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    ACA   FR0000045072

CRÉDIT AGRICOLE S.A.

(ACA)
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Real-time Quote. Real-time Euronext Paris - 06/22 11:39:09 am
11.872 EUR   +0.34%
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Italian bank Intesa to update coal financing policy by year-end

04/27/2021 | 05:06am EDT
FILE PHOTO: File photo of the Intesa Sanpaolo logo seen in Milan

MILAN (Reuters) - Italy's biggest bank, Intesa Sanpaolo, is reviewing its coal mining financing policy and will this year set a target date for phasing-out funding for the sector, it said on Tuesday.

In answers to shareholders posted on its website ahead of Wednesday's annual meeting, Intesa said it had limited credit exposure to the coal mining sector and would help its customers through energy transition plans under its phase-out policy.

Intesa's coal policy already forbids the financing of new coal plants and mines, Intesa said in response to a question from Amundi Asset Management.

The bank said its environmental, social and governance (ESG) team would meet with Amundi to discuss the matter, as requested by the asset manager owned by France's Credit Agricole.

Intesa CEO Carlo Messina this month said ESG factors were increasingly central to investment decisions of institutional funds, which expect banks such as Intesa to play their part.

In planning to halt financing of coal mining businesses, Intesa joins a growing number of international banks looking to support global efforts to eradicate one of the most polluting fossil fuels.

Rival Unicredit in September set a goal to cut its coal exposure to zero by 2028, declining to provide banking services for any coal-related projects.

(Reporting by Valentina Za; Editing by David Goodman)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AMUNDI 0.74% 74.65 Real-time Quote.10.93%
CRÉDIT AGRICOLE S.A. 0.34% 11.872 Real-time Quote.14.65%
GOLD -0.24% 1778.8 Delayed Quote.-6.79%
INTESA SANPAOLO S.P.A. 0.00% 2.342 Delayed Quote.23.73%
S&P GSCI GOLD INDEX 0.11% 1035.9224 Delayed Quote.-5.92%
SILVER -0.50% 25.78 Delayed Quote.-1.69%
UNICREDIT S.P.A. 0.00% 10.104 Delayed Quote.33.47%
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Financials
Sales 2021 21 450 M 25 610 M 25 610 M
Net income 2021 4 221 M 5 039 M 5 039 M
Net Debt 2021 - - -
P/E ratio 2021 8,83x
Yield 2021 6,22%
Capitalization 36 701 M 43 697 M 43 817 M
Capi. / Sales 2021 1,71x
Capi. / Sales 2022 1,65x
Nbr of Employees 72 520
Free-Float 44,9%
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Number of Analysts 22
Last Close Price 11,87 €
Average target price 14,30 €
Spread / Average Target 20,4%
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Managers and Directors
NameTitle
Philippe Brassac Chief Executive Officer
Jérôme Grivet Chief Financial Officer & Deputy General Manager
Dominique Lefèbvre Chairman
Stéphane Priami Deputy General Manager
Martine Boutinet Head-Compliance
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