|Type||Società per azioni|
|Traded as||BIT: ISP|
|Founded||2007 (merger of Banca Intesa and Sanpaolo IMI)|
|Headquarters||Turin, Italy (secondary headquarters Milan)|
|Number of locations||7,246 branches (5,581 in Italy and 1,761 abroad) (2011)|
|Area served||Italy, Central Eastern Europe, Middle East, and North Africa|
|Key people||Enrico Tommaso Cucchiani (CEO)and(Managing Director),
Carlo Messina(CFO)and(General Manager),
Gian Maria Gros-Pietro (Chairman of the management board),
Giovanni Bazoli (Chairman of the supervisory board),
Gaetano Miccichè (General manager)
|Products||Retail, investment and private banking, investment management, public finance|
|Operating income||€16,785 million (2011)>|
|Profit||€-8,190 million (2011)|
|Total assets||€639,221 million (2011)|
|Total equity||€47,040 million (2011)|
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). 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.
Now 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% 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%.
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 focussed less on social programs/social causes were abandoned).
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) 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). 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.
Intesa Sanpaolo’s shareholders with more than a 2% stake (as of 29 August 2012)
|Shareholder||Stake (% of ordinary shares)|
|Compagnia di San Paolo||9.72%|
|Harris Associates L.P.||2.07%|
|Fondazione Cassa di Risparmio Padova e Rovigo||4.77%|
|Ente Cassa di Risparmio di Firenze||3.32%|
|Fondazione Cassa di Risparmio in Bologna||2.02%|
|Other shareholders < 2%||67.45%|
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.
The current members were appointed on 7 May 2010 and will remain in office until the supervisory board approves the 2012 financial statements.
Members are elected to a three-year term by the annual general shareholders’ meeting. The current members were appointed on 30 April 2010.
Table with a comparison of Intesa Sanpaolo financial performance over the last 3 years.
|Year||Operating income (million €)||Net income (million €)||Total assets (million €)||Total equity (million €)|
The group's operations are segmented into 5 parts
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.
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.
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.
The Italian Subsidiary Banks Division includes banking subsidiaries rooted in regional markets.
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.
It has about 3,200 local offices where private, business and retail banking activities take place. It also cares about savings and retirement funds.
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 San Paolo Banka||Bosnia and Herzegovina|
|Banca Intesa Beograd||Serbia|
|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|
|Intesa Sanpaolo Bank Romania||Romania|
|Privredna banka Zagreb||Croatia|
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