Intesa Sanpaolo, the market leader looking at the Risiko (but only across the

The feeling must not be pleasant. A bit like when, in the sultry summer afternoons, those children who cackle down in the courtyard, in courtyard of your homeprevent you from working quietly. Intesa Sanpaolo It is the bank leader on the Italian market, with an important position also on the insurance market, The only group to have effectively married the credit business and that of policiesin addition to counting on a position of absolute pre -eminence also in the management of savings.
So what? Then it happens that after the acquisition of Ubiat this point five years agoIntesa is located with tied hands. On the one hand there is the antitrust that in fact will not be able to authorize any operation for external lines on the domestic market. On the other there is theobstacle, in truth only formal, of the renewal of the Board of Directors of agreement, which is scheduled for next month and whose list of candidates was presented on Friday 28.

Tied hands

From today to the Assembly, which in all probability will confirm the mandate to the President Gian Maria Gros-Pietro and to the CEO Carlo Messinahowever, can happen so many things, and they are happening, that that position of leadership It could be, for some aspects, questioned. Above all because the first competitor, Andrea Orcel’s Unicredit, has free hands and acts on several floorswith speed and determination.
Intesa is a leader, but in Italy he has his hands tied. Above all, it has a few tools to prevent Unicredit’s tumultuous growth. At Borsa Intesa Sanpaolo Values, today capitalize 87.5 billion, but Unicredit has reached 85. From many sides, the possibility is highlighted that, after the renewal of the Board of Directors Messina present the operation that has been expected, a cross -border operationgiven the regulatory limits. But this, however prestigious and striking, is said to be understood to look towards Parisor to an agreement with the Swiss of UBSwill not be enough to avoid a homecar, or the potential grip of General by some industrial or financial groups.

Alternatives

In Trieste Intesa he looked already in 2017an operation that jumped even before being presented, but which marks the intention that at the time distinguished Messina. The CEO of understanding will leave today that a General approaches the Monte dei Paschi di Siena through the control of Mediobanca? Or will you find a way to enter the game?
The agreement, strongly desired by Philippe Kminit, CEO of the Leone, which provides for the union of the savings managed by Generali with that of the French Natixis It could encounter resolute obstacles of a political nature. At that point, a golden occasion may occur for Ca ‘de sasswhich could replace the French by creating really the great pole of national saving. Premature scenarios? Probably. So understands it remains solidly anchored to one’s role, The growth strategy for internal lines, known to the market and competitors, does not change and is leading to the formation of a European relief group whose results are sustainable over time and waterproof to the rates variable, with net profits permanently over 9 billion euros per yearwithout the need for any operation. At the moment not even beyond the border can be seen target interesting.