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Intesa Sanpaolo and Confindustria sign a 200 billion agreement for businesses. Carlo Messina: "It's our PNRR"

Today's agreement extends a collaboration that this year celebrates 15 years and 450 billion already disbursed to support the Italian economy. On investing in bitcoin: it's a test. On banking consolidation: we are the pillar of Italy

Intesa Sanpaolo and Confindustria sign a 200 billion agreement for businesses. Carlo Messina: "It's our PNRR"

A strong confidence in the growth and competitiveness of the Italian economy are the main themes on which the new agreement between Intesa San Paolo e Confindustria signed today. The joint programme provides 200 billion euros from here to 2028 to give new impetus to the national production system, seize the opportunities of tools such as Transition 5.0 and AI, thus integrating the resources already allocated by the Bank for the achievement of the objectives of the National Recovery and Resilience Plan.

“What we are presenting today is the Intesa Sanpaolo PNRR for businesses: we put at
provision of an additional 200 billion euros by 2028 to support the country's entrepreneurial fabric in achieving growth and competitiveness objectives, investing in the future and the challenges that await us, with a virtuous and constructive relationship model" said Intesa Sanpaolo CEO Carlo Messina. "This agreement represents an essential tool to support our medium-long term industrial policy vision" echoes the President of Confindustria, Emanuele Orsini.

An agreement that turns 15 with 450 billion disbursed

The new agreement between Intesa SanPaolo and Confindustria consolidates and renews a collaboration that began in 2009 which, thanks to a volume of credit granted to the Italian production system equal to 450 billion euros in 15 years, has contributed to evolving the relationship between banks and businesses, accompanying the needs of SMEs and mature industries even in the most complex phases. Today's agreement strengthens the actions already activated to support the real economy, starting with investments in research and development and the enhancement of the supply chain system.

The watchword for economic well-being: investments

Messina and Orsini agree that it is necessary to help businesses on the road to investments, so impetuous in 2021, immediately after Covid, and then slowing down. There are key chapters on which we need to work in 2025 according to Confindustria: from strengthening strategic supply chains to reducing energy prices and diversifying energy sources to reviewing the green deal (with the principle of technological neutrality at heart to prevent it from resulting in the desertification of European industry), to attention to well-being and social equity, to be pursued also through the Plan for Sustainable Living proposed by Confindustria.

Messina also sends a clear message to industrialists: wages must be increased. “And not only because it would strengthen consumption” which is one of the pillars of our GDP, “but also to reduce social differences, which is very dangerous for the future, and to allow a better allocation of savings”.

Messina: We are the pillar of Italy whatever happens in the banking consolidation

On the sidelines of the presentation of the new agreement, Messina, regarding the topic of the consolidation of the Italian banking sector, said that he believes that "it is in an indispensable phase. I must say that we represent the pillar of Italy whatever happens in terms of consolidation”. In terms of market share and credit provision, therefore, “Italy already has a pillar of the real economy which is Intesa San Paolo and today we are demonstrating this by strengthening our contribution to the growth of the country with 200 billion euros”. And he adds: “we are heading towards an improving 2025 and we are not interested in M&A” since we already have a lot within the Group.

During the event Gregorio De Felice, Chief Economist of Intesa Sanpaolo, illustrated the evolution of the Italian economy since the crises of 2009 and 2011. Italian manufacturing has made giant strides in recent years, moving towards medium-high range products and focusing on exports, which have risen from a share of 25% in 2009 to around 50% today, while the ROE has gone from 7,1% to 10,2%. “Italian manufacturing will become a case study for the capacity for transformation demonstrated”.

Messina: Investment in 11 bitcoins was a test

Messina then commented on this morning's news regarding the investment of Intesa in 11 bitcoins for a value of around one million euros. “We are the first Italian bank” to have invested in bitcoin, “we are now the European leader in terms of market cap. So it should not be surprising if we do what all the other banks in the world do. Moreover, these are very limited amounts, because we have 100 billion euros of securities portfolio, so one million euros is an experiment, it is a test”. “I believe this demonstrates – adds Messina – how there can be a very, very limited attention towards digital channels in terms of investment, but above all ready in the event that some particularly sophisticated customers ask to make these forms of investment”. “However – he underlines – allow me to reiterate that I personally consider it a form of investment that must be reserved for institutional operators and customers with truly great professionalism and great skills. I myself do not invest in Bitcoin”, concludes the CEO of Intesa Sanpaolo.

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