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    ISP   IT0000072618

INTESA SANPAOLO S.P.A.

(ISP)
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Delayed Borsa Italiana  -  11:40 2022-11-29 am EST
2.135 EUR   +0.87%
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Italy's FSI fund to invest in payments group BANCOMAT

07/26/2022 | 08:59am EST

MILAN, July 26 (Reuters) - Italian fund FSI, the main investors in which include state lender CDP and the sovereign wealth funds of Kuwait and Singapore, has signed a preliminary deal for an investment in payments card and cash machine operator BANCOMAT.

FSI and BANCOMAT have agreed the terms under which FSI is set to invest in BANCOMAT "to sustain investments and accelerate its development alongside its banking shareholders", they said in a joint statement without disclosing financial details.

The payments sector has been swept up in a wave of mergers and acquisitions as it seeks the financial muscle to keep up with technological advances while contending with the threat from new entrants.

BANCOMAT, which has ATMs across Italy and manages payments under the PagoBANCOMAT and BANCOMAT Pay brands, handles more than 2.5 billion payment and withdrawal transactions a year worth about 210 billion euros ($213 billion) in total.

Credit Suisse analysts estimated in a recent report that BANCOMAT's 34 million cards account for more than 40% of the domestic card market.

In a separate statement on Tuesday, BANCOMAT said it had launched a mobile payment service with China's HUAWEI on cards issued by Italian bank Intesa Sanpaolo.

Intesa is one of the leading shareholders in BANCOMAT, which is owned by a total of 115 Italian banks.

Italian banks were also the owners of payments company ICBPI, which they sold to private equity funds Advent International, Bain Capital and Clessidra in 2015 ahead of a 2019 stock market listing that lay the foundation for what is now Italian payments champion Nexi.

Following the pandemic-driven digital acceleration, PwC forecasts that global cashless payment volumes will grow by more than 80% from 2020 levels to almost 1.9 trillion transaction by 2025. (Reporting by Valentina Za Additional reporting by Elvira Pollina Editing by David Goodman)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
CREDIT SUISSE GROUP AG -3.59% 2.902 Delayed Quote.-64.16%
INTESA SANPAOLO S.P.A. 0.87% 2.1345 Delayed Quote.-6.95%
MSCI SINGAPORE (GDTR) 1.11% 5651.17 Real-time Quote.-10.68%
NEXI S.P.A -1.93% 8.34 Delayed Quote.-39.21%
UNICREDIT S.P.A. -1.07% 12.96 Delayed Quote.-3.28%
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Financials
Sales 2022 21 209 M 21 930 M 21 930 M
Net income 2022 4 376 M 4 525 M 4 525 M
Net Debt 2022 - - -
P/E ratio 2022 9,49x
Yield 2022 7,41%
Capitalization 39 010 M 40 337 M 40 337 M
Capi. / Sales 2022 1,84x
Capi. / Sales 2023 1,70x
Nbr of Employees 95 554
Free-Float 95,0%
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Mean consensus BUY
Number of Analysts 23
Last Close Price 2,13 €
Average target price 2,72 €
Spread / Average Target 27,4%
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Managers and Directors
Carlo Messina Chief Executive Officer, MD & Director
Stefano del Punta Treasurer
Gian Maria Gros-Pietro Chairman
Massimo Proverbio Chief IT, Digital & Innovation Officer
Paola Angeletti Chief Operating Officer
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