|listed Società per azioni|
|Traded as||BIT: ISP|
(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)|
|Italy, Central Eastern Europe, Middle East, and North Africa|
|Products||Retail, investment and private banking, investment management, public finance|
|€17.149 billion (2015)|
|Profit||€2.739 billion (2015)|
|Total assets||€676.496 billion (2015)|
|Total equity||€47.776 billion (2015)|
Number of employees
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). 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. By 2010 its assets had grown to $877.66 billion 26th highest among all of the world's companies. The company is a component of the Euro Stoxx 50 stock market index.
Banca Intesa and Sanpaolo IMI, the two banks that merged in 2007 to create Intesa Sanpaolo, were themselves the product of many mergers. 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.
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).
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
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) BCI merged with the former Banca Ambrosiano and Cariplo in 1998 to form a financial institution renamed Banca Intesa in 2003.
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In January 2007, Banca Intesa and Sanapaolo IMI, two of the three largest bank of Italy, officially merged.
As part of the authorization of the merger, the Italian Competition Authority (AGCM) forbid Intesa Sanpaolo to open any new branches for two years 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).
The 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 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% 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%. 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. The 2014–17 business plan of the bank stated that the banking group would simplified their legal structure.
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. An unified website was also used for the remaining retail banks of the group in 2016.
In 2016–17, the banking group also sold their non-core businesses, such as the 0.49% ordinary shares of Visa Europe in cash plus share deal; Intesa Sanapolo Card and subsidiary Setefi to Mercury (the parent company of Istituto Centrale delle Banche Popolari Italiane) for €1.035 billion and 4.88% shares of Bank of Italy to the bank's shareholders Compagnia di San Paolo, Fondazione Cariplo and the pension funds of the group for €366 million.
Intesa Sanpaolo’s shareholders with more than a 2% stake (as of 15 September 2016)
|Shareholder||Stake (% of ordinary shares)|
|Compagnia di San Paolo||9.888%|
|Ente Cassa di Risparmio di Firenze||3.378%|
Many shareholders of the group were the former owner (foundation) of the saving banks that were acquired by Intesa and Sanapaolo IMI through shares swap. For example, as of 31 December 2013, Fondazione Carisap (Ascoli) held 0.3537% shares, Fondazione Carisbo (Bologna) held 2.023%, Fondazione Cariparma (Parma, now part of Crédit Agricole Group) held 0.67%, Fondazione Carispezia (La Spezia, now part of Crédit Agricole Group) held 0.25%, Fondazione di Venezia (Venice) held 0.33215%.
Intesa Sanpaolo has a single-tiered corporate governance system in which the Board of Directors alone are in charge of strategic supervision and control. The latter duty is carried out by the Management Control Committee instead of the Board of Directors itself. The bank adopted this single-tiered system in April 2016, replacing the former two-tiered structure. Previously, the supervisory board exercised control and strategic management functions, whereas the management board oversaw the management of the company’s business. The supervisory board was appointed by shareholders in their annual meeting. It supervised the activities carried out by the management board and, in particular, approved the main strategic initiatives proposed by the management board. The management board appointed one of its members to be the CEO.
Board of Directors
Members were appointed on the 27th April 2016 for the following financial years: 2016, 2017 and 2018.
|Chairman||Gian Maria Gros-Pietro|
|Deputy chairperson||Paolo Andrea Colombo|
|Managing Director and CEO||Carlo Messina|
|Director||Giovanni Gorno Tempini|
|Director||Maria Cristina Zoppo|
|Director||Milena Teresa Motta|
|Chairman of the Management Control Committee||Marco Mangiagalli|
|Director||Alberto Maria Pisani|
|Year||Operating income (million €)||Net income (million €)||Total assets (million €)||Total equity (million €)|
The group's operations are segmented into 5 parts
- 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 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.
- 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.
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.
|Intesa Sanpaolo Banka d.d. Bosna i Hercegovina||Bosnia and Herzegovina|
|Banca CR Firenze||Italy|
|Banco di Napoli||Italy|
|Banca Intesa Beograd||Serbia|
|Intesa Sanpaolo Bank - (Banka Koper)||Slovenia|
|Intesa Sanpaolo Bank Albania||Albania|
|Bank of Alexandria||Egypt|
|Všeobecná úverová banka||Slovakia|
|Intesa Sanpaolo Romania SA||Romania|
|Privredna banka Zagreb||Croatia|
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- Intesa Sanpaolo Businesses
- "Annual Report 2015". Retrieved July 25, 2016.
- "Company profile". Borsa Italiana. Retrieved April 24, 2015.
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- Timmons, Heather (2006-08-28). "Italy's Creation of a Banking Giant Is Seen as a Precursor". The New York Times.
- The Global 2000
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- Frankfurt Stock Exchange Archived 2015-11-19 at the Wayback Machine.
- "Borsa Italiana - CAPITALISATION FTSE MIB BASKET ON 29.01.2016". Retrieved 4 March 2016.
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- Italy, Europe and Financial Regulation
- Decision time is near for BCI, Banca di Roma
- Borsa Italiana 2007 Review
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- "Leali, Other Investors Buy Alitalia Cargo Unit, Corriere Says". 2009-04-02.
- Owen, Richard (2008-03-22). "Silvio Berlusconi may save Alitalia from Air France". The Times. London.
- Intesa CEO attacks French purchase of Alitalia
- "INTESA SANPAOLO SELLS STAKE IN VISA EUROPE TO VISA INC.". Intesa Sanpaolo. 21 June 2016. Retrieved 13 February 2017.
- "INTESA SANPAOLO SIGNS AGREEMENT FOR SALE OF SETEFI AND INTESA SANPAOLO CARD TO ADVENT, BAIN CAPITAL AND CLESSIDRA". Intesa Sanpaolo. 2 May 2016. Retrieved 13 February 2017.
- "INTESA SANPAOLO FINALISES SALE OF SETEFI AND INTESA SANPAOLO CARD TO ADVENT, BAIN CAPITAL AND CLESSIDRA". Intesa Sanpaolo. 15 December 2016. Retrieved 13 February 2017.
- "INTESA SANPAOLO: BOARD OF DIRECTORS PASSES RESOLUTION AUTHORISING THE SALE OF 4.88% OF BANK OF ITALY CAPITAL". Intesa Sanpaolo. 3 February 2017. Retrieved 13 February 2017.
- "bilancio 2013" (PDF) (in Italian). Fondazione Carisap. 22 April 2014. Retrieved 27 March 2015.
- "bilancio 2013" (PDF) (in Italian). Fondazione Carisbo. 22 April 2014. Retrieved 27 March 2015.
- "bilacnio 2013" (in Italian). Fondazione Cariparma. 30 April 2014. Retrieved 27 March 2015.
- "bilancio 2013" (PDF) (in Italian). Fondazione Carispezia. 7 May 2014. Retrieved 27 March 2015.
- "2013 bilancio" (PDF) (in Italian). Fondazione di Venezia. 19 January 2015. Retrieved 27 March 2015.
- "CSR Europe: "Intesa Sanpaolo issues Sustainability Report 2015"". Retrieved 14 October 2016.
- "Intesa Sanpaolo - Board of Directors". Retrieved 14 October 2016.
- "Annual report 2014". Retrieved July 25, 2016.
- "About us". Intesa Sanpaolo. Retrieved November 26, 2012.
- "Eurizon Capital SGR implements Charles River Trader". Retrieved November 26, 2012.
- "Natixis could be good fit for UniCredit's Pioneer". Reuters. 2010-08-16.
- Eurizon Capital Gets New CEO
- Viel & Cie participates in the resumption of Fideuram Wargny
- Sanpaolo SEC
- "Institutional brochure" (PDF). Intesa Sanpaolo. p. 23. Retrieved November 26, 2012.