Carlo Messina (photo Imagoeconomica)
Carlo Messina and Intesa San Paolo, business plan worth 22 billion in dividends
Today it is easy to applaud Carlo Messina. Launch a industrial plan from 22 billion in dividends between now and 2025 and brought Intesa Sanpaolo to be permanently and incontrovertibly one of the most important European banks (in Italy, at the moment, the game is not even to be played, given that Unicredit “Is” almost 20 billion of capitalization on the stock market). Yet this Roman manager, 60 years to go in a couple of months, entered the perimeter of what is today the largest Italian credit institution and which at the time was the Banco Ambrosianohad to overcome many perplexities.
Carlo Messina and Intesa San Paolo, a story that began in 2013
History like CEO in Intesa Sanpaolo starts in September 2013, when it happens to Enrico Tommaso Cucchiani. He, in turn, had been the heir of Corrado Passera, the man who pushed for the merger between Banca Intesa and San Paolo Imi. Messina already had a solid career behind him within the Group, culminating in 2012 with his appointment as general manager and CFO. The following year, as mentioned, the Roman manager took over the command of the bank. In fact, Cucchiani, in contrast with the board due to the choices about “good lounges”, decides to leave the company with an invitation: that of taking care more of the retail world And get out of that system bank logic.
Messina partially accepts this invitation in the course of its past eight years at the helm of Intesa Sanpaolo. Under his guidance, in fact, the bank is repositioning itself more on wealth management. Winning move because the decline in interest rates with the long wave of Quantitative Easing from Dragons erodes the margins of credit institutions. After the “cleaning” carried out in cohabitation with Cucchiani, in 2014 Messina had its first balance sheet, with a profit of 1.25 billion.
Intesa San Paolo, the acquisitions over the years of Carlo Messina
2021 closed (again) above the four billion mark, with the aim of distributing 22 to shareholders over the next four years. But Messina’s idea was quite clear, proceeding step by step: first the leadership in Italy, then, only later, a concrete “European campaign” that made Ca ‘de Sass a continental champion. Thus, under his guidance, the acquisitions by incorporation of many institutes. We start with the Savings Bank of Venice and the Banca di Credito Sardo in 2014; in 2015 it is the turn of Bank of Trento and Bolzano, Monte Parma Bank, Savings Bank of the Province of Viterbo, Savings Bank of Rieti And Savings Bank of Civitavecchia. Again: in 2016 it is the turn of Bank of the Adriaticfrom the Savings Banks of Umbria and of Bank Itb.
But it is from 2017 that there has been a further change of pace. In the meantime, why Intesa Sanpaolo With the’operation of the cooperative banks launches a new way of acquiring banks with impaired assets: a state dowry and a symbolic price. This is what he tried to do, so far without succeeding, Unicredit with Mps. And that will be done (except for twists) with Carige with Bper as a buyer. Between 2018 and 2019 Understanding detects New Bank, Cassa di Risparmio del Veneto And Savings Bank of Friuli-Venezia Giulia, Cassa dei Risparmio di Forlì and Romagnathe Banco di Napoli, Cassa di Risparmio di Firenzethe Savings Bank in Bolognathe Savings Bank of Pistoia and of Lucchesia, Apulia Bank And Banca Prossima. Finally, the big shot: in February 2020 a Oops (which will then turn into Opas) on Ubi Banca. This is an operation, which will be followed by the delisting of the institution, which further increases the value of the bank.
Carlo Messina – The appreciation of Intesa San Paolo shareholders, the new challenge of focusing on technological development and derisking plan
Among other things, Messina is always highly appreciated by shareholders. This is because it has been able to guarantee a considerable return on capital despite a high capitalization. In eight and a half years the value of the shares has risen (with constant growth) from 1.60 to 2.6 euros, with a growth of over 60%. Now the new challenge, that of focusing on technological development. Hence the birth of the Isybank digital bank. On the operations front, a total of 1,500 branches will be closed by 2025 and we will witness theexit of 9,000 people, of which 2,850 already carried out last year. But there will also be 4,600 hires to develop new business lines. Finally, without forgetting that Understanding initiated a plan of derisking which could lead it to be a bank with an almost zero incidence of Npl.
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