Intesa Sanpaolo : Update pro forma for UBI Banca: still a head start!
>Outperform rating reiterated – TP increased to € 2.60 (vs € 2.40) - We carried out a review of our estimates to: 1/ in particular factor in more precisely the impact of the tie-up with UBI Banca announced in February 2020, the integration of which is expected to be completed in April (including the divestment of branches and assets relating to BPER); and also 2/ take account of certain adjustments to our approach to the group’s operating outlook in the short and medi...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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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