Intesa May Consider IPO of Asset Management Unit, CEO Says
(Bloomberg) — Intesa Sanpaolo SpA, Italy’s second-largest bank, will review options for its Eurizon Capital SGR unit including an holding an initial public offering or seeking a partnership, said Chief Executive Officer Carlo Messina.
“We can consider flotation or combination of our asset management, maintaining the control,” Messina said in an interview with Francine Lacqua on Bloomberg Television in London Wednesday. “It’s something we will evaluate during 2015.”
Intesa is seeking to expand its asset management, private bank and insurance businesses to help blunt the effect of low interest rates that are eroding income on lending and deposits. The CEO is cutting costs, merging units and shedding assets as part of a four-year plan targeting total cash dividends of 10 billion euros.
Messina also reiterated that he would consider a separate IPO of the private bank to finance growth of that business. He is looking for an international brand in U.K. or Switzerland to strengthen the bank’s presence abroad, he said.
Intesa, which Tuesday posted a 48 million-euro profit, boosting its dividend to 7 cents, “can over-deliver also in 2015,” Messina said.
–With assistance from Francine Lacqua in London.
To contact the reporter on this story: Sonia Sirletti in Milan at ssirletti@bloomberg.net To contact the editors responsible for this story: Elisa Martinuzzi at emartinuzzi@bloomberg.net Cindy Roberts
