"We were the second bank in Italy and the tenth, the fifteenth in Europe in terms of market value", while "today we are the banking company that has had the fastest growth rate in the value of its shares in Europe. We are the bank that has guaranteed the highest return to its shareholders in the last four years in Europe and one of the first in the world”. These are the words with which the CEO of Intesa Sanpaolo, Charles Messina, opened his speech during the shareholders' meeting called to approve the 2017 financial statements, the distribution of the dividend and the conversion of savings shares into ordinary shares. “We have succeeded in transforming a bank with a national vocation into a large international company. Today the stock market value is equivalent to that of Ubs; we capitalize more than Credit Suisse,” continued Messina.
It is no coincidence that Intesa Sanpaolo stands out among the banks (and is among the best in the entire Ftse Mib) with a 2018 dividend of €0,203 for each ordinary share (coupon of 0,214 euro for savings bonds). The Dividend Yield amounts to 6,66%.
After speaking about the past and the present, the banker focused on the future, announcing further growth for the bank: “I confirm that we will achieve a higher profit in 2018 than in 2017 (equal to 3,8 billion euros, ed.). We will do it because revenues will grow and we will control costs” – declared the CEO of Intesa, recalling that. the 2017 financial statements mark the conclusion of the previous business plan launched in 2014 "which allowed Intesa Sanpaolo to radically change its positioning in Europe".
64% of the share capital of Intesa was present at the meeting, among those with a share of more than 3% are Compagnia San Paolo with 7,538%, Blackrock with 5,106% and the Cariplo Foundation with 4,836%.
Speaking of the Company, its stake was reduced to 7,54% from the 8,25% resulting from the latest available update of last October. We remind you that the entity has three years to return to the limits established by the Acri-Mef protocol, which set the maximum limit that each individual shareholding cannot exceed at one third of the assets (Today Intesa accounts for more than 45% of the assets of the Company).
Returning to the assembly, Messina then referred to the birth of the new one joint venture with Intrum for the management of non-performing loans “we will not leave any of our people in a difficult situation', reassured the CEO, responding to the concerns of the unions on the consequences of the operation. “In my opinion they will have enormous opportunities with this industrial subject, who will be a champion, will have a credit agreement, will be in the ABI”, she added. In any case, Messina said again, “we will take care of those who will be in difficult situations, which we do not imagine anyway, because on the contrary these people will have growth prospects that they would not have had in the group. But the bank remains their bank,” he concluded.
The session was opened by the president's speech Gian Maria Gros-Pietro who instead spoke of the Business plan approved in early February by the board of directors: "The new Plan is based on the foundation of capital solidity, which is our strength and must remain so, together with respect for the shareholders: respect for their investment and for its adequate remuneration, continuously observed ”. The new plan, added Gros-Pietro "is intended to profoundly renew the group, with the aim of bringing it to the top among European banks".
Then a clarification on the sale of the Bankitalia share: “At the end of 2017 Intesa Sanpaolo had 27,04% of the Bank of Italy shares, equal to a value of 2,028 billion. Since the end of the financial year, 1,51% of 113 million has been sold at nominal value, coinciding with the book value”. Intesa's stake in Bankitalia therefore "dropped to 25,53% for a value of 1,95 billion".
The Intesa Sanpaolo shareholders' meeting approved the budget 2017, closed with a profit of 3,8 billion. 99,65% of the capital present voted in favour. At the time of the vote, 51,6% of the share capital was represented in the room, a sharp drop from the 63,99% present at the start of the meeting.
Ok also to savings conversion: the exchange ratio was set at 1,04 ordinary shares for each savings share held, with no cash adjustment. In the event of the full conversion, a dilution of the ordinary shareholders' voting rights of 5,8% and a benefit on Cet1 of 18 basis points is estimated. “Effectiveness – as indicated by Gros-Pietro – is approximately expected within the month of August”, subject to all formal steps, including the necessary regulatory authorisations.
on Piazza Affari, the Intesa Sanpaolo stock yields 0,7%.
