Messina battles to keep Italy's crown

Messina battles to keep Italy’s crown

Intesa Sanpaolo chief executive Carlo Messina bristles at the idea that Italian finance should be an underdog in Europe. His bank can prove otherwise and, he says, lower interest rates will only make its fee businesses shine more brightly. But in a stagnating economy with tech-savvy challengers gaining share and other Italian banks recovering, are acquisitions the only way for Intesa to grow and retain the favour of investors and clients?

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.

Messina battles to keep Italy’s crown

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Messina battles to keep Italy’s crown

Thanks for your interest in Euromoney!To unlock this article:

Regulators should be upfront with taxpayers – and admit all deposits are guaranteed

The Danish Compromise tests Europe’s appetite for regulatory easing

What can US bankers really expect from Trump’s deregulation impetus?

Prem Natarajan on Capital One’s AI stairway to heaven

Thanks for your interest in Euromoney!
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