Illustration: Simon Prades
Sitting back after his lunch with Euromoney, Intesa Sanpaolo chief executive Carlo Messina points at the European bank chief executives pictured on Euromoney’s November cover. With some satisfaction, he reels off each one’s market capitalization. They all lead banks that are more international but valued lower, on a price-to-book basis, than Intesa.
His greatest pleasure surely comes when he points at Jean Pierre Mustier, chief executive of UniCredit – still the biggest Italian bank by assets but with a market cap of €26 billion, well below Intesa’s €36 billion.
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