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Intesa Sanpaolo will absorb Banco di Napoli

28 December, Finanza Report

Intesa Sanpaolo will absorb Banco di Napoli. It was decided yesterday by the Board of Directors and the decision will make history. If it’s true that Intesa already owned 100% of the bank from Naples, after the merger at the end of 2006 between Banca Intesa and Sanpaolo Imi, that bought Banco di Napoli in 2002, now the bank will lose its autonomy, even though the brand will stay.

The decision is due to the need of optimizing the activities in the new strategic plan up to 2021, that will be presented in February. Some important details from the plan have already started emerging, such as the reorganization of the asset management and insurance divisions, as well as the cost cuts with the staff reduction, even though they will be all voluntary redundancies.

The Board of Directors approved yesterday the operation that will be implemented between November 2018 and February 2019, ending a company history started in 1539, the year when the bank was established, one of the oldest banks in Italy.

Based on the current plan, it was also decided to incorporate Cassa dei risparmi di Forlì e della Romagna, with the approval of this latter. The operation is subordinated to the acquisition by Intesa of a quota of the remaining 10.74% from  Cassa dei Risparmi di Forlì for 46 million euro.

In the meanwhile, the ECB has communicated today to the bank led by Carlo Messina the requirements in terms of assets. Nothing surprising, as it was anticipated by Intesa itself in the past weeks. Following the results of the Srep process, the ECB set a minimum Cet 1 parameter of 8.145% for 2018, while the bank on 30th September reported a Cet 1 equal to 13%. The standard requirement is 9.33%, against a pro-forma parameter of the bank equal to 13.4%.

The capital in excess of Intesa makes possible “looking with positivity at the future potential impacts on capitalisation due to the new regulation”, commented Messina, stressing the bank’s “leadership position among the main European banks with a Cet 1 ratio exceeding by four percentage points the Srep requirement for 2018, meaning a minimum capitalisation over 12 billion euro”.

Source: Finanza Report

Translator: Cristina Ambrosi