Intesa Sanpaolo : UBI et Orbi; Stable credit opinion and Buy recommendation maintained
Ahead of the Christian Easter holidays and following the acquisition of UBI Banca (UBIIM), we have conducted a credit update on Intesa Sanpaolo. We do not pretend this is a papal address to the city and to the world, but a converting attempt for those who do not believe yet and in any case our faithful view on ISPIM’s credit profile and debt. - Despite the still challenging operating environment in its core domestic market and uncertain developments, we continue to believe that ISP...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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