Intesa Sanpaolo's chief executive made clear on Monday that he expects the bank to maintain its leadership role in the Italian market even if consolidation among competitors were to occur. Carlo Messina delivered the comment to analysts following a session in which he presented Intesa's strategy through 2029.
Addressing published reports over the weekend that suggested a possible re-engagement between UniCredit and Generali, Messina stressed that the bank's domestic standing would not be undermined by such developments. "Bank has domestic leadership and combinations one reads about in newspapers would not change that," he said, adding that he was "not worried at all about dynamics in competitive landscape in Italy."
Separate reporting indicated that UniCredit chief executive Andrea Orcel was scheduled to meet Generali chief executive Philippe Donnet this week to resume talks on potential collaboration. The reports noted that UniCredit has already taken an investor position in Generali, identified in the coverage as Italy's largest insurer. Generali itself recently walked away from a deal to merge its asset management arm with France's Natixis in December.
Messina reiterated that even if additional combinations took place within Italy, Intesa Sanpaolo would not view them as a threat. His comments came in the immediate aftermath of management presenting its multi-year plan to market participants, framing the bank's outlook and priorities through the end of the decade.
The remarks underscore Intesa's public stance on competitive dynamics at a time when media accounts have highlighted potential negotiations among major Italian financial institutions. Management framed the bank's strategy in the context of preserving its domestic leadership while monitoring industry reports about potential partnerships.
Context and takeaways
- Messina addressed analyst questions after revealing Intesa Sanpaolo's strategy through 2029.
- He said published reports of UniCredit-Generali talks would not alter Intesa's leadership in Italy and that he was not worried about competitive dynamics.
- Media accounts cited a planned meeting between UniCredit CEO Andrea Orcel and Generali CEO Philippe Donnet to restart discussions; UniCredit has been described in reports as an investor in Generali, and Generali recently dropped plans to merge its asset management business with Natixis in December.