Sanpaolo IMI

Sanpaolo IMI
Public
Industry Bank, Insurance
Fate In 2007, merged with Banca Intesa to form Intesa Sanpaolo
Founded 1563 as Compagnia di San Paolo
Headquarters Turin, Italy
Key people
 Alfonso Iozzo, CEO
Enrico Salza, Chairman
Revenue € 9.726 bn (2004)
Number of employees
 44,000 (2006)
Website Gruppo Sanpaolo IMI

The Gruppo Sanpaolo IMI was one of Italy's major banking and insurance groups, based in Turin. It employed about 44,000 people and had about 7 million customers.

On August 24, 2006 a merger with Banca Intesa was announced, which on 1 December 2006 was approved by the joint meetings of the shareholders of Banca Intesa and Sanpaolo IMI. On 2 January 2007 the merger went into effect, thereby creating Intesa Sanpaolo, now the largest Italian bank and one of the largest in the Eurozone.

The new banking company based in Turin and is administered under the "two-tier model", with the presence of a Supervisory Board and a Board of Management. This was the first application of this model in a major Italian company.

History

Sanpaolo IMI was formed by many merger of banks, which in 1998 Istituto San Paolo di Torino merged with Istituto Mobiliare Italiano. In 2002, the group merged with Cardine Banca, a short lived holding company that consist of Carisbo, Cassa di Risparmio di Padova e Rovigo, Cassa di Risparmio di Venezia, Banca Popolare dell'Adriatico.

Activities

Sanpaolo IMI had about 3,200 local offices where private, business and retail banking activities take place. It also managed savings and retirement funds.

Management

The last CEO of Sanpaolo IMI was Alfonso Iozzo, the last president was Enrico Salza.

Subsidiaries

Before the merger the following banks were the subsidiaries of the group:

Ownership

Before the merger, on 31 December 2005 the shareholder were (ordinate and preference shares):

  1. Compagnia di San Paolo 14.22%
  2. Banco Santander 8.44%
  3. Fondazione Cassa di Risparmio di Padova e Rovigo 7.04%
  4. Fondazione Cassa di Risparmio in Bologna 5.55%
  5. Giovanni Agnelli e C. 4.97%
  6. Assicurazioni Generali 2.00%
  7. Mediobanca 1.75%
  8. Morgan Stanley 1.75%
  9. Banca Monte dei Paschi di Siena 1.51%
  10. Reale Mutua di Assicurazioni 1.50%
  11. Groupe Caisse d'Épargne 1.50%
  12. Ente Cassa di Risparmio di Firenze 1.50%
  13. Fondazione di Venezia 1.47%

External links


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