Italian Banks Need to Be Aggressive in Wake of 'No' Vote and Renzi Resignation
Italy voted no by a 20-point margin in Sunday’s referendum on constitutional changes. Given the magnitude of the loss, Prime Minister Matteo Renzi said he would resign. We see this as neither a Brexit nor a Trump moment for European investors, as Italian politicians have been aware of this possible outcome since the summer, and they have been clear on the next steps needed. Given the reduced uncertainty and expectation that the Italian status quo will be maintained (Italy has had 63 governments ...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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