From an operational point of view, little changes, but now it's official: the completion of the merger between Banca IMI and Intesa Sanpaolo, announced two years ago in the 2018-2021 Business Plan, will be completed in July and will bring with it the birth of the new IMI Corporate & Investment Banking division, which brings together the centenary history of IMI with the experience of Intesa Sanpaolo's Corporate and Investment Bank (CIB), which boasts an international presence of corporate hubs and branches present in 25 countries around the world. The core business is more topical and important than ever in this difficult phase for companies, due to the Covid-19 emergency, which however did not prevent the bank led by Mauro Micillo (former CEO of Eurizon) from organizing the presentation press conference live, in Milan at the headquarters of the Cariplo Foundation.
“The situation that has arisen is exceptional and unexpected – began Micillo -, and the context is extremely challenging. But in the meantime we managed to make almost all of the work remote, putting colleagues in safety". Now it is a question of supporting the country and restarting the economy, a mission which Intesa Sanpaolo has not shied away from since the first days of the emergency. “It's a phase of great pressure: as a group we have received 520 requests and made total interventions for 48 billion, including moratoriums, advances on layoffs, loans to SMEs guaranteed by the Guarantee Fund set up by the Liquidity Decree. It is an unprecedented commitment, in living memory. In particular, we have supported a large supply chain such as the automotive one, bringing oxygen to FCA but also to many other companies".
Banca IMI comes from years of double-digit growth, despite the fact that the corporate business is going through a general period of contraction in Italy and in Europe, "due to the level of interest rates and the competition from the big American banks, which are gaining more and more ground in Europe . Yet we - said Micillo - go against the tide and are still today, firmly, the first Italian corporate bank. Our market share is equal to the sum of those of the second and third players”. The objective of the new division reflects the mission historically undertaken by Banca IMI, and that is to support companies but above all those dedicated to exports and internationalisation. In the post-war period, a celebratory video broadcast during the conference recalled, it was IMI that managed the funds of the Marshall Plan for Italian companies. And the bank established itself as the first merchant bank in the country in the 70s and 80s.
The new IMI Corporate & Investment Banking will be led by Mauro Micillo as Division Head, Gaetano Micciché as president and Massimo Mocio as Head of Global Markets & Investment Banking. "The "IMI model" - commented Micciché - has been able to combine over time a profound knowledge of the Italian entrepreneurial fabric, an innovative approach to credit, with a prospective look towards dimensional growth and internationalization, building a system of skills, professionalism and best practices able to accompany and support the Italian system”.
“The bank – added the president – has been the architect of great entrepreneurial cases, stories of growth and recovery, which have made it an excellence on a national level and a brand recognized and appreciated on international markets. In fact, these operations have more generally allowed the entire CIB Division to make a strong contribution to the results of the Intesa Sanpaolo group, becoming a benchmark for customers and competitors. Today, the integration of Banca IMI into Intesa Sanpaolo it represents the last piece of a path of excellence and strengthens the group's vocation in supporting companies, public administrations and financial institutions".
