Charles Messina closes the door to possible operations on Generali, confirms its desire to grow abroad and says it is available for another mandate at the helm of the first Italian bank. This is what emerges from the press conference of the CEO of Intesa Sanpaolo, on the day of the presentation of the new business plan 2026-2029, which forecasts a net profit of over 11,5 billion and the distribution of approximately 50 billion euros to shareholders in four years.
Agreement on Generali: "No interest for insurance asset managers"
“We have always been interested in growing in asset management, but asset managers that are banks: the insurance asset manager is something else, manages the technical reserves, which is a very different thing for spreads and yields", said the CEO of Intesa Sanpaolo, replying to those who asked him if Intesa, with Fideuram, might be interested in an alliance with Generali after the failure of the Lion's project with Natixis. "If we undertake operations, we do so to have full control and to command," he added.We don't like to make minority share acquisitions "Simply to increase the total amount of net income through the acquisition. The interesting thing about a bank's history is that it is based on industrial actions, not on investment activities," the manager emphasized.
Messina, questioned by journalists, then returned to comment on the hypotheses of alliance between Unicredit and Generali in managed savings. “We have such a leadership position that It does not change anything. Whatever operation is carried out in Italy, nothing changes,” he said. In terms of the size of the asset management activities, he continued, it would be “like put two BPMs together“We would still be left with three times the mass of those who put together,” he reiterated. For Intesa, therefore, “it is not an element of competition“, also because according to Messina “combining an insurance asset manager with a banking distribution network doesn’t make much sense”.
Messina: "In Europe, we won't buy banks, but we will evaluate networks."
With the new business plan "we are ready to enter a new phase where the investment made in technology allows us to play games both in the domestic and international contexts. international evolution", declared the CEO of Intesa. "We are starting to shift the focus from Italy, which will remain the main part, to a growth logic, trying to use technology as a strategic lever to be able to grow in countries other than Italy”, he added.
But anyone who thinks of possible M&As is wrong. As already explained during the morning, Messina reiterated: "We do not foresee acquisitions, we certainly have an antitrust problem in Italy”, while “outside Italy we believe that the acquisition we could evaluate is that of networks of financial promoters or agents”. “We certainly won't be acquiring banks.”, he said clearly.
Messina: "Ready for another term"
“I believe I can complete this plan and be able to do the next mandate", the CEO stated bluntly. "I think I'm still the best fit for the bank," he quipped when asked if he would run for another term, especially considering that his current mandate expires in spring 2028, before the new plan is finalized. "In any case, if I feel I'm no longer capable, I'll be the first to step aside," he concluded.
Messina: "Two hundred and sixty billion for the Italian economy, it's Intesa's National Recovery and Resilience Plan."
Returning to the 2029 plan, Intesa Sanpaolo will grant new medium- to long-term credit to the real economy for 374 billion, of which 260 in Italy, CEO Carlo Messina recalled at a press conference.It is the Intesa Sanpaolo PNRR, which will make more funds available than those of the PNRR and I am sure that this can contribute to the development of the GDP of this country", concluded the CEO, who then complimented the government for the ""very careful management" of public debt which "allowed the spread to have a strong contraction". "If we manage to get out of the infringement procedure – he added – I believe we will benefit greatly from this in terms of spread and debt sustainability”:
"It's also clear that debt is sustainable, to the extent that GDP grows," Messina added, emphasizing that "Italy appears to be in good health," and this "is an extremely positive fact." According to the CEO, "the country's prospects are solid, and political stability supports all of this."
The launch of isywealth Europe
In the new business plan, the growth of wealth management consulting and advisory activities "represents one of the group's main strategic drivers, with a specific focus on Private Banking and the role of Fideuram – Intesa Sanpaolo Private Banking, which confirms its market leader and reference point for the advanced advisory model," the group emphasizes in a statement.
The launch of also fits into this context isywealth Europe, announced today, a project aimed at supporting the international expansion of wealth management in Europe, leveraging digital and financial advisors.
"The initiative," Intesa further emphasizes, "leverages the group's key strengths: European leadership in wealth management, partnerships with global players like BlackRock, existing technology investments (isytech, Isybank, Fideuram Direct, Aladdin by BlackRock), and a significant international presence. The goal is to develop integrated hubs in key European countries (France, Germany, and Spain), serving diverse customer segments through a mix of innovative and traditional channels."
