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INTESA SANPAOLO S.P.A.

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Intesa Sanpaolo S p A : Eurizon buys BAPR's individual portfolio management business

05/03/2021 | 08:33am EDT

MILAN, May 3 (Reuters) - Intesa Sanpaolo's asset management unit Eurizon has bought the individual portfolio management business of Sicilian lender Banca Agricola Popolare di Ragusa (BAPR), the two companies said on Monday.

Through its Milan-based brokerage arm, BAPR managed assets worth 430 million euros ($518 million) as of end-December, of which around 170 million euros were individual portfolios for the bank's customers, a joint statement said.

The deal, whose financial terms were not disclosed, is effective as of May 1.

The BAPR's unit changing hands serves both retail and institutional customers, the companies said, adding that BAPR would continue to handle the needs of managed clients under the new distribution agreement.

Eurizon said the transaction strengthened its position in the asset management sector, in line with targets set under Intesa's strategic plan through 2021.

Intesa's business model is geared towards fees earned through wealth management and insurance, which has helped Italy's biggest bank cope with the challenge that negative interest rates pose to banks' core lending activity. ($1 = 0.8302 euros) (Reporting by Sabina Suzzi; editing by Valentina Za)


© Reuters 2021
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Financials
Sales 2021 20 345 M 24 704 M 24 704 M
Net income 2021 3 945 M 4 791 M 4 791 M
Net Debt 2021 - - -
P/E ratio 2021 11,8x
Yield 2021 6,36%
Capitalization 46 290 M 56 184 M 56 207 M
Capi. / Sales 2021 2,28x
Capi. / Sales 2022 2,24x
Nbr of Employees 86 141
Free-Float 95,4%
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Technical analysis trends INTESA SANPAOLO S.P.A.
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TrendsBullishBullishBullish
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Mean consensus BUY
Number of Analysts 25
Average target price 2,61 €
Last Close Price 2,39 €
Spread / Highest target 25,7%
Spread / Average Target 9,14%
Spread / Lowest Target -22,5%
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NameTitle
Carlo Messina Chief Executive Officer, MD & Director
Stefano del Punta Chief Financial Officer
Gian Maria Gros-Pietro Chairman
Massimo Proverbio Chief IT, Digital & Innovation Officer
Paola Angeletti Chief Operating Officer
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