Intesa Sanpaolo, Italy’s second largest banking group after
UniCredit, has specified the date on which it will present its
three-year business plan.
The bank had previously announced its intentions to present a
plan, but had not given an exact date.
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The presentation will take place on 6 April, after the bank’s
board reviewed it.
The bank’s publication of its new business plan will come about
a month after French-rival Crédit Agricole will have published its
new retail banking strategy.
Crédit
Agricole has recently bought Intesa Sanpaolo’s domestic
subsidiary Cassa di Risparmio della Spezia, whose acquisition
will boost the French lenders Italian network by 25% and upgrade
Credit Agricole as the seventh biggest bank in Italy with 1.8m
clients.
Crédit Agricole owns 4.99% of Intesa Sanpaolo.
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By GlobalDataBecause of these ties with each other, the Italian antitrust
authority launched a probe on Wednesday to determine whether Intesa
Sanpaolo would dominate the banking sector in Parma and Piacenza –
where currently Crédit Agricole is the leading group – with its
controlling stake in Monte de Parma.
Intesa Sanpaolo had signed a deal with the local bank to acquire
a 51% stake, for about €159m ($214.1m), in October last year.
