(Finance) – “I know nothing of plans to make poles around mps extension, but convinced that the more operators there are, the better it is for the economic system. Us now we have such a specific weight in the country that it is unassailableso I see only positivity from operations of this type”. Said the CEO of Intesa Sanpaolo, Charles Messinain the press conference on the 2022 results. “If they knocked on our door? – he added – We would answer that we are too big to be able to carry out aggregation operations: already with the merger of UBI Banca we had a certain complexity vis-à-vis the Antitrust. Making an operation and then having to sell two thirds of what you bought makes no sense”.
Messina then highlighted the lack of a regulatory context support for cross-border M&A dealsa factor which leaves the banks of the European Union as “dwarfs against rivals from the United States”.
When asked about the sustainability of Italy’s public debt and the government’s action, he replied: “The country is left with a very high, but certainly sustainable, public debt. Thejustly rigorous approach to public debt policy, applied by this government in continuity with the Draghi government, in my opinion it is very wise and also highly appreciated by international investors”.
Messina explained that the bank is very attentive to public debt and “the safeguarding of our country’s budgetary policy, also because Intesa Sanpaolo is the country’s second largest creditor after the ECB. But I am very satisfied, because the government has shown a rigor that is highly appreciated by international investors”.
With regard to the comparison with Frankfurt, the CEO said that “with the ECB everything is fine and there are no other revisions in progress. We do different jobs. If there are factors to improve, it is right that we do so. The relationship with the ECB is very positive”.
However, indications from the ECB are also expected at a general level, as regards the trend of the economy and monetary policy, as they could help Intesa to better define objectives and guidance. “If we were to have a picture of certainty on the dynamics of interest rates then it will be possible to make reflections on bank numbers“Messina underlined.
In any case, the payout ratio cannot increase yet, as it is already among the highest in Europe. He then specified that the distribution of excess capital through buybacks or distribution of reserves is a theme “by the end of 2023”.