Latest news with #CarloMessina
Reuters
26-05-2025
- Business
- Reuters
Intesa CEO rules out any deal taking national savings out of Italian hands
MILAN, May 26 (Reuters) - Intesa Sanpaolo's CEO on Monday ruled out taking part in any deal that would take the management of national savings out of Italian hands, saying he recognised some financial sector mergers and acquisitions had national security concerns. Intesa has kept out of the M&A wave sweeping Italian banking, but bankers have been expecting it to make a move to preserve its market leadership since CEO Carlo Messina was handed a new three-year term in April. Messina said on Monday his bank could consider specific asset management or private banking deals, but added that Intesa was well aware of being an element of national security for Italy with the 1.4 trillion euros ($1.6 trillion) in customer financial assets it manages. "I would never do it as an Italian, but I'm not so naive as to think that Intesa could just decide to take those savings elsewhere. That it would be free to do that," Messina told the annual meeting of the Italian FABI banking union. Referring to special powers Rome has to vet banking deals on grounds of national security, he said 'golden power' rules "are part of the new world we live in". Italy's biggest insurer Generali ( opens new tab has sparked alarm in Rome by announcing a deal with French banking group BPCE to merge their respective asset management businesses, Generali Investments Holding and Natixis Investment Managers. The deal has met opposition from leading Generali shareholders and has been criticised by the government. Generali has indicated it could drop it, opens new tab if it cannot dispel Rome's concerns. On Monday, Messina said deals were unfolding in a way that was not in line with markets' best practice standards and was "not elegant, drawing unwanted attention to Italy". Messina also warned that retail investors could lose money by investing in banks and insurers whose share prices have been inflated by M&A premiums. "I don't hear anyone mentioning it. I'd worry about this were I in charge of protecting retail savings," he said. ($1 = 0.8789 euros)
Reuters
06-05-2025
- Business
- Reuters
Intesa CEO says no value in joining Italian M&A 'big mess'
MILAN, May 6 (Reuters) - Italy's biggest bank Intesa Sanpaolo ( opens new tab should stay away from the merger and acquisition frenzy gripping the sector and focus on delivering results for shareholders, Chief Executive Carlo Messina said on Tuesday. A wave of hostile banking bids has swept Italy's financial sector, but Intesa has avoided them as a result of its 2020 deal to buy UBI, the healthiest second-tier bank, which means it controls a fifth of the market and faces antitrust limits. Speaking to analysts after Intesa beat expectations with a 13.6% rise in first-quarter net profit on Tuesday, Messina said what he saw as "a big mess" in Italian banking M&A had got worse in recent weeks. "I'm really confirmed in my opinion that it is absolutely much better to remain focused on delivering results for shareholders," he said. Messina's comments are in line with those he made in February when he said Intesa would stay out of the fray and it would rather take advantage of the situation to poach talent from rivals. On Tuesday, he said the bank hired 151 private bankers from rivals during the first quarter, adding 1.5 billion euros in net wealth from clients the bankers have taken with them. Messina also said Intesa had lent less than it would normally have in the first quarter because the takeover activity had prompted some rivals to increase lending, depressing loan rates. "A lot of players that are involved in M&A decided to increase the size of their balance sheet," he said, adding that made sense if you were seeking positive results in an M&A deal, but that Intesa "decided not to follow the mispricing in the market".
Hamilton Spectator
06-05-2025
- Business
- Hamilton Spectator
Intesa Sanpaolo Reports Best-Ever Net Income of €2.6BN in 1Q25
MILAN, May 06, 2025 (GLOBE NEWSWIRE) — Intesa Sanpaolo delivered its best-ever quarterly net income in 1Q25, exceeding €2.6 billion and generating an annualized Return on Equity of 20%. This outstanding start to the year supports guidance for 2025 net income well above €9 billion. Strong revenue growth and cost efficiency Intesa Sanpaolo posted a record first quarter for commissions (+7% vs 1Q24), with 11% growth in Wealth Management & Protection related activities. Insurance income saw its best quarter ever (+9% vs 4Q24). Customer financial assets grew by €45.5 billion from March 31, 2024, to around €1.4 trillion, supported by €900 billion in direct deposits and Assets under Management (AuM). Despite significant investments in technology, cost discipline remains a priority. The Cost/Income ratio hit a record low of 38%, one of the best in Europe. Technology investments and digital transformation Technology remains central to Intesa Sanpaolo's strategy. The bank has invested €4.4 billion in its digital transformation, hiring ~2,350 IT specialists and migrating 62% of applications to the cloud. Isybank—Intesa Sanpaolo's digital bank—has reached one million clients, with a strong acceleration in Q1 that confirms the success of the Group's digital strategy. Commitment to Social Impact Intesa Sanpaolo continues to lead in social impact initiatives, deploying more than €0.7 billion from 2023 to 1Q25—including around €65 million in the first quarter—to combat poverty and reduce inequality, supported by a dedicated team of ~1,000 professionals. Outlook for 2025 Thanks to this strong start, Intesa Sanpaolo confirms its outlook with 2025 net income well above €9 billion. Intesa Sanpaolo plans to return over €8.2 billion to shareholders this year, with additional distributions to be quantified at year-end. Pull quotes from CEO Carlo Messina Carlo Messina, CEO of Intesa Sanpaolo, remarked on the results: 'The results achieved in the first quarter of 2025 confirm and reinforce Intesa Sanpaolo's standing among Europe's major banks.' ' In terms of market capitalization, we rank among the leading European banking groups, alongside competitors with significantly larger balance sheets.' 'Amid market volatility and shifting interest rates, we are facing these challenges from a position of strength, thanks to a resilient, efficient and well-diversified business model.' 'We rank first in the eurozone for the contribution of fees and insurance activities to total revenues.' 'Capital generation remains strong: our CET1 ratio stands at 13.3%. During the quarter, we increased it by approximately 45 basis points, confirming the Bank's ability to generate capital consistently and robustly.' ' Technological innovation is a key driver of our success.' 'We are strongly committed to the environmental transition. From 2021 to the first quarter of 2025, we have provided €72.2 billion in support of the green economy.' ' The quality of our people is a decisive factor in generating strong, sustainable results. I am proud of what we have achieved and thank all our people for their extraordinary contribution.' 'Our well-diversified business model, solid capital position and strong income-generating capacity are the pillars of Intesa Sanpaolo's success. We are confident that the Group's existing potential will sustain our leadership in Europe in the years ahead.' Click here for more information on Intesa Sanpaolo's financial results and strategic outlook. Contact: A photo accompanying this announcement is available at
Reuters
06-05-2025
- Business
- Reuters
Italy's Intesa beats forecast with 13.6% profit rise on fees, trading
MILAN, May 6 (Reuters) - Italy's biggest bank Intesa Sanpaolo ( opens new tab confirmed its outlook for the year after posting a bigger-than-expected 13.6% yearly rise in first quarter profit thanks to rising fee and trading income. That was more than enough to offset an 8% decline in the net interest margin resulting from a shrinking gap between lending and deposit rates. here. Intesa said net profit for the three months through March totalled 2.6 billion euros ($2.9 billion), above an analyst consensus forecast compiled by Reuters of 2.4 billion euros. Revenues totalled 6.8 billion euros, fractionally ahead of expectations and the previous year's figure. Countering the drag from lower interest rates, net fees rose 7% year-on-year with brokerage fees in particular up by more than one fifth. Trading income tripled from a year before in volatile markets to 265 million euros. Intesa, which just handed long-standing Chief Executive Carlo Messina another three-year term at the helm, confirmed a forecast of 2025 net profit well above 9 billion euros. ($1 = 0.8838 euros)
