Italian Banks: A Greek Tragedy Unfolding?
"'We are not scared of the markets, we are not scared of the spread,' said the Five Star senator Stefano Patuelli outside the meeting." (Financial Times, Sept. 28, 2018). Hubris. Italian sovereign debt yields increased by 0.3% to 3.2%, and Italian banks' share prices declined by 8% on average in morning trade. Nemesis. Future governments having to make painful spending cuts. Catharsis (possible).In May we highlighted the risk to the Italian banking sector posed by the policies of the newly elec...
Intesa Sanpaolo is a commercial bank. Co. is engaged in lending and deposit collection operations in Italy and associated financial services, serving Households, Personal, Small Business, Private and Small and Medium Enterprise customers. Co. provides medium-term credit, leasing, factoring and agribusiness (Mediocredito Italiano), consumer credit (Intesa Sanpaolo Personal Finance), management of electronic payments (Setefi), and trust services (Sirefid). Co. has approximately 4,300 branches, including Retail and Business branches, distributed broadly throughout Italy. At Dec 31 2014, Co. had total assets of Euro646.43 billion.
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