When Ignacio Jaquotot took over as head of international subsidiary banks at Intesa Sanpaolo last October, he faced a daunting task. The division had been in the red since 2011, non-performing loan ratios were rising inexorably thanks to a toxic combination of deteriorating asset quality and shrinking loan books, and the cost of risk had jumped to nearly three times the group average by the end of 2012.
Much of this was clearly due to factors beyond Intesa’s control.
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