSanpaolo. Retrieved October 17, 2012. 
  29. ^ "Management Board". Retrieved October 17, 2013. 
  30. ^ "Management Board". Retrieved October 17, 2013. 
  31. ^ "Annual report 2014". Retrieved July 25, 2016. 
  32. ^ a b "About us". Intesa Sanpaolo. Retrieved November 26, 2012. 
  33. ^ "Eurizon Capital SGR implements Charles River Trader". Retrieved November 26, 2012. 
  34. ^ "Natixis could be good fit for UniCredit's Pioneer". Reuters. 2010-08-16. 
  35. ^ Eurizon Capital Gets New CEO
  36. ^ Viel & Cie participates in the resumption of Fideuram Wargny
  37. ^ Sanpaolo SEC
  38. ^ "Institutional brochure" (PDF). Intesa Sanpaolo. p. 23. Retrieved November 26, 2012. 

External links[edit]