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Consulenza evoluta sei fideuram investment

The downward trend was greatest in the first half of the year,. Overall, the decline was substantial and bank rates reached new all-time lows. As to customer categories, the reduction in the average interest rate on loans was more marked for businesses, less so for. Interest rates payable also reached new lows. The trend was driven by the fall of the rate on current bonds and by the. The se trends have determined a significant narrowing of the spread between lending and funding rates, to a year-average.

However, in the last quarter the downward trend of the spread. With regard to the contribution margins from short-term. This trend reflected the exceptional reduction in. Comparison of year end and figures. In year-average terms, the mark-up was 3. Consequently, the short-term spread lost The trend in loans to the private sector was determined by the steady slowdown in the business lending component, which. Difference between the interest rates applied to households and companies on loans with maturity under one year and one-month Euribor.

With regards to businesses, the gradual slowdown of lending during generated slightly negative changes at yearend. Nevertheless, despite the slowdown, throughout performance of the loans to businesses remained markedly. All economic activity sectors experienced a strong slowdown in lending during , especially in the manufacturing and. However, in year-average terms the contraction in loans to industry. The aggregate data for year-end , however, seem to indicate that the negative lending cycle may soon come to an.

The lending performance of Italian banks remained weak, but the sharpest decline phase could be over. At year end,. During , the lending environment improved, as shown by various economic cycle surveys. Among those carried out. Moreover, the quarterly survey conducted in the same month by the Bank of Italy — Il Sole 24 Ore on inflation and growth.

Banks, on their side, reported an end to the fall in loan demand, and even an increase in demand. However, credit quality remains an issue. The difficulties engendered by the recession have led to a gradual increase in the. In particular, a further. According to these data, in December the default ratio referred to all Italian customers with. In particular, the default rate of businesses rose from 2.

The increase for households was less. As to funding of the banking system, direct funding continued to grow at a fair pace, albeit slowing down, confirming its. Aggregate funding 3 recorded two-digit growth rates until September The subsequent slowdown largely reflected. Deposits also maintained a good growth profile.

Within deposits, current accounts accelerated progressively, reaching a. During , the Italian asset management market was boosted by the positive performance of the financial markets and. This helped to support. The annual balance between subscriptions and surrenders was.

Thanks to the. In the eurozone, recovery, less supported by fiscal stimuli and strong domestic demand, will be very. All contract. Bonds refer to. The resumption of growth will be stimulated first by the performance of. The greater stability of the financial markets will enable central banks to withdraw the many unconventional monetary.

However, the withdrawal of excess reserves will be gradual and will. Any increases in benchmark rates would only be slight. The lending scenario will be influenced by the improvement of the economic cycle, which however will continue to be. The structural changes linked to review of the financial regulatory framework will also be important. Possible changes to. However, lending activity is expected to gradually recover during in line with the gradual improvement in the.

However, due to the traditional delay in the emergence of non-performing loans, aggravated by the. Direct funding will continue to be a strategic lever, although it is expected to slow down in the course of , in line with. Consequently, the improving trend in assets under management recorded in is expected. As usual, a condensed reclassified income statement has been prepared to give a more immediate understanding of results.

To enable consistent comparison between the two years, the year-end income statement figures and. The restated financial statements were. Lastly, please note that no current intragroup relations have been netted as part of. Breakdowns of restatements and reclassifications performed are provided in separate tables included in the attachments to. The adjustment of the technical. A consistent approach is used for the time value of Employee termination.

It represents. Intesa Sanpaolo closed out its financial statements with results that may be considered satisfactory, highlighting a. The heavy losses on loans may also be attributed to the economic slowdown and the crisis that struck many businesses and. The decrease in interest and. Dividends and profits on investments carried at equity and other operating income.

The trend that emerges from a comparison between the two years in question was essentially caused by the decrease in. Operating income came to 4, million euro in the fourth quarter of , million euro less than in the third quarter. This decrease is primarily attributable to the fall in profits on trading million euro , which in the. Net interest income, which, as always, represents the main revenue caption for the year, slowed down significantly, coming.

Net interest from operations with customers, which also includes interest on securities issued and differentials on hedging. The trend was affected not. Cost of funding was also influenced by the funding policies geared towards liquidity objectives, focusing on stable. Net interest income on short-term captions was penalised by the reduction of the. The positive flow resulting from hedging derivative differentials, especially on fixed-rate funding, made a decisive.

The measures implemented by the Treasury Department, in line with international best practice, aimed. An analysis of net interest income by quarter shows a decline in the second part of the year attributable in part to the. Intesa Sanpaolo Group 10, 11, -1, Figures restated, where necessary, considering the changes in the scope of consolidation and in. International Subsidiary Banks. Capital -8 million euro. Dividends and profits on investments carried at equity came to 46 million euro, of which 25 million euro was represented.

The caption, which was directly affected by the deterioration of company accounts in lower. Intesa Vita made a positive contribution. Please note that the dividends relate to non-consolidated companies, excluding those on shares held for. The decrease is essentially due to the dealing and management of financial products.

Fees and. The trend was the result of the decrease in commissions on collection and payment services million euro and credit. Commissions generated by management, dealing and consultancy activities were negatively affected by the market crisis. The second was the resulting caution shown by investors, who privileged low-risk forms of. In particular: overall, management, dealing and consultancy activities generated net fee and commission income of 2, The decrease may be attributed to portfolio management Fee and commission income on currency dealing and.

Figures restated, where necessary, on a consistent basis, considering the changes in the scope of consolidation. On a quarterly level, net fee and commission income was up by In addition, in the third quarter of. Income from management, dealing and consultancy activities was positively affected by the recognition at year end of. Intesa Sanpaolo Group 5, 5, A breakdown by business areas shows that the decrease in net fee and commission income compared to is mainly.

International Subsidiary Banks were also down Public Finance also reported a decline. In this case, the phenomenon is attributable to the limited. An opposite trend was seen in. Trading activities, which represent the component of operations mostly exposed to market volatility, showed especially. A profit of 1, million euro compares with a loss of 53 million euro in , driven. The profit was primarily achieved through capital market trading activity, more effective.

In particular, interest rate transactions involving debt securities and interest-rate derivatives generated a positive. Structured credit products continue to show a negative contribution of 26 million euro,. The other segments also showed positive results, although their contributions were lower than the previous year in. Trading of equity instruments generated a profit of 65 million, while currency and currency derivatives. Lastly, the caption also incorporates dividends and proceeds on the trading of securities classified as available for sale and.

At the quarterly level, profits in the fourth quarter million euro were lower than in the third quarter million. The related economic. The improvement may be attributed in particular to the positive performance of financial management, which, despite.

From a technical management standpoint, the improvement in the financial market scenario contributed to a decrease in. The rise in charges for policies accrued during the year was caused by the especially positive performance of new. This increase in production contributed to the growth of. The caption includes collections, payments and provisions for the integration of reserves referred solely to products considered insurance products for.

The corresponding items regarding products which do not present these characteristics are, instead, accounted for using the same method. The related economic components are included in the caption Net income from financial instruments designated at fair value. Income from the insurance business amounted to million euro in the fourth quarter, marking an improvement over.

Other operating income expenses is a residual caption comprising various types of income and expenses that cannot be. This caption recorded a positive balance of 48 million euro, compared to million euro in. Personnel expenses decreased by 2. This decrease is essentially due. Administrative expenses amounted to 3, million euro, down 4. Adjustments came to million euro and were down At the quarterly level, operating costs increased by The increase is primarily attributable to administrative expenses, which traditionally weigh more heavily at the end of the.

Intesa Sanpaolo Group 9, 9, The greatest cost reductions were made by Banca dei. Corporate and Investment Banking million euro and Eurizon Capital -8 million euro showed more. In , operating margin totalled 8, million euro, up 0. This change was generated by the. The operating margin was 1, No goodwill impairment was recognised in , as opposed to the previous year, when 1, million euro was recorded,. Impairment tests conducted in accordance with IAS 36 of which a detailed discussion is provided in the Notes did not.

Net provisions for risks and charges came to million euro. The provisions in were slightly higher million. The net provisions in the fourth quarter exceeded those of the previous quarters, as. The most important items were lawsuits with customers and revocatory actions, as usual.

Since autumn , the persistent deterioration of the economic situation has led to a marked increase in non-performing. Net adjustments to loans came to 3, million, a value significantly higher than the 2, million euro reported in the. In addition, impairment losses on loans have remained substantially stable over the past three six-month.

The fact that net adjustments to loans in increased significantly compared to and that the caption has remained. While reference should be made to the comment on the balance sheet caption for a more detailed review of nonperforming. A total of 4 million euro in write-backs were recognised on guarantees given, compared to 73 million euro in Setting aside considerations of six-month periods, the fourth quarter, compared to the previous quarters of the year,.

Net impairment losses on other assets amounted to million euro in , of which 68 million euro was associated. The figure declined significantly compared to the Impairment charged to the income statement is almost entirely associated with securities available for sale million. Recognition in the income statement is largely a consequence of the continuation of the severely depressed financial.

Profits losses on investments held to maturity and on other investments amounted to million euro and are. In addition, this revaluation was conducted on the basis of the minimum sale price. Part of the capital gain on the sale of the stake in Esaote set out above 23 million. In addition to the foregoing, the Group realised capital gains on the sale of investments in SI Holding 13 million euro and.

Intesa Trade 12 million euro. The million euro recognised in was the result of the capital gains realised on the. Income before tax from continuing operations came to 4, million euro, up While operating income. At the quarterly level, the fourth quarter was penalised by greater adjustments to loans.

Current and deferred taxes accrued in resulted in provisions of million euro, compared to million euro in. The tax position was positively affected by the difference between the reversal to the. Lastly, there was the.

The tax rate for , adjusted to account for the positive components of taxes as indicated above, and the effect of the. Net of tax effects, merger and restructuring-related charges amounted to million euro, significantly lower than the This caption comprises charges attributable to the revaluation of loans, debts, real estate and the recognition of new. The decrease from 1, million euro. Income loss from discontinued operations net of tax amounted to million euro and was mainly the result of the.

This result may be compared with the income of 1, million euro in that included gains on the sale of The Group closed with a net income of 2, million euro, up 9. A condensed balance sheet has been prepared to permit a more immediate understanding of results for the period. Breakdowns of restatements and aggregations of captions performed are provided in separate tables included in the.

Financial assets available for sale 35, 36, 33, 32, 29, 30, 37, 38, Property, equipment and intangible assets 31, 31, 31, 31, 31, 34, 34, 32, Due to customers and securities issued , , , , , , , , Total Liabilities and Shareholders' Equity , , , , , , , , This change was conditioned by a market context rendered difficult by the repercussions of the financial and.

The decrease in loans was caused by the reduction in commercial banking loans The continuing. In relation to the risk level of the portfolio, non-performing loans increased significantly on an annual basis,. The decrease is mainly attributable to. Intesa Sanpaolo Group , , , Figures restated, where necessary, considering the changes in the scope of consolidation and in business.

Breakdown of loans by business area shows a 4. The Corporate and Investment Banking Division also showed a decrease. On the other hand, loans to. The International Subsidiary Banks reported a more moderate decline in absolute terms million euro , whereas Banca. In line with expectations, non-performing loans were conditioned by the economic recession, which resulted in a decrease. As at the end of , non-performing loans were up on the previous year both in gross. This trend led to a higher incidence of non-performing loans on total.

As at 31 December , coverage of non-performing assets came to. The lower coverage. During the period under review, loans classified as doubtful, net of adjustments, came to 5, million euro, up by 1, The y represented 1. Substandard loans climbed to 2. Restructured loans, totalling 2, million euro, showed an increase over the million euro at 31 December Past due loans amounted to 2, million euro, increasing by The increase may.

December, under which a loan is identified as past-due when instalments are past due by 90 days, instead of the previous. This required the inclusion of million euro in gross loans that would have been classified as performing. Net of this effect, the weight of past due loans would have been less than that reported at. Cumulated collective adjustments on performing loans came to 0. The risk associated with the performing. Netting refers to components of indirect deposits which are also included in direct customer deposits financial liabilities of the insurance business designated at fair.

Investors continued to redeem mutual funds,. However, there were signs of improvement in the second half of the year, when the balance of. The table below sets out amounts due to customers, securities issued, including those designated at fair value and certain. Direct customer deposits amounted to billion euro, essentially unchanged The re was also growth in.

Conversely, other deposits decreased At the end of , the Group 's share of direct customer deposits on the domestic market according to the harmonised. ECB definition was Intesa Sanpaolo Group , , Figures restated, where necessary, considering the changes in the scope of consolidation and in business unit. Conversely, International Subsidiary Banks deposits fell The decline reported by the Corporate Centre As at 31 December , indirect customer deposits amounted to billion euro, up by 9.

Figures are net. Assets under administration and in custody decreased slightly The table above illustrates the breakdown of financial assets and the total financial liabilities held for trading. In detail, financial assets held for trading increased from 61 billion euro to 70 billion euro due to an increase in the Parent.

The increase. Net financial assets held for trading and financial assets designated at fair value through. Financial assets held for trading, net of the related liabilities, and financial assets designated at fair value through profit and. This increase, as already pointed. For the sake of completeness, please note that liabilities designated at fair value have been included in the.

In further detail, this growth is a consequence of an expansion of the stock of bonds, which more than offset the rise in. Financial assets available for sale came to 36 billion euro, up Similarly to the previous. The caption consists primarily of bonds and other debt securities not held for trading and, to a lesser extent, of equities.

Financial assets available for sale are measured at fair value with a balancing entry in the specific shareholders'. At the end of , net interbank position, which no longer included the position associated with the securities services.

The trend during the year reflects the favourable liquidity position in relations with customers and the need to. This caption contains assets and related liabilities which no longer refer to continuing operations as they are being disposed. As at 31 December , the caption included the assets and liabilities of the securities services business unit, which.

No changes in share capital occurred in the year. The change. Conversely, decreases were recorded. At the end of , total regulatory capital came to 42, million euro, compared to risk-weighted assets of , Regulatory capital takes into account the dividend distribution on the net income that the Management Board will. All capital ratios improved compared to 31 December The Total capital ratio stood at The ratio of Tier 1 capital net of preferred shares to risk-weighted assets Core Tier 1 was 7.

In addition there is the Corporate. Centre, which is charged with providing guidance, coordination and control for the entire Group. The table below shows the main data summarising the trend of the business areas of the Intesa Sanpaolo Group in The following itemised analysis of the business areas contains a description of the products and services offered, the type. Report on operations — Breakdown of consolidated results by business area and geographical area.

Figures restated, where necessary, considering the changes in the scope of consolidation and in business unit constituents and discontinued operations. The re was a fall in net interest income Net interest income was also penalised by the elimination of overdraft charges. Net fee. Operating costs were down 4. The operating margin amounted to 4, million euro, down. Income before tax from continuing operations totalled 2, million euro, down This result.

After the allocation to the Division of. At the quarterly level, the fourth quarter saw a strong revenue performance attributable to net fee and commission income. The Division absorbed In absolute terms, capital. As a result of the trend described for allocated capital and net income, ROE fell to.

Value creation came to million euro, down on the previous year. Balance sheet figures at the end of December showed loans to customers of , million euro Direct customer. Indirect deposits amounted to , million euro, down 1.

Traditional lending and deposit collection operations in Italy and associated financial services. To serve retail customers households, personal, small businesses , small and medium enterprises and. Handles the Households individual customers with financial assets under , euro , Personal. Moneta, formerly CFS, which absorbed Setefi, specialised in the management of electronic payments. Distribution structure Over 5, branches, including retail, business and private-banking branches, distributed broadly.

Following approval in December of the reinforcement project for the Banca dei Territori Division, which aims to. During , the scope of Banca dei Territori was reorganised in geographical terms: in late February, the Intesa Sanpaolo. The offering of investment products has been expanded to include solutions that fit the current market. In particular, the. In order to strengthen the asset management service offered to customers, Banca dei Territori and.

Eurizon Capital have launched a new team of asset management specialists serving the branches, to. Regarding credit and debit cards, saw the introduction of SuperFlash, the new prepaid, personal. SuperFlash combines the specific functions of credit and debit cards with typical. By using the new salary deposit service. At year-end, the SuperFlash line was completed by the addition of a version. In order to offer a material support to households in financial difficulty due to the delayed payment of.

In June, two important initiatives were launched to support households in terms. Intesa Sanpaolo also launched. In order to allow small and very small business customers to survive the difficult economic scenario,. In addition,. Lastly, great attention has been devoted to developing relationships with guarantee syndicates, which.

During , the Group signed master agreements with all major trade associations, under which it. The purpose of these agreements is to support small enterprises by ensuring that they have access to the. All of the agreements that the Bank has signed draw. Lastly, the bank has implemented an important initiative supporting the tourism industry, which involves.

Small Business customers as well as SMEs, providing a credit line of million euro in order to facilitate. Marketing activity focused on the extensive placement of Group bonds. In addition, Banca IMI certificates were offered. Lastly, UCI and portfolio. The year saw the continuation of initiatives aimed at exploiting new potential business opportunities, in particular the.

The third tax amnesty represented an important opportunity to gather. Intesa Sanpaolo Private Banking reported intermediated. The new assets consist. Under the agreement with Confindustria Piccola Industria, which promotes a series of measures aimed at. Lastly, the year also witnessed partnership agreements with convention groups throughout Italy such as.

Pordenone with the aim of fostering access to credit by companies that participate in trade fair and. Agriventure will develop its activities mainly along three lines: research, analysis and. December , have not been assigned to divisions, but rather are represented according to their legal nature within the. During , information technology systems were migrated to the target platform at the banks of the former Banca CR.

This result includes the positive effect of million euro on the income. Excluding this capital gain,. During , Mediocredito Italiano granted 2. The se funds are also. Projects calling for over million euro. Of these, million euro. Mediocredito Italiano recorded an operating margin of million euro during , of which 57 million euro in. Operating margin improved on even net of this.

Consumer credit activities are carried out through Moneta formerly CFS. A total of 1. The operating margin for Moneta. Setefi, which specialises in managing electronic payment systems and is wholly owned by Moneta, recorded a SIREFID, which specialises in trust services for business leaders and investors, operated under its new organisational and.

As at 31 December , the company had. During , Banca Prossima, which operates in the non-profit sector with 52 local branches and specialists. In order to further reinforce its role as the bank of. Banca Prossima has been designated the custodian bank for the guarantee fund established by the Italian Episcopal. This project will lead to the creation of. Following the unwinding of the joint ventures with Generali and Cardif, Intesa Sanpaolo will have full control of.

In EurizonVita reported income before tax from continuing operations of million euro, up by 7. The investment portfolio amounted to 39, million euro, while the insurance. In , EurizonVita recorded gross life and non-life premiums written for both insurance products and policies. A total of 5, million euro in new life insurance. Sud Polo Vita reported income before tax from continuing operations of 31 million euro, compared to a loss of 8 million. Centrovita Assicurazioni earned income before tax from continuing operations of 33 million euro, up sharply on the.

Intesa Vita consolidated according to the equity method provided a contribution to the consolidated income statement of. The value of the assets under management by Intesa Previdenza came to 1, million euro as at 31 December , up. Overall, year net inflows were positive in owing to the contribution of open-ended funds. In , Intesa Previdenza. Net fee and commission income of million euro increased by Profits on trading amounted to million euro, up million euro on Operating costs amounted to.

As a result of this trend in revenues and costs, the operating. Net adjustments to loans exceeded. Income before tax from continuing operations amounted to 1, million euro, compared to million euro in. At the quarterly level, the fourth quarter saw a decrease in operating income compared to the third quarter, following the. Conversely, net fee and commission income performed well, remaining stable compared to the third quarter.

The sector performance is reflected in the sharp increase in ROE from 2. Conversely, loans to customers were down. To act as a global partner in supporting companies and financial institutions in achieving balanced,. The unit is charged with managing relationships with Italian and international large corporate customers. The Department is responsible for handing companies with turnover in excess of million euro. The Department is responsible for international branches, representational offices and corporate firms.

The Department is responsible for relations with Italian and foreign financial institutions, management of. The Department operates in the private-equity segment, also through its subsidiaries. It is responsible for creating structured finance products through Banca IMI. The Division draws on 55 domestic branches and operates at the international level, the Corporate and. Investment Banking Division operates in 34 countries in support of the cross-border operations of its.

During , the composition of the corporate portfolio changed slightly, showing a tendency to favour long-term. The increase in loans to customers with the highest ratings slowed, due to the deterioration of the risk profile. Initiatives were implemented to monitor counterparties with the highest credit risk, through a risk-based. The balanced loan development policy allowed for a considerable increase in share of wallet, with.

The current economic situation has. On the topic of the service model, large units were linked to back-office hubs. In addition, with a view towards greater coordination of operating methods in. The Global Services Department directly covers 34 countries through 16 wholesale branches, 21 representative offices, 3. In , international coverage was pursued by fostering the internationalisation.

In order to further improve this coverage and expand cross-selling, the Group has implemented a model for. Following on the success of the pilot programme for the corporate customers of Intesa. Sanpaolo Bank Romania, it was decided to extend the client-driven relationship model to the other banks in the. International Subsidiary Banks Division. Hub and Financial Value Chain have been. In particular,.

Most maturing transactions were renewed, a bond purchase programme was implemented and marketing. With regard to international payments, the consolidation process for existing customers and the acquisition of new. In the fund services area, the downtrend shown in lessened significantly in In custodian. Pension and real estate funds continued to grow, while the negative performance of speculative funds came to.

Lastly, with regard to custody services, volumes remained at a good level due to the acquisition of. During , the Merchant Banking Department concluded a number of investment initiatives, adopting an approach.

The main transactions include: participation in the capital increase. Real Estate SGR. Team, bringing its total interest in the company up. Divestures included the disposal of the interest in the biomedical firm Esaote, sold to a consortium of investors promoted. The venturecapital. The fund is dedicated to early-stage financing. If the other private-equity funds sponsored and managed by the. Group are considered, the total commitment amounts to million euro. As at 31 December , the portfolio held directly and.

IMI, through the contribution of a business line, entered into force in In the leveraged and acquisition finance. Bach by a private-equity fund, and of the firm Permasteelisa by the private-equity funds Investindustrial and Alfa Capital,. Project and industry specialised lending activity included the signing of commitment documents along with a pool of Debt restructuring was completed for Tiscali, loans.

In the real-estate sector, loans were provided to Sitas, the Arena Centar shopping centre in Zagreb, and the funds Alpha,. Core Nord Ovest, Delta and Rho. Lastly, advisory services were provided to several real-estate companies involving the. In securitisation activities, the Bank acted as joint arranger and lead manager for the fourth transaction by Adriano Finance. Srl in order to obtain assets eligible for allocation to open-market transactions with the ECB and as sole arranger and sole.

Lastly, the Bank served as sole hedging counterparty in the securitisation of residential and commercial. Electric, project financing for Erg Power to build a combined-cycle electrical power plant, and the Forward Start. This policy did. The strategic asset allocation of the hedge fund portfolio was also thoroughly modified, leading to a gradual liquidation of. This resulted in a reduction of the portfolio and a. The positive performance was derived in particular from the equity funds that operate in.

Real Estate, Adecco and, on the U. Controls Inc. In the debt capital markets business, Banca IMI confirmed its leadership of the Italian primary debt market, overseeing The Financial Institutions sector witnessed bond issues by Banco Espirito.

Banca IMI also coordinated the placement. On the new corporate issues segment, which. Finmeccanica, Fiat, Edison and, internationally, Abertis, E. It also acted. The Wind and Piaggio issues were also noteworthy. Lastly, the bank.

In the sovereign, supranational and agencies and local. In the latter category, it took part in two. On the sovereign segment, it acted as joint-lead. In its advisory role, Banca IMI maintained its leadership of the market despite the unfavourable scenario, achieving volumes. In detail, it closed. Activity was especially intense in the energy and utilities sector, where it. ON AG and acted as financial. Banco Popolare, which are still ongoing.

On the primary market, institutional customers showed considerable interest in government issues in On this market,. Banca IMI took part in new issues by corporate and bank issuers that met with considerable success with both Italian and. The secondary credit market was volatile across all asset classes,.

During this initial phase, institutional customers showed interest in senior. The n, when prices had reached particularly depressed levels, customers began to show. In the second quarter, as portfolio liquidity became abundant,. The re were especially interesting. During , private customers showed interest in highly rated corporate and bank debt issues. In the Banca dei Territori. Retail customers indicated a preference for simple products.

Significant quantities of three-year fixedrate. In the second half of the year, Banca dei Territori began to place. Mediofactoring had a turnover of 27 billion euro as at 31 December , a 3. This performance may be attributed to its transactions without. Outstanding receivables increased by 6. Operating income, at million euro, rose by Income before tax from continuing operations.

Leasint ranked number two on the domestic leasing market, of which it has a During , Leasint entered into approximately 10, new leases, for a total value of 3. Breaking down the portfolio by asset type, Net income, penalised by the negative market context, amounted to 31 million euro,. Figures restated, where necessary, considering the changes in business unit constituents and discontinued operations. Operating income amounted to million euro, up by Operating costs amounted to 81 million euro, essentially stable compared to the previous year, reflecting effective cost.

As a result of. After lesser adjustments to loans of Lastly, net income reached Quarterly, operating income declined, primarily due to the expected fall in net interest income as a result of asset re-pricing. Net income in the fourth quarter was down on the third quarter due to the.

Capital allocated amounted to million euro, up slightly on , due to the increase in credit risk associated with the. ROE, which benefited from the increase in profits, rose sharply from 6. With regard to the main balance sheet figures, loans to customers, totalling 40, million euro, were up 5.

Direct customer deposits, amounting to 6, The Public Finance Department contributed to developing the reserve of allocable assets in. In , to support and promote the development of large national infrastructures, advisory activity continued on large. Public Finance participated in numerous important projects in support of health services, universities and scientific research:.

Hadrontherapy to build the largest centre in Italy and the third largest in the world able of providing treatment based on. In the area of the improvement of public services and utilities, Public Finance participated in the granting of a syndicated. In the area of environmental services, a. In the low-environmental impact alternative energy sector, the Department: participated in the.

Public Finance serves central governments, public entities, local authorities, universities, public utilities,. To foster collaboration between the public and private sectors with the aim of supporting the creation of. Sistema Solare to build fully integrated solar power plants in Basilicata and Puglia; and granted a loan to Pontenure Solar to. In the area of activities in support of the financial equilibrium of the public sector, disbursements continued to fund the.

Torino to organise and structure a transaction aimed at rationalising and developing the entity's equity investment and. In order to improve operational management of the foreign Chambers of Commerce, Public Finance. This transaction is part of a cooperation.

Lastly, as part of the. In the area of urban and local development projects, a loan was granted to Fondazione Fiera Milano in a pool with another. The loan is intended to finance the construction of the new Milan Convention Centre, an innovative. The Bank. The project. In the area of improvements to transport infrastructure in. Sicilia, the Bank has provided financing to Empedocle scpa, the general contractor awarded the contract to design and. The Department continued to advise on the construction.

Bergamo, as well as on the construction and management of the Montello Bergamo Intermodal Freight Hub and the. Manfredonia tourist port. In the area of public construction projects, it participated in projects for the construction of an. Lastly, it granted a loan to the firms ACER Bologna and Casa, which are responsible for managing public property assets in. International public and infrastructure finance activity included: the underwriting of a loan as mandated lead arranger for. DARS, concessionary of the Slovenian motorway network, and the continuation of disbursements for road and motorway.

In the transport. In the energy sector, a bridge loan was granted. Nacionais, the Portuguese high-voltage electricity distributor and natural gas carrier and storage operator. With regard to. In the area of. Extensive financing was also provided to companies operating in the distribution and sale of electricity, gas,. In the public construction sector, the Department acted as mandated. Lastly, funding was provided to numerous local authorities in Spain including Comunidad de Galicia,.

With effect from 1 January , three new. Intesa Sanpaolo Card, the company responsible for the. However, this result was. Excluding this effect, revenues grew by 3. A detailed analysis shows. If this effect is excluded, net interest income increased by.

Net fee and commission income fell by Operating costs were 1, million euro, down by 7. The operating margin was 1, million euro, up. The Division closed with a net income of million. Analysing the performance by quarter, revenues were the highest in the fourth quarter of the year, primarily owing to the.

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Non vede speranza, quindi, per il roboadvisory nel private banking? Per lo stesso motivo, preferisce una relazione fisica, un referente umano stabile a cui chiedere infor-. Vogliono un documento scritto su carta intestata, che possono tenere in cassaforte. Ecco un aspetto importante della digitalizzazione: la trasparenza. Ma proviamo a chiederci: che cosa riceve, il cliente, in cambio di queste informazioni?

E sul loro denaro, ovviamente. Dei Millennials si dice anche che useranno solo app e canali digitali. I Millennials hanno ancora un reddito piuttosto basso e una app. Ma anche per loro vale il rapporto tra convenience e confidence: quando avranno bisogno di certezze, per un mutuo o un investimento, cercheranno un rapporto personale.

Il taglio delle reti di filiali in molti casi ha un obiettivo fondamentale: abbassare i costi. Ma quando valuto il costo della filiale, devo tenere in considerazione due aspetti. Primo: quanti dei prodotti venduti in filiale avrei comunque venduto su altri canali? Secondo: stiamo sfruttando pienamente il potenziale della filiale? E come si sfrutta questo potenziale? Le banche sono indietro anni luce sul fronte del product mix e del cross selling.

Quando il clien-. La banca non valorizza il potenziale della filiale te entra in filiale deve attendere in coda e viene gestito su una singola operazione. Ma non ci parla, non cerca di capire se ha bisogno di qualcosa. Preferisce affidarsi a contatti push, via telefono o email, che funzionano molto poco. La filiale ha un valore commerciale attualissimo. Ma la banca spesso non lo valorizza. Sembra quasi che le banche siano in una posizione di forza per difendersi da FinTech e BigTech.

Credo che tra qualche anno sul mercato avremo molte meno banche, ma molto efficienti. Specie nel calcio, ma non solo, spesso i giovanissimi si trovano ad avere entrate importanti, anche maggiori di quelle della famiglia di origine. Allo scopo collaboriamo con Feduf, che svolge il ruolo di garante dei contenuti del format proposto, che segue un protocollo approvato dal Miur.

La banca abbina, nella formazione, la competenza digitale a quella delle persone, espressa dagli operatori presenti nelle oltre 1. Nei programmi didattici sono invece stati coinvolti circa Tra i tanti temi trattati,. Si pensi al caso di un atleta che vince una medaglia alle Olimpiadi, cui corrisponde un premio in denaro. In questo senso il. La selezione Il programma Start Path ogni anno riceve in media 1.

Cerchi un fornitore? Secondo tale indagine, basata sulle risposte di responsabili della gestione del rischio in primarie istituzioni finanziarie, il rischio regolatorio,. In banca sta aumentando il peso dei modelli.

Il risk manager affronta anche questo rischio sostanzialmente prendendo come riferimento il framework dei rischi operativi. Non si tratta infatti solo di aspetti tecnologici, ma anche di tipo organizzativo. Non penso che i player esistenti verran-. Occorre fare nostra la lezione di Machiavelli Il Principe, cap. Raccogliere informazioni e comunicarle.

Servono standard di misurazione E mancano, ancora, moltissimi standard. Un benchmark comune europeo su aspetti come il low-carbon o il positive-carbon impact, ad esempio, oppure ulteriori obblighi di rendicontazione non finanziaria.

Per non parlare di come analizzare processi di filiera, impatto del modello di business, i fornitori e il risk management lungo la filiera. Soprattutto se si valuta un interesse crescente nei mercati emergenti, in primis quelli asiatici. E, viste le dinamiche del mercato, la stessa Amundi si prepara a offrire servizi di consulenza ESG per i propri clienti istituzionali. Altri 10 miliardi sono in fondi dedicati a investimenti mirati: milioni in quello per finanziare la transizione energetica in joint venture con EDF , 4 miliardi in fondi indicizzati low-carbon, per contrastare il cambiamento climatico.

Hermes Investment Management ha presentato due nuovi fondi per gli istituzionali e i wholesale. Possono quindi migliorare e molto. Un lavoro importante, che descrive i circa 1. Fonte dei dati e quantificazione dei risultati Primo punto critico: la fonte dei dati, che sono stati raccolti mediante interviste agli emittenti stessi degli impact bond. Secondo punto critico: come valutare i risultati ottenuti? Facciamo qualche esempio. Una percentuale molto elevata per una riduzione delle emissioni di CO2 pari a quelle di Sul fronte energetico, il fondo ha investito sulla generazione di energia rinnovabile pari al consumo di circa Una cittadina media.

Il cuore della. Dopo il abbiamo iniziato a esportare in altri Paesi la nostra idea e abbiamo. In linea con il percorso di sviluppo ed evoluzione del sistema bancario italiano, anche Mediobanca sta vivendo un momento di forte e rapida trasformazione a supporto della spinta strategica su nuovi business. Mediobanca ha scelto un modello federato: il rafforzamento di MIS permette di centralizzare i servizi, alla ricerca di sinergia ed efficienza, con qualche eccezione. Come siete arrivati a questa scelta?

Con IBM abbiamo costruito un percorso di consolidamento, ottimizzazione e innovazione nella direzione di un ambiente integrato, una vera roadmap per la trasformazione digitale. Grazie a un partner esterno possiamo accedere a tecnologie che, per la sola Mediobanca, avrebbero richiesto investimenti difficilmente sostenibili.

Oggi utilizziamo piattaforme cloud in ambiti non core o in aspetti strettamente legati alla clientela, come il CRM e prevediamo sviluppi hybrid cloud a supporto del business private. Che intende? La resistenza al cambiamento, a volte fortissima, nasce proprio da questo retaggio culturale. Sicuramente le FinTech e gli OTT sono nelle migliori condizioni per fornire idee e risorse per implementare servizi innovativi. La normativa resta comunque un driver fondamentale per gli investimenti IT del settore bancario.

Come gestite la continua evoluzione della regolamentazione? Come state lavorando su questi aspetti? I programmi aziendali di sicurezza IT vanno integrati con molti elementi innovativi, adottando un paradigma proattivo, ad esempio, con un framework di controlli outsourcing-centrico e sistemi di threat intelligence che correlino eventi di sicurezza a indicatori di compromissione e comportamenti.

La sicurezza e la normativa sono molto attente a un aspetto assolutamente strategico anche per il business: i dati. Nel programma di trasformazione dei prossimi anni figurano anche i servizi di cognitive computing. Con CheBanca! Basandoci su regole e utilizzando modelli di dati, abbiamo sostituito alcune operazioni manuali e ripetitive con processi rapidi e a limitato rischio operativo.

Stiamo valutando con attenzione diversi ambiti, comprese per esempio blockchain e DLT, anche se in questo caso con un atteggiamento attendista: con CheBanca! Come vedete il vostro ruolo nel prossimo futuro? Siamo nati come Centro servizi elettro-contabile e in questi anni, seguendo le evoluzioni del mercato, ci siamo radicalmente modificati.

Le banche territoriali hanno affrontato il difficile contesto di mercato puntando sulla diversificazione del business. Contemporaneamente sono state implementate e modificate anche le componenti core. Da diversi anni, abbiamo acquisito il controllo di Caricese. In un momento di grande evoluzione normativa e gestionale, continua a crescere la richiesta di assistenza e consulenza da parte delle Banche.

A inizio avete acquisito OneWelf. Avete altre acquisizioni in programma? Siamo particolarmente interessati al mondo della sicurezza, del digitale o del FinTech. Come sta cambiando il mestiere di outsourcer? Sui servizi core servono volu-.

Avete di recente abilitato i pagamenti con Satispay sul vostro parco POS. Come collaborate con il mondo del FinTech? Cerchiamo i migliori prodotti, anche a livello europeo, che possono integrarsi con le soluzioni del CSE. Stiamo integrando un sistema di roboadvisory ed una piattaforma internazionale di trading molto evoluta. La banca ha un grande patrimonio: i dati. Informazioni essenziali per sviluppare soluzioni in funzione dei bisogni del cliente. Questo richiede strumenti di analisi innovativi, ma la tecnologia da sola non basta: occorre trasformare e modificare la cultura delle persone che andranno a utilizzare i nuovi strumenti, quali ad esempio la business intelligence.

PayLab XVI. Mobile payment e innovazione: quale ruolo per la banca? Un proliferare di soluzioni che sono spesso promosse da attori lontani dal settore bancario e fuori dal nostro Paese. Pagamenti e messaggistica A livello internazionale, invece, diverse iniziativa riguardano i pagamenti integrati nei sistemi di messaggistica. Su quali tecnologie investire? Nella partita per la conquista del cliente, i punti di forza sono noti. OTT e FinTech possono contare su una user experience distintiva, le banche sulla fiducia della clientela in un brand riconosciuto.

Nel mobile proximity payment, ad esempio, un nostro cliente ha due soluzioni a disposizione: la app proprietaria della banca e gli XPay. Con gli XPay migliorano retention e transato Dal mercato, qualche certezza arriva. I numeri delle transazioni attivate da dispositivo mobile, ad esempio, sono in crescita e stanno trainando i volumi dei pagamenti digitali in generale, senza apparentemente cannibalizzare i pagamenti con carta.

Le nostre carte sono nelle tasche di quasi tutti gli italiani, che usano prevalentemente ormai da tempo il circuito di debito domestico. Un wallet account based Punta sul modello account to account anche Bill, un servizio lanciato da poche settimane da SisalPay, facendo leva sugli oltre 13 milioni. La chiave del. Oggi abbiamo raggiunto, sul nostro circuito, il traguardo di 1 transazione c-less su 2 in Italia.

Contante e carte nella GDO La situazione cambia, vista la categoria merceologica, guardando a. In Carrefour Italia, il contante risulta. Lo smart POS consente di svincolarsi dai sistemi di cassa legacy interesse verso i cosiddetti Smart POS: terminali evoluti che integrano terminale di pagamento e registro di cassa, offrendo tutta una serie di servizi a valore aggiunto.

Vediamo possibili applicazioni in molti settori, con esperienze interessanti in corso nella ristorazione, ad esempio. Mancano poi le opportune competenze: per sviluppare la nostra attuale offerta abbiamo reclutato sviluppatori e persone con skill diverse da quelle di chi storicamente in azienda si occupava di POS.

Bisogna in primis formare il personale delle banche, spiegare la logica di questi nuovi prodotti, in modo che possano poi raccontarla agli esercenti loro clienti. Nuovi servizi anche alle casse tradizionali Presso i grandi retailer, lo Smart POS potrebbe ritagliarsi delle nicchie interessanti. Vedo sicuramente delle applicazioni interessanti nelle nostre stazioni di servizio, oppure nelle aree specializzate dei nostri negozi, ad esempio nel reparto elettronica.

Il digitale a servizio della relazione tra banker e cliente. AziendaBanca in collaborazione con Armundia Academy. Ma, piuttosto, quali delle moltissime tecnologie oggi proposte dal mercato possa creare un reale valore per il cliente Private. La tecnologia come must have? Un fenomeno del tutto analogo alla disaffezione che i giova-. Chiaramente, in base al target, dovremo considerare un canale piuttosto che un altro, sposando una piena ottica multicaAndrea Guazzi, Responsabile Wealth Management, Banca Mediolanum.

Per rimanere competitivi di fronte a queste nuove sfide, dobbiamo in primis restare flessibili, adottare modelli organizzativi che ci permettano di adattarci ai cambiamenti. E soprattutto, mantenere al centro il cliente e le sue nuove esigenze, garantendogli il massimo del servizio, e assistendolo in modo coerente con Raffaele Levi, Head of Business Model, Fideuram Intesa Sanpaolo Private Banking.

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STANCORP INVESTMENT ADVISERS REVIEWS OF MOVIES

By document 4 of 3 March , which followed the document issued on February , the Supervisory Authority called. The communication — which does not have independent regulatory force, but calls for strict compliance with the rules in. The disclosures relevant for the Intesa Sanpaolo Group are made further on in this Report on operations, and mostly in the.

Annual Report Document no. On this point, the Directors of Intesa Sanpaolo confirm their reasonable certainty that the Company and the Group will. The Directors have not detected in the asset and financial structure or in the performance of. The Intesa Sanpaolo Group. The magnitude of the fall in. The fall of investments,. After a gradual stabilisation of the international financial system, in late spring the first signs of recovery came from Asia.

A key role was played by the strong fiscal stimulus measures adopted to. However, the upward trend of economic activity indexes from the trough of the recession has been modest: at the end of. According to the latest estimates, the mean annual GDP contraction was In particular, industrial production in the Eurozone shrunk by The impact of the crisis on the labour market.

Fiscal and monetary policies have remained markedly expansive. Rapid growth in public debt was recorded in practically all the industrialised. In the first half of , the central banks made more aggressive their unconventional monetary expansion. In the United States, United Kingdom and Japan the monetary authorities launched public and private debt takeover. In the Eurozone, the ECB cut official rates from 2. This alltime. In the second half, the ECB continued implementing its.

The refore, the rate. Permanent covered bond purchases continued, and the. In December, the. Central Bank announced that starting from the first quarter of it would gradually downsize its quantitative stimulus. The Italian economy entered the recovery together with the rest of the Eurozone in the third quarter, when quarterly GDP. However, the year-on-year change remained negative until the fourth quarter and the.

All domestic demand. The fall in exports at constant prices reached The fall in industrial production was only partly. The impact of the crisis on employment was mitigated by the wage compensation. The abundant liquidity available in the system accelerated the fall of the Euribor rates, which reached new all-time lows.

The monthly rate fell to 0. Euribor has been lower than the refinancing rate since July. As to maturities beyond one year, the decline in the period. The 2-year Interest rate swap closed. The deteriorating fiscal framework increased sovereign spread volatility in the eurozone, with temporary repercussions on. The strongest tensions were felt at the.

Despite some repercussions. January to 74 basis points at year end. No European country had difficulty covering treasury bond auctions, despite. The currency markets recorded significant movements. The euro had a very volatile performance also against the pound, the yen and currencies that benefit from the. As to stock market performance, after a very negative start of the year, due to the sharpening of the financial crisis and the.

This marked turnaround was triggered and driven, in particular, by the massive monetary and fiscal stimulus measures. During the second half of the year, the positive trend was further boosted by the quarterly reports of companies, which in. The ongoing availability of liquidity also supported.

Similar performances were recorded by the main European stock market. Asian stock markets recorded. Against this background, the performance of the Italian stock market was in line with the main continental indexes: the. Mid-cap companies performed better than the blue. As to corporate bonds, saw a marked and general narrowing of spreads across all market segments.

The marked. The recovery of credit. In the second half of , macroeconomic news confirmed. The gradual return of financial markets to. In the. Investment Grade segment, the best performances were recorded by non-financial securities and BBB loans. This segment. After the recent turbulence, strong attention continues to be paid to data on the. The rate of the slow-down was unevenly distributed in the different areas.

The emerging countries of Asia recorded a. The monetary and fiscal policies adopted by the. Trade relations with the United States and Europe, together with strong exposure to the commodity cycle, brought Latin. The recession was particularly severe for Mexico,. However, better fundamentals and effective. On the other hand, less effective governmental. The economies of the Persian Gulf countries were affected both by the fall in oil revenues and by the.

North African countries such as Egypt, Jordan, Morocco and Tunisia, which have more diversified economies, while. The stable levels of domestic demand, supported. In particular, Egypt, whose fiscal year ended last June,. Some countries, namely the Baltic countries and Ukraine,. In the emerging countries too economic policy authorities adopted in general strong economic stimulus measures.

Large amounts of liquidity were injected in the financial systems, and public. The se. Against this background, the capital markets, after a still difficult first quarter, recorded substantial and widespread rises. At the lowest end of the scale, are some Eastern. During , CDS spreads on sovereign debt narrowed considerably; after the peaks reached in most cases in the first. This trend reflects the. The loss recorded. After hitting new lows at the end of. February, these currencies then regained most of their losses but closed the year still depreciated against both the US.

During the year, rating agencies reported an increase in confidence towards the emerging economies. The number of. During , the steep decline in bank rates continued, in the wake of the easing of the monetary policy and of the cycle. The downward trend was greatest in the first half of the year,. Overall, the decline was substantial and bank rates reached new all-time lows. As to customer categories, the reduction in the average interest rate on loans was more marked for businesses, less so for.

Interest rates payable also reached new lows. The trend was driven by the fall of the rate on current bonds and by the. The se trends have determined a significant narrowing of the spread between lending and funding rates, to a year-average. However, in the last quarter the downward trend of the spread. With regard to the contribution margins from short-term.

This trend reflected the exceptional reduction in. Comparison of year end and figures. In year-average terms, the mark-up was 3. Consequently, the short-term spread lost The trend in loans to the private sector was determined by the steady slowdown in the business lending component, which.

Difference between the interest rates applied to households and companies on loans with maturity under one year and one-month Euribor. With regards to businesses, the gradual slowdown of lending during generated slightly negative changes at yearend. Nevertheless, despite the slowdown, throughout performance of the loans to businesses remained markedly.

All economic activity sectors experienced a strong slowdown in lending during , especially in the manufacturing and. However, in year-average terms the contraction in loans to industry. The aggregate data for year-end , however, seem to indicate that the negative lending cycle may soon come to an.

The lending performance of Italian banks remained weak, but the sharpest decline phase could be over. At year end,. During , the lending environment improved, as shown by various economic cycle surveys. Among those carried out. Moreover, the quarterly survey conducted in the same month by the Bank of Italy — Il Sole 24 Ore on inflation and growth. Banks, on their side, reported an end to the fall in loan demand, and even an increase in demand. However, credit quality remains an issue.

The difficulties engendered by the recession have led to a gradual increase in the. In particular, a further. According to these data, in December the default ratio referred to all Italian customers with. In particular, the default rate of businesses rose from 2. The increase for households was less. As to funding of the banking system, direct funding continued to grow at a fair pace, albeit slowing down, confirming its. Aggregate funding 3 recorded two-digit growth rates until September The subsequent slowdown largely reflected.

Deposits also maintained a good growth profile. Within deposits, current accounts accelerated progressively, reaching a. During , the Italian asset management market was boosted by the positive performance of the financial markets and. This helped to support. The annual balance between subscriptions and surrenders was. Thanks to the. In the eurozone, recovery, less supported by fiscal stimuli and strong domestic demand, will be very.

All contract. Bonds refer to. The resumption of growth will be stimulated first by the performance of. The greater stability of the financial markets will enable central banks to withdraw the many unconventional monetary. However, the withdrawal of excess reserves will be gradual and will. Any increases in benchmark rates would only be slight. The lending scenario will be influenced by the improvement of the economic cycle, which however will continue to be.

The structural changes linked to review of the financial regulatory framework will also be important. Possible changes to. However, lending activity is expected to gradually recover during in line with the gradual improvement in the. However, due to the traditional delay in the emergence of non-performing loans, aggravated by the.

Direct funding will continue to be a strategic lever, although it is expected to slow down in the course of , in line with. Consequently, the improving trend in assets under management recorded in is expected. As usual, a condensed reclassified income statement has been prepared to give a more immediate understanding of results.

To enable consistent comparison between the two years, the year-end income statement figures and. The restated financial statements were. Lastly, please note that no current intragroup relations have been netted as part of. Breakdowns of restatements and reclassifications performed are provided in separate tables included in the attachments to.

The adjustment of the technical. A consistent approach is used for the time value of Employee termination. It represents. Intesa Sanpaolo closed out its financial statements with results that may be considered satisfactory, highlighting a. The heavy losses on loans may also be attributed to the economic slowdown and the crisis that struck many businesses and.

The decrease in interest and. Dividends and profits on investments carried at equity and other operating income. The trend that emerges from a comparison between the two years in question was essentially caused by the decrease in. Operating income came to 4, million euro in the fourth quarter of , million euro less than in the third quarter. This decrease is primarily attributable to the fall in profits on trading million euro , which in the.

Net interest income, which, as always, represents the main revenue caption for the year, slowed down significantly, coming. Net interest from operations with customers, which also includes interest on securities issued and differentials on hedging. The trend was affected not. Cost of funding was also influenced by the funding policies geared towards liquidity objectives, focusing on stable.

Net interest income on short-term captions was penalised by the reduction of the. The positive flow resulting from hedging derivative differentials, especially on fixed-rate funding, made a decisive. The measures implemented by the Treasury Department, in line with international best practice, aimed. An analysis of net interest income by quarter shows a decline in the second part of the year attributable in part to the.

Intesa Sanpaolo Group 10, 11, -1, Figures restated, where necessary, considering the changes in the scope of consolidation and in. International Subsidiary Banks. Capital -8 million euro. Dividends and profits on investments carried at equity came to 46 million euro, of which 25 million euro was represented. The caption, which was directly affected by the deterioration of company accounts in lower.

Intesa Vita made a positive contribution. Please note that the dividends relate to non-consolidated companies, excluding those on shares held for. The decrease is essentially due to the dealing and management of financial products. Fees and. The trend was the result of the decrease in commissions on collection and payment services million euro and credit. Commissions generated by management, dealing and consultancy activities were negatively affected by the market crisis.

The second was the resulting caution shown by investors, who privileged low-risk forms of. In particular: overall, management, dealing and consultancy activities generated net fee and commission income of 2, The decrease may be attributed to portfolio management Fee and commission income on currency dealing and. Figures restated, where necessary, on a consistent basis, considering the changes in the scope of consolidation.

On a quarterly level, net fee and commission income was up by In addition, in the third quarter of. Income from management, dealing and consultancy activities was positively affected by the recognition at year end of. Intesa Sanpaolo Group 5, 5, A breakdown by business areas shows that the decrease in net fee and commission income compared to is mainly. International Subsidiary Banks were also down Public Finance also reported a decline.

In this case, the phenomenon is attributable to the limited. An opposite trend was seen in. Trading activities, which represent the component of operations mostly exposed to market volatility, showed especially.

A profit of 1, million euro compares with a loss of 53 million euro in , driven. The profit was primarily achieved through capital market trading activity, more effective. In particular, interest rate transactions involving debt securities and interest-rate derivatives generated a positive. Structured credit products continue to show a negative contribution of 26 million euro,.

The other segments also showed positive results, although their contributions were lower than the previous year in. Trading of equity instruments generated a profit of 65 million, while currency and currency derivatives. Lastly, the caption also incorporates dividends and proceeds on the trading of securities classified as available for sale and.

At the quarterly level, profits in the fourth quarter million euro were lower than in the third quarter million. The related economic. The improvement may be attributed in particular to the positive performance of financial management, which, despite.

From a technical management standpoint, the improvement in the financial market scenario contributed to a decrease in. The rise in charges for policies accrued during the year was caused by the especially positive performance of new. This increase in production contributed to the growth of.

The caption includes collections, payments and provisions for the integration of reserves referred solely to products considered insurance products for. The corresponding items regarding products which do not present these characteristics are, instead, accounted for using the same method.

The related economic components are included in the caption Net income from financial instruments designated at fair value. Income from the insurance business amounted to million euro in the fourth quarter, marking an improvement over. Other operating income expenses is a residual caption comprising various types of income and expenses that cannot be.

This caption recorded a positive balance of 48 million euro, compared to million euro in. Personnel expenses decreased by 2. This decrease is essentially due. Administrative expenses amounted to 3, million euro, down 4. Adjustments came to million euro and were down At the quarterly level, operating costs increased by The increase is primarily attributable to administrative expenses, which traditionally weigh more heavily at the end of the.

Intesa Sanpaolo Group 9, 9, The greatest cost reductions were made by Banca dei. Corporate and Investment Banking million euro and Eurizon Capital -8 million euro showed more. In , operating margin totalled 8, million euro, up 0.

This change was generated by the. The operating margin was 1, No goodwill impairment was recognised in , as opposed to the previous year, when 1, million euro was recorded,. Impairment tests conducted in accordance with IAS 36 of which a detailed discussion is provided in the Notes did not. Net provisions for risks and charges came to million euro. The provisions in were slightly higher million. The net provisions in the fourth quarter exceeded those of the previous quarters, as.

The most important items were lawsuits with customers and revocatory actions, as usual. Since autumn , the persistent deterioration of the economic situation has led to a marked increase in non-performing. Net adjustments to loans came to 3, million, a value significantly higher than the 2, million euro reported in the. In addition, impairment losses on loans have remained substantially stable over the past three six-month. The fact that net adjustments to loans in increased significantly compared to and that the caption has remained.

While reference should be made to the comment on the balance sheet caption for a more detailed review of nonperforming. A total of 4 million euro in write-backs were recognised on guarantees given, compared to 73 million euro in Setting aside considerations of six-month periods, the fourth quarter, compared to the previous quarters of the year,.

Net impairment losses on other assets amounted to million euro in , of which 68 million euro was associated. The figure declined significantly compared to the Impairment charged to the income statement is almost entirely associated with securities available for sale million.

Recognition in the income statement is largely a consequence of the continuation of the severely depressed financial. Profits losses on investments held to maturity and on other investments amounted to million euro and are. In addition, this revaluation was conducted on the basis of the minimum sale price. Part of the capital gain on the sale of the stake in Esaote set out above 23 million. In addition to the foregoing, the Group realised capital gains on the sale of investments in SI Holding 13 million euro and.

Intesa Trade 12 million euro. The million euro recognised in was the result of the capital gains realised on the. Income before tax from continuing operations came to 4, million euro, up While operating income. At the quarterly level, the fourth quarter was penalised by greater adjustments to loans. Current and deferred taxes accrued in resulted in provisions of million euro, compared to million euro in. The tax position was positively affected by the difference between the reversal to the.

Lastly, there was the. The tax rate for , adjusted to account for the positive components of taxes as indicated above, and the effect of the. Net of tax effects, merger and restructuring-related charges amounted to million euro, significantly lower than the This caption comprises charges attributable to the revaluation of loans, debts, real estate and the recognition of new.

The decrease from 1, million euro. Income loss from discontinued operations net of tax amounted to million euro and was mainly the result of the. This result may be compared with the income of 1, million euro in that included gains on the sale of The Group closed with a net income of 2, million euro, up 9. A condensed balance sheet has been prepared to permit a more immediate understanding of results for the period. Breakdowns of restatements and aggregations of captions performed are provided in separate tables included in the.

Financial assets available for sale 35, 36, 33, 32, 29, 30, 37, 38, Property, equipment and intangible assets 31, 31, 31, 31, 31, 34, 34, 32, Due to customers and securities issued , , , , , , , , Total Liabilities and Shareholders' Equity , , , , , , , , This change was conditioned by a market context rendered difficult by the repercussions of the financial and. The decrease in loans was caused by the reduction in commercial banking loans The continuing. In relation to the risk level of the portfolio, non-performing loans increased significantly on an annual basis,.

The decrease is mainly attributable to. Intesa Sanpaolo Group , , , Figures restated, where necessary, considering the changes in the scope of consolidation and in business. Breakdown of loans by business area shows a 4. The Corporate and Investment Banking Division also showed a decrease. On the other hand, loans to. The International Subsidiary Banks reported a more moderate decline in absolute terms million euro , whereas Banca.

In line with expectations, non-performing loans were conditioned by the economic recession, which resulted in a decrease. As at the end of , non-performing loans were up on the previous year both in gross.

This trend led to a higher incidence of non-performing loans on total. As at 31 December , coverage of non-performing assets came to. The lower coverage. During the period under review, loans classified as doubtful, net of adjustments, came to 5, million euro, up by 1, The y represented 1. Substandard loans climbed to 2.

Restructured loans, totalling 2, million euro, showed an increase over the million euro at 31 December Past due loans amounted to 2, million euro, increasing by The increase may. December, under which a loan is identified as past-due when instalments are past due by 90 days, instead of the previous. This required the inclusion of million euro in gross loans that would have been classified as performing. Net of this effect, the weight of past due loans would have been less than that reported at.

Cumulated collective adjustments on performing loans came to 0. The risk associated with the performing. Netting refers to components of indirect deposits which are also included in direct customer deposits financial liabilities of the insurance business designated at fair. Investors continued to redeem mutual funds,. However, there were signs of improvement in the second half of the year, when the balance of. The table below sets out amounts due to customers, securities issued, including those designated at fair value and certain.

Direct customer deposits amounted to billion euro, essentially unchanged The re was also growth in. Conversely, other deposits decreased At the end of , the Group 's share of direct customer deposits on the domestic market according to the harmonised. ECB definition was Intesa Sanpaolo Group , , Figures restated, where necessary, considering the changes in the scope of consolidation and in business unit.

Conversely, International Subsidiary Banks deposits fell The decline reported by the Corporate Centre As at 31 December , indirect customer deposits amounted to billion euro, up by 9. Figures are net. Assets under administration and in custody decreased slightly The table above illustrates the breakdown of financial assets and the total financial liabilities held for trading. In detail, financial assets held for trading increased from 61 billion euro to 70 billion euro due to an increase in the Parent.

The increase. Net financial assets held for trading and financial assets designated at fair value through. Financial assets held for trading, net of the related liabilities, and financial assets designated at fair value through profit and. This increase, as already pointed. For the sake of completeness, please note that liabilities designated at fair value have been included in the.

In further detail, this growth is a consequence of an expansion of the stock of bonds, which more than offset the rise in. Financial assets available for sale came to 36 billion euro, up Similarly to the previous. The caption consists primarily of bonds and other debt securities not held for trading and, to a lesser extent, of equities. Financial assets available for sale are measured at fair value with a balancing entry in the specific shareholders'.

At the end of , net interbank position, which no longer included the position associated with the securities services. The trend during the year reflects the favourable liquidity position in relations with customers and the need to. This caption contains assets and related liabilities which no longer refer to continuing operations as they are being disposed. As at 31 December , the caption included the assets and liabilities of the securities services business unit, which.

No changes in share capital occurred in the year. The change. Conversely, decreases were recorded. At the end of , total regulatory capital came to 42, million euro, compared to risk-weighted assets of , Regulatory capital takes into account the dividend distribution on the net income that the Management Board will.

All capital ratios improved compared to 31 December The Total capital ratio stood at The ratio of Tier 1 capital net of preferred shares to risk-weighted assets Core Tier 1 was 7. In addition there is the Corporate. Centre, which is charged with providing guidance, coordination and control for the entire Group. The table below shows the main data summarising the trend of the business areas of the Intesa Sanpaolo Group in The following itemised analysis of the business areas contains a description of the products and services offered, the type.

Report on operations — Breakdown of consolidated results by business area and geographical area. Figures restated, where necessary, considering the changes in the scope of consolidation and in business unit constituents and discontinued operations. The re was a fall in net interest income Net interest income was also penalised by the elimination of overdraft charges. Net fee. Operating costs were down 4. The operating margin amounted to 4, million euro, down.

Income before tax from continuing operations totalled 2, million euro, down This result. After the allocation to the Division of. At the quarterly level, the fourth quarter saw a strong revenue performance attributable to net fee and commission income. The Division absorbed In absolute terms, capital. As a result of the trend described for allocated capital and net income, ROE fell to. Value creation came to million euro, down on the previous year.

Balance sheet figures at the end of December showed loans to customers of , million euro Direct customer. Indirect deposits amounted to , million euro, down 1. Traditional lending and deposit collection operations in Italy and associated financial services. To serve retail customers households, personal, small businesses , small and medium enterprises and. Handles the Households individual customers with financial assets under , euro , Personal. Moneta, formerly CFS, which absorbed Setefi, specialised in the management of electronic payments.

Distribution structure Over 5, branches, including retail, business and private-banking branches, distributed broadly. Following approval in December of the reinforcement project for the Banca dei Territori Division, which aims to. During , the scope of Banca dei Territori was reorganised in geographical terms: in late February, the Intesa Sanpaolo. The offering of investment products has been expanded to include solutions that fit the current market. In particular, the.

In order to strengthen the asset management service offered to customers, Banca dei Territori and. Eurizon Capital have launched a new team of asset management specialists serving the branches, to. Regarding credit and debit cards, saw the introduction of SuperFlash, the new prepaid, personal. SuperFlash combines the specific functions of credit and debit cards with typical. By using the new salary deposit service. At year-end, the SuperFlash line was completed by the addition of a version.

In order to offer a material support to households in financial difficulty due to the delayed payment of. In June, two important initiatives were launched to support households in terms. Intesa Sanpaolo also launched. In order to allow small and very small business customers to survive the difficult economic scenario,. In addition,. Lastly, great attention has been devoted to developing relationships with guarantee syndicates, which.

During , the Group signed master agreements with all major trade associations, under which it. The purpose of these agreements is to support small enterprises by ensuring that they have access to the. All of the agreements that the Bank has signed draw. Lastly, the bank has implemented an important initiative supporting the tourism industry, which involves.

Small Business customers as well as SMEs, providing a credit line of million euro in order to facilitate. Marketing activity focused on the extensive placement of Group bonds. In addition, Banca IMI certificates were offered. Lastly, UCI and portfolio.

The year saw the continuation of initiatives aimed at exploiting new potential business opportunities, in particular the. The third tax amnesty represented an important opportunity to gather. Intesa Sanpaolo Private Banking reported intermediated.

The new assets consist. Under the agreement with Confindustria Piccola Industria, which promotes a series of measures aimed at. Lastly, the year also witnessed partnership agreements with convention groups throughout Italy such as. Pordenone with the aim of fostering access to credit by companies that participate in trade fair and. Agriventure will develop its activities mainly along three lines: research, analysis and. December , have not been assigned to divisions, but rather are represented according to their legal nature within the.

During , information technology systems were migrated to the target platform at the banks of the former Banca CR. This result includes the positive effect of million euro on the income. Excluding this capital gain,. During , Mediocredito Italiano granted 2. The se funds are also. Projects calling for over million euro. Of these, million euro.

Mediocredito Italiano recorded an operating margin of million euro during , of which 57 million euro in. Operating margin improved on even net of this. Consumer credit activities are carried out through Moneta formerly CFS. A total of 1. The operating margin for Moneta. Setefi, which specialises in managing electronic payment systems and is wholly owned by Moneta, recorded a SIREFID, which specialises in trust services for business leaders and investors, operated under its new organisational and.

As at 31 December , the company had. During , Banca Prossima, which operates in the non-profit sector with 52 local branches and specialists. In order to further reinforce its role as the bank of. Banca Prossima has been designated the custodian bank for the guarantee fund established by the Italian Episcopal. This project will lead to the creation of.

Following the unwinding of the joint ventures with Generali and Cardif, Intesa Sanpaolo will have full control of. In EurizonVita reported income before tax from continuing operations of million euro, up by 7. The investment portfolio amounted to 39, million euro, while the insurance. In , EurizonVita recorded gross life and non-life premiums written for both insurance products and policies. A total of 5, million euro in new life insurance. Sud Polo Vita reported income before tax from continuing operations of 31 million euro, compared to a loss of 8 million.

Centrovita Assicurazioni earned income before tax from continuing operations of 33 million euro, up sharply on the. Intesa Vita consolidated according to the equity method provided a contribution to the consolidated income statement of. The value of the assets under management by Intesa Previdenza came to 1, million euro as at 31 December , up.

Overall, year net inflows were positive in owing to the contribution of open-ended funds. In , Intesa Previdenza. Net fee and commission income of million euro increased by Profits on trading amounted to million euro, up million euro on Operating costs amounted to. As a result of this trend in revenues and costs, the operating. Net adjustments to loans exceeded. Income before tax from continuing operations amounted to 1, million euro, compared to million euro in.

At the quarterly level, the fourth quarter saw a decrease in operating income compared to the third quarter, following the. Conversely, net fee and commission income performed well, remaining stable compared to the third quarter. The sector performance is reflected in the sharp increase in ROE from 2.

Conversely, loans to customers were down. To act as a global partner in supporting companies and financial institutions in achieving balanced,. The unit is charged with managing relationships with Italian and international large corporate customers. The Department is responsible for handing companies with turnover in excess of million euro.

The Department is responsible for international branches, representational offices and corporate firms. The Department is responsible for relations with Italian and foreign financial institutions, management of.

The Department operates in the private-equity segment, also through its subsidiaries. It is responsible for creating structured finance products through Banca IMI. The Division draws on 55 domestic branches and operates at the international level, the Corporate and. Investment Banking Division operates in 34 countries in support of the cross-border operations of its.

During , the composition of the corporate portfolio changed slightly, showing a tendency to favour long-term. The increase in loans to customers with the highest ratings slowed, due to the deterioration of the risk profile. Initiatives were implemented to monitor counterparties with the highest credit risk, through a risk-based. The balanced loan development policy allowed for a considerable increase in share of wallet, with.

The current economic situation has. On the topic of the service model, large units were linked to back-office hubs. In addition, with a view towards greater coordination of operating methods in. The Global Services Department directly covers 34 countries through 16 wholesale branches, 21 representative offices, 3. In , international coverage was pursued by fostering the internationalisation.

In order to further improve this coverage and expand cross-selling, the Group has implemented a model for. Following on the success of the pilot programme for the corporate customers of Intesa. Sanpaolo Bank Romania, it was decided to extend the client-driven relationship model to the other banks in the.

International Subsidiary Banks Division. Hub and Financial Value Chain have been. In particular,. Most maturing transactions were renewed, a bond purchase programme was implemented and marketing. With regard to international payments, the consolidation process for existing customers and the acquisition of new. In the fund services area, the downtrend shown in lessened significantly in In custodian. Pension and real estate funds continued to grow, while the negative performance of speculative funds came to.

Lastly, with regard to custody services, volumes remained at a good level due to the acquisition of. During , the Merchant Banking Department concluded a number of investment initiatives, adopting an approach. The main transactions include: participation in the capital increase. Real Estate SGR. Team, bringing its total interest in the company up.

Divestures included the disposal of the interest in the biomedical firm Esaote, sold to a consortium of investors promoted. The venturecapital. The fund is dedicated to early-stage financing. If the other private-equity funds sponsored and managed by the.

Group are considered, the total commitment amounts to million euro. As at 31 December , the portfolio held directly and. IMI, through the contribution of a business line, entered into force in In the leveraged and acquisition finance. Bach by a private-equity fund, and of the firm Permasteelisa by the private-equity funds Investindustrial and Alfa Capital,.

Project and industry specialised lending activity included the signing of commitment documents along with a pool of Debt restructuring was completed for Tiscali, loans. In the real-estate sector, loans were provided to Sitas, the Arena Centar shopping centre in Zagreb, and the funds Alpha,. Core Nord Ovest, Delta and Rho. Lastly, advisory services were provided to several real-estate companies involving the. In securitisation activities, the Bank acted as joint arranger and lead manager for the fourth transaction by Adriano Finance.

Srl in order to obtain assets eligible for allocation to open-market transactions with the ECB and as sole arranger and sole. Lastly, the Bank served as sole hedging counterparty in the securitisation of residential and commercial. Electric, project financing for Erg Power to build a combined-cycle electrical power plant, and the Forward Start.

This policy did. The strategic asset allocation of the hedge fund portfolio was also thoroughly modified, leading to a gradual liquidation of. This resulted in a reduction of the portfolio and a. The positive performance was derived in particular from the equity funds that operate in. Real Estate, Adecco and, on the U. Controls Inc. In the debt capital markets business, Banca IMI confirmed its leadership of the Italian primary debt market, overseeing The Financial Institutions sector witnessed bond issues by Banco Espirito.

Banca IMI also coordinated the placement. On the new corporate issues segment, which. Finmeccanica, Fiat, Edison and, internationally, Abertis, E. It also acted. The Wind and Piaggio issues were also noteworthy. Lastly, the bank. In the sovereign, supranational and agencies and local. In the latter category, it took part in two. On the sovereign segment, it acted as joint-lead.

In its advisory role, Banca IMI maintained its leadership of the market despite the unfavourable scenario, achieving volumes. Il manager ha precedentemente ricoperto vari incarichi nel business development e nello sviluppo internazionale, con un focus sulle soluzioni dedicate alla trasformazione digitale per i settori financial services, insurance, telco e utilities. Trovano invece immediata applicazione le nuove regole se il primo contratto stipulato tra le parti decorre dalla data del 14 luglio in poi.

In ultimo, i termini di impugnazione della cessazione dei contratti a tempo determinato verranno dilazionati al fine di garantire il diritto di difesa dei lavoratori. Svariati, poi, sono stati i luoghi che hanno ospitato gli eventi: dai teatri alle gelaterie, dal parco alle sale consiliari dei comuni, dalle scuole di ogni ordine e grado ai musei e tanto altro ancora.

Anche da una semplice lettura degli accattivanti titoli attribuiti agli eventi presenti nel calendario ufficiale del Mese, emerge lo spirito originale e innovativo degli organizzatori. A questo si somma. Nella mediazione le parti non delegano mai il potere decisionale a nessun soggetto terzo che non sia loro stesse.

Il regolamento della controversia avviene quindi solamente se le parti hanno raggiunto un pieno accordo doppiamente soddisfacente. Le previsioni rivestono un ruolo chiave nei processi decisionali sia del settore pubblico sia del privato.

Non fa eccezione quello bancario, dove sono molteplici gli ambiti di applicazione: dallo stress testing al supporto alle strategie di trading fino alla definizione delle politiche creditizie. In un contesto economico caratterizzato da forti connessioni intra e inter settoriali, gli intermediari finanziari sono infatti chiamati a considerare tutti i fattori di rischio cui sono esposti, anche quelli non tipici del settore.

Nel medesimo periodo la domanda estera di prodotti Made in Italy non ha accennato ad arrestarsi: nel le vendite sui mercati internazionali, vero traino del fatturato. Concludendo, il trend di cambiamento di stili alimentari e di vita, unitamente al consolidamento delle vendite nei mercati internazionali dei prodotti food Made in Italy, pongono la filiera agroalimentare come ambito di grande interesse per gli intermediari finanziari che intendano perseguire obiettivi di crescita sostenibile delle erogazioni.

E, nel banking, questo equilibrio diventa fondamentale. Partiamo dal consumatore. E, in quanto tale, emotivo: quando si parla di soldi diventa diffidente, cerca sicurezze e ha bisogno di molto tempo per avere fiducia in chi gli offre un servizio. Mentre quando si tratta di servizi bancari e assicurativi, il consumatore preferisce un attore che gode della sua fiducia.

La fiducia nasce da interazioni ripetute in cui tutto va esattamente come ci aspettavamo e speravamo. Alcune aziende godono di un brand forte, frutto delle esperienze positive raccontate da molti altri clienti. Ma altre aziende quella fiducia se la devono costruire.

Prendiamo ad esempio un simbolo del digitale: Amazon. Amazon offre al cliente interazioni ripetute, che spesso vanno nel modo giusto. Il digitale piace per le transazioni. Pensiamo a un cliente private tipo: per un 60enne con un patrimonio di milioni di euro, quante e quali interazioni digitali saranno necessarie prima che si generi fiducia?

Non vede speranza, quindi, per il roboadvisory nel private banking? Per lo stesso motivo, preferisce una relazione fisica, un referente umano stabile a cui chiedere infor-. Vogliono un documento scritto su carta intestata, che possono tenere in cassaforte. Ecco un aspetto importante della digitalizzazione: la trasparenza. Ma proviamo a chiederci: che cosa riceve, il cliente, in cambio di queste informazioni? E sul loro denaro, ovviamente. Dei Millennials si dice anche che useranno solo app e canali digitali.

I Millennials hanno ancora un reddito piuttosto basso e una app. Ma anche per loro vale il rapporto tra convenience e confidence: quando avranno bisogno di certezze, per un mutuo o un investimento, cercheranno un rapporto personale. Il taglio delle reti di filiali in molti casi ha un obiettivo fondamentale: abbassare i costi. Ma quando valuto il costo della filiale, devo tenere in considerazione due aspetti. Primo: quanti dei prodotti venduti in filiale avrei comunque venduto su altri canali?

Secondo: stiamo sfruttando pienamente il potenziale della filiale? E come si sfrutta questo potenziale? Le banche sono indietro anni luce sul fronte del product mix e del cross selling. Quando il clien-. La banca non valorizza il potenziale della filiale te entra in filiale deve attendere in coda e viene gestito su una singola operazione. Ma non ci parla, non cerca di capire se ha bisogno di qualcosa. Preferisce affidarsi a contatti push, via telefono o email, che funzionano molto poco.

La filiale ha un valore commerciale attualissimo. Ma la banca spesso non lo valorizza. Sembra quasi che le banche siano in una posizione di forza per difendersi da FinTech e BigTech. Credo che tra qualche anno sul mercato avremo molte meno banche, ma molto efficienti. Specie nel calcio, ma non solo, spesso i giovanissimi si trovano ad avere entrate importanti, anche maggiori di quelle della famiglia di origine.

Allo scopo collaboriamo con Feduf, che svolge il ruolo di garante dei contenuti del format proposto, che segue un protocollo approvato dal Miur. La banca abbina, nella formazione, la competenza digitale a quella delle persone, espressa dagli operatori presenti nelle oltre 1. Nei programmi didattici sono invece stati coinvolti circa Tra i tanti temi trattati,.

Si pensi al caso di un atleta che vince una medaglia alle Olimpiadi, cui corrisponde un premio in denaro. In questo senso il. La selezione Il programma Start Path ogni anno riceve in media 1. Cerchi un fornitore? Secondo tale indagine, basata sulle risposte di responsabili della gestione del rischio in primarie istituzioni finanziarie, il rischio regolatorio,. In banca sta aumentando il peso dei modelli. Il risk manager affronta anche questo rischio sostanzialmente prendendo come riferimento il framework dei rischi operativi.

Non si tratta infatti solo di aspetti tecnologici, ma anche di tipo organizzativo. Non penso che i player esistenti verran-. Occorre fare nostra la lezione di Machiavelli Il Principe, cap. Raccogliere informazioni e comunicarle. Servono standard di misurazione E mancano, ancora, moltissimi standard. Un benchmark comune europeo su aspetti come il low-carbon o il positive-carbon impact, ad esempio, oppure ulteriori obblighi di rendicontazione non finanziaria.

Per non parlare di come analizzare processi di filiera, impatto del modello di business, i fornitori e il risk management lungo la filiera. Soprattutto se si valuta un interesse crescente nei mercati emergenti, in primis quelli asiatici. E, viste le dinamiche del mercato, la stessa Amundi si prepara a offrire servizi di consulenza ESG per i propri clienti istituzionali. Altri 10 miliardi sono in fondi dedicati a investimenti mirati: milioni in quello per finanziare la transizione energetica in joint venture con EDF , 4 miliardi in fondi indicizzati low-carbon, per contrastare il cambiamento climatico.

Hermes Investment Management ha presentato due nuovi fondi per gli istituzionali e i wholesale. Possono quindi migliorare e molto. Un lavoro importante, che descrive i circa 1. Fonte dei dati e quantificazione dei risultati Primo punto critico: la fonte dei dati, che sono stati raccolti mediante interviste agli emittenti stessi degli impact bond. Secondo punto critico: come valutare i risultati ottenuti? Facciamo qualche esempio.

Una percentuale molto elevata per una riduzione delle emissioni di CO2 pari a quelle di Sul fronte energetico, il fondo ha investito sulla generazione di energia rinnovabile pari al consumo di circa Una cittadina media. Il cuore della. Dopo il abbiamo iniziato a esportare in altri Paesi la nostra idea e abbiamo.

In linea con il percorso di sviluppo ed evoluzione del sistema bancario italiano, anche Mediobanca sta vivendo un momento di forte e rapida trasformazione a supporto della spinta strategica su nuovi business. Mediobanca ha scelto un modello federato: il rafforzamento di MIS permette di centralizzare i servizi, alla ricerca di sinergia ed efficienza, con qualche eccezione.

Come siete arrivati a questa scelta? Con IBM abbiamo costruito un percorso di consolidamento, ottimizzazione e innovazione nella direzione di un ambiente integrato, una vera roadmap per la trasformazione digitale. Grazie a un partner esterno possiamo accedere a tecnologie che, per la sola Mediobanca, avrebbero richiesto investimenti difficilmente sostenibili.

Oggi utilizziamo piattaforme cloud in ambiti non core o in aspetti strettamente legati alla clientela, come il CRM e prevediamo sviluppi hybrid cloud a supporto del business private. Che intende? La resistenza al cambiamento, a volte fortissima, nasce proprio da questo retaggio culturale. Sicuramente le FinTech e gli OTT sono nelle migliori condizioni per fornire idee e risorse per implementare servizi innovativi.

La normativa resta comunque un driver fondamentale per gli investimenti IT del settore bancario. Come gestite la continua evoluzione della regolamentazione? Come state lavorando su questi aspetti? I programmi aziendali di sicurezza IT vanno integrati con molti elementi innovativi, adottando un paradigma proattivo, ad esempio, con un framework di controlli outsourcing-centrico e sistemi di threat intelligence che correlino eventi di sicurezza a indicatori di compromissione e comportamenti.

La sicurezza e la normativa sono molto attente a un aspetto assolutamente strategico anche per il business: i dati. Nel programma di trasformazione dei prossimi anni figurano anche i servizi di cognitive computing. Con CheBanca! Basandoci su regole e utilizzando modelli di dati, abbiamo sostituito alcune operazioni manuali e ripetitive con processi rapidi e a limitato rischio operativo.

Stiamo valutando con attenzione diversi ambiti, comprese per esempio blockchain e DLT, anche se in questo caso con un atteggiamento attendista: con CheBanca! Come vedete il vostro ruolo nel prossimo futuro? Siamo nati come Centro servizi elettro-contabile e in questi anni, seguendo le evoluzioni del mercato, ci siamo radicalmente modificati.

Le banche territoriali hanno affrontato il difficile contesto di mercato puntando sulla diversificazione del business. Contemporaneamente sono state implementate e modificate anche le componenti core. Da diversi anni, abbiamo acquisito il controllo di Caricese. In un momento di grande evoluzione normativa e gestionale, continua a crescere la richiesta di assistenza e consulenza da parte delle Banche.

A inizio avete acquisito OneWelf. Avete altre acquisizioni in programma? Siamo particolarmente interessati al mondo della sicurezza, del digitale o del FinTech. Come sta cambiando il mestiere di outsourcer? Sui servizi core servono volu-. Avete di recente abilitato i pagamenti con Satispay sul vostro parco POS.

Come collaborate con il mondo del FinTech? Cerchiamo i migliori prodotti, anche a livello europeo, che possono integrarsi con le soluzioni del CSE. Stiamo integrando un sistema di roboadvisory ed una piattaforma internazionale di trading molto evoluta. La banca ha un grande patrimonio: i dati. Informazioni essenziali per sviluppare soluzioni in funzione dei bisogni del cliente.

Questo richiede strumenti di analisi innovativi, ma la tecnologia da sola non basta: occorre trasformare e modificare la cultura delle persone che andranno a utilizzare i nuovi strumenti, quali ad esempio la business intelligence. PayLab XVI. Mobile payment e innovazione: quale ruolo per la banca? Un proliferare di soluzioni che sono spesso promosse da attori lontani dal settore bancario e fuori dal nostro Paese. Pagamenti e messaggistica A livello internazionale, invece, diverse iniziativa riguardano i pagamenti integrati nei sistemi di messaggistica.

Su quali tecnologie investire? Nella partita per la conquista del cliente, i punti di forza sono noti. OTT e FinTech possono contare su una user experience distintiva, le banche sulla fiducia della clientela in un brand riconosciuto.

Nel mobile proximity payment, ad esempio, un nostro cliente ha due soluzioni a disposizione: la app proprietaria della banca e gli XPay. Con gli XPay migliorano retention e transato Dal mercato, qualche certezza arriva. I numeri delle transazioni attivate da dispositivo mobile, ad esempio, sono in crescita e stanno trainando i volumi dei pagamenti digitali in generale, senza apparentemente cannibalizzare i pagamenti con carta.

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