Intesa Sanpaolo CEO sees Banca Fideuram listing H2 2008 UPDATE |
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Published
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Tue, 11 Sep 2007 16:52
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(Updating with comments on interest for Findomestic)MILAN (Thomson Financial) - Intesa Sanpaolo SpA CEO Corrado Passera said that the bank's financial adviser network Banca Fideuram could be listed in the second half of next year.'The listing is a question for 2008 and I think it's likely to be the second half,' Passera said in a conference call with analysts.Asked about acquisition strategy outside Italy, Passera said the bank will focus on reinforcing its position in the 10 countries where the bank is already present.'We are focused on acquisitions in a limited number of countries and product areas,' he said, indicating asset management as one area.Passera said the buyback programme management will propose to the shareholders meeting will create room for further acquisitions.'The shares bought back will not be cancelled,' Passera said.Intesa Sanpaolo today said its management board has asked for approval of a buyback programme for up to 800 mln of its ordinary shares.Asked about the possible sale of branches resulting from the bank's recent Carifirenze acquisition, Passera said a preliminary number indicated 30 branches could be sold.Passera said he hopes an agreement can be reached over consumer credit group Findomestic in the first few months of 2008.Findomestic is jointly owned by Carifirenze and BNP Paribas unit Cetelem. Cetelem is currently locked into a legal battle with the Florence-based bank to exercise an option to buy 1 pct of Findomestic capital from Carifirenze.Passera declined to comment on possible developments at Findomestic but said 'everything is possible.'stephen.jewkes@thomson.comsj/dca/sj/jfrCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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Intesa Sanpaolo Q2 net 1.357 bln eur vs 1.346 bln, in line with expectations 