Intesa Sanpaolo plans to set up internal ‘bad bank
Italy’s Intesa Sanpaolo is planning to set up an internal bad bank to house €55bn of gross non-performing loans in view of the ECB’s stress tests, the FT has revealed.
According to the Financial Times‘ report, managers and shareholders of the bank will discuss the plan to store its “non-core” assets in the next weeks.
The bank’s strategic plans is due to be announced alongside its annual results on March 28, a person familiar with the matter reportedly told the FT.
The European Central Bank’s stress tests across the continent’s banking sector are scheduled in May.
Intesa Sanpaolo is also set to announce plans to shed minority stakes worth €2bn, including holdings in Telecom Italia and Alitalia, the FT said.
The bank’s shares rose by 0.7% following the announcement, Il Sole 24 Ore said.
Intesa Sanpaolo’s spokesperson declined to comment on the matter.
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