Intesa Sanpaolo intervenes after rumors about cut risky assets. The Italian banking group specified that the Group's "fully loaded Common Equity Tier 1 ratio is expected to settle at levels in the order of 31% as at 2022 December 13 and subsequently at levels that largely meet the target above 12% over the horizon of the 2022-2025 Business Plan according to Basel 3 / Basel 4 rules”. This forecast takes into account "all the expected regulatory impacts and the execution of the buyback for the remaining amount of 1,7 billion euro authorized by the ECB, on which the Board of Directors will decide by 3 February next, and without considering approximately 120 basis points of benefit deriving from the absorption of deferred tax assets (DTA), of which approximately 35 within the time frame of the 2022-2025 Business Plan”.
The actions to reduce risk-weighted assets implemented in the fourth quarter of 2022, continued the group, "are to be seen in particular in relation to the regulatory changes applicable starting from 1 January 2023 and concern negative EVA positions or those which in any case are no longer justified against the capital absorbed, and contribute to the significant creation and distribution of value for shareholders".
Intesa Sanpaolo and the mystery of the sales
The hypotheses aired by Bloomberg, however, caused a sharp drop in the share on Piazza Affari (-1,91% to 2,18 euros). According to the provider, the institute would be forced to sell loans and assets to reduce its exposure to risk, for approx 20 billion euros, in order to respect the dictates of the European Central Bank which recently recalculated the position of Intesa.
Furthermore, according to Bloomberg's leaks, the Milanese institute would have evaluated a possible 'synthetic securitization', i.e. a securitization in several tranches with risk protection for some classes. News that questions the feasibility of the Messina plan regarding the shareholder remuneration through dividends and buybacks (22 billion by 2025).
