Arab Today, arab today british royal connection boosts italys intesa sanpaolo
Last Updated : GMT 15:29:37
Arab Today, arab today
Arab Today, arab today

British royal connection boosts Italy's Intesa Sanpaolo

Arab Today, arab today

Arab Today, arab today British royal connection boosts Italy's Intesa Sanpaolo

Queen Elizabeth II
Rome - AFP

Shares in Intesa Sanpaolo leapt Monday following a report the Italian bank is mulling a bid for Coutts, the British private bank that counts Queen Elizabeth II among its clients.
In mid-morning trading on the Milan bourse, shares in the bank were up 1.69 percent as dealers digested remarks by its chief executive, Carlo Messina indicating that he was keen to spend a cash pile that has risen from 13 billion euros ($16 billion) at the end of last year to 16 billion.
"We are by definition a potential consolidator," Messina told the Financial Times, adding that asset managers and insurers were also potential targets, alongside private banks.
Coutts belongs to Britain's state-owned RBS, which recently announced that it wants to sell the international business of its private banking arm but has so far ruled out selling the British operation.
According to the FT, Intesa is seeking to persuade RBS to part with all of Coutts.
Zurich-based Coutts International has been valued at up to $1 billion and has attracted firm interest from Switzerland Julius Baer and EFG. Singapore's DBS is also reportedly considering a bid.
Founded in 1692, Coutts was, for much of its history, the bank of choice for the British nobility.
In recent years it has sought to secure the business of richly-rewarded figures from the worlds of sport and entertainment, regularly presenting its services at the Cannes film festival.
Would-be clients reportedly need to have at least a million pounds to invest if they want to join the British monarch on the roll of customers.
RBS is 80 percent owned by the British state which rescued it during the global financial crisis with an unprecedented 45 billion pound ($70 billion, 56 billion euro) bailout.
Intesa emerged from the European Central Bank's recent stress tests as one of the strongest banks in the eurozone.

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today british royal connection boosts italys intesa sanpaolo Arab Today, arab today british royal connection boosts italys intesa sanpaolo

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today british royal connection boosts italys intesa sanpaolo Arab Today, arab today british royal connection boosts italys intesa sanpaolo

 



Arab Today, arab today Designer Rania Adel reveals her new collection

GMT 17:59 2017 Monday ,12 June

Designer Rania Adel reveals her new collection
Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
View News in Arabic - Business: اقتصاد دولي
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday