06 February, Soldi Online
On 5 February, the Board of Directors of Intesa Sanpaolo gathered to discuss the 2017 results and the new business plan till 2021. The bank guided by Carlo Messina is focused on cutting the costs and on developing its asset management and insurance businesses, “confirming a strategic transition from traditional bank to asset manager (a business that already in 2017 provided 50% of the profits)”.
According to Il Sole 24 Ore, “the expectations of the market are concentrated on the de-risking plan (therefore the reduction of NPLs) and on the future dividend policy since the bank promised that after the four years of the plan just ended to issue dividends for 10 billion”. Concerning the stock of bad debts, assessed around 54 billion (35 of which are bad loans), the bank’s target is to announce a transfer for 10 billion if NPLs.
Source: Soldi Online
Translator: Cristina Ambrosi