Arab Today, arab today italy’s largest bank to set up in abu dhabi
Last Updated : GMT 20:50:31
Arab Today, arab today
Arab Today, arab today

Italy’s largest bank to set up in Abu Dhabi

Arab Today, arab today

Arab Today, arab today Italy’s largest bank to set up in Abu Dhabi

Abu Dhabi - Arabstoday

Intesa Sanpaolo, Italy\'s biggest retail bank, is to open a representative office in Abu Dhabi, as the loss-making lender looks to overseas markets for growth. Intesa Sanpaolo opened a branch in Dubai last year and the UAE will be its fourth overseas hubs for corporate and investment banking. The move overseas comes as the bank posted a fourth-quarter net loss because of a €10.2bn (US$13.3bn) writedown of goodwill related to mergers and acquisitions. The net loss was €10.1bn, compared with net income of 505 million euros a year earlier. Excluding one-time items, the quarterly profit was €265m, the Milan-based lender said in a statement. Analysts expected profit of €633m, according to the average of 10 estimates compiled by Bloomberg. The bank cut its dividend by 3 cents to 5 cents per share. Enrico Tommaso Cucchiani was named as chief executive officer in November to replace Corrado Passera and is working on a business plan review to take into account negative market development and recession in Italy. Intesa is shedding jobs and reducing costs to strengthen finances as part of its five-year business plan. “Intesa’s operating performance, net of 2011 non-recurring items, is expected to remain broadly stable,” the bank said in the statement. In the first quarter of the year operating profit may record a double-digit growth, Cucchiani said.

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Arab Today, arab today italy’s largest bank to set up in abu dhabi Arab Today, arab today italy’s largest bank to set up in abu dhabi

 



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