Passera: “The equity cost of savings is limited. There is no plan to convert them"

Intesa Sanpaolo does not currently have any plans to convert savings shares which, according to a Bank of Italy directive, cannot be calculated in the bank's 'common equity'. This was reiterated by the managing director Corrado Passera on the sidelines of a presentation by Banca Prossima, the group's institution dedicated to the third sector. “In fact – underlined the banker – the cost in terms of equity is very limited, i.e. 13 basis points. To date, the cost of the transformation is not worth it, for now there is no plan to convert them”. The presentation was the occasion to announce the entry into the capital of Banca Prossima of Compagnia San Paolo, Fondazione Cariplo and Fondazione Cariparo, with a total investment of 34 million euro, equal to 28% of the capital. In detail, Compagnia San Paolo and Fondazione Cariplo each invested 13,5 million, while Cariparo invested 7 million euros. The participation of Intesa Sanpaolo, which until now was the sole shareholder of Banca Prossima, therefore drops to 72%.