Intesa Sanpaolo
An Italian international banking group created through the 2007 merger of Banca Intesa and Sanpaolo IMI.
Last updated August 31, 2026
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Overview
Intesa Sanpaolo S.p.A. is one of Italy’s largest banking groups and a significant institution directly supervised by the European Central Bank. The group was established in 2007 through the merger of Banca Intesa, based primarily in Milan, and Sanpaolo IMI, whose institutional history was rooted in Turin. Although the current legal entity dates from the merger, its historical lineage reaches back through predecessor institutions to savings banks and financial organizations founded in the nineteenth and sixteenth centuries, including the Cassa di Risparmio delle Provincie Lombarde and Istituto Bancario San Paolo di Torino. The bank operates as a broad financial-services group rather than a narrowly focused retail bank. Its activities include consumer and retail banking, lending to small and medium-sized enterprises, corporate and investment banking, wealth and private banking, asset management, insurance, payments, and international banking. The Banca dei Territori division serves households, entrepreneurs, and local businesses in Italy. Other divisions cover corporate and investment banking, international subsidiaries, private banking, asset management, and insurance. This structure allows Intesa Sanpaolo to combine a large domestic branch and customer base with specialized financial services and a network of foreign subsidiaries. Italy remains the group’s principal market. International operations have been built through subsidiaries and investments in Central and Southeastern Europe, the Middle East, and North Africa, including businesses such as CIB Bank, PBZ, VÚB Banka, and Alexbank. The group has also developed specialist private-banking hubs in Switzerland and Luxembourg. Its two principal headquarters reflect the historical balance between the predecessor banks: Turin is associated especially with the retail-oriented Banca dei Territori division, while Milan hosts several group and specialist divisions, including corporate and investment banking, international banking, private banking, asset management, and insurance. The group expanded through a combination of integration and selective acquisition. It absorbed or reorganized numerous Italian savings banks and regional institutions, acquired the sound assets of Banca Popolare di Vicenza and Veneto Banca during the 2017 resolution of those failed banks, and completed the acquisition of UBI Banca in 2020. The UBI transaction significantly increased the group’s domestic scale but required the disposal of hundreds of branches to address competition concerns. Intesa Sanpaolo has also simplified its legal structure by consolidating several local banking brands into the principal group network. In parallel, the bank has disposed of non-core holdings and businesses, including its former Visa Europe interest and card-processing assets, while continuing to develop wealth management and insurance. It announced an intention to withdraw from Russia after the 2022 invasion of Ukraine, although the exit process had not been completed according to the cited reference material. The group remains a major European bank, a component of the Euro Stoxx 50, and a provider of financial services to retail, business, institutional, and high-net-worth customers.
History
Intesa Sanpaolo’s history is the result of successive combinations among Italian savings banks, commercial banks, and investment institutions. One important predecessor was the Cassa di Risparmio delle Provincie Lombarde, established in Milan in 1823 by a philanthropic committee during a period of economic hardship. It later became the historical basis of Cariplo. Another deep lineage runs through Istituto Bancario San Paolo di Torino, whose origins are commonly traced to 1563, while the investment institution Istituto Mobiliare Italiano was created in 1931. The modernization of Italian banking during the 1990s accelerated the consolidation of these institutions. In 1991, Cariplo was created through the restructuring of the Lombard savings-bank system. Banco Ambrosiano Veneto, itself formed from the combination of Nuovo Banco Ambrosiano and Banca Cattolica del Veneto, expanded through acquisitions during the decade. Cariplo and Banco Ambrosiano Veneto combined in 1998, creating the basis of Banca Intesa. Banca Commerciale Italiana, founded in 1894 as a lender to commercial and industrial businesses, joined the wider Banca Intesa group in 1999. Sanpaolo IMI was formed in 1998 through the merger of Istituto Bancario San Paolo di Torino and Istituto Mobiliare Italiano. The combination brought together a major retail institution and an investment bank. In January 2007, Banca Intesa and Sanpaolo IMI formally merged to create Intesa Sanpaolo. Competition authorities required restrictions on new branch openings in several Italian provinces, and a number of businesses and branches were subsequently transferred or sold. Crédit Agricole acquired several former Intesa-related banking operations, including Cariparma and FriulAdria in 2007 and Carispezia in 2011. During the following years, Intesa Sanpaolo acquired or integrated a variety of regional banks, including Banca CR Firenze, while disposing of selected local institutions and non-core investments. Several savings banks and specialized entities were absorbed into the group as part of a simplification program. The group also sold its stake in Visa Europe and transferred its card and payments businesses to Mercury, reducing exposure to activities outside its core banking model. A major turning point came in June 2017, when Intesa Sanpaolo acquired the sound assets of Banca Popolare di Vicenza and Veneto Banca during the resolution of those failed banks. The transaction expanded the group’s presence in northeastern Italy but also involved branch rationalization and the integration of numerous employees and customers. In 2020, Intesa Sanpaolo launched a voluntary public exchange offer for UBI Banca. The offer achieved more than 91% of UBI’s capital, leading to UBI’s delisting and its merger into Intesa Sanpaolo. To address competition concerns, the group arranged the transfer of hundreds of branches to BPER Banca. The group has continued to develop specialist international wealth-management operations. It completed the acquisition of Luxembourg private bank CBP Quilvest in 2022 and pursued greater control of Swiss private-banking business REYL & Cie, according to the cited reference material. It also finalized the acquisition of Romanian lender First Bank in 2024 and announced plans to consolidate that business into its Romanian operations in 2025. After Russia’s invasion of Ukraine, Intesa Sanpaolo announced plans to leave Russia, though the cited material reported that the divestment was still unresolved in early 2025. Today, the group combines a large Italian franchise with international banking subsidiaries and specialist businesses in corporate finance, private banking, asset management, and insurance.
- 2024
First Bank acquisition finalized
[1]Intesa Sanpaolo finalized its acquisition of Romanian lender First Bank, expanding its Romanian presence.
- 2022
Russian divestment announced
[1]Intesa Sanpaolo announced work toward exiting its Russian operations after the invasion of Ukraine.
- 2020
UBI Banca takeover
[1]The group completed its public exchange offer for UBI Banca, which was subsequently delisted and merged into Intesa Sanpaolo.
- 2017
Veneto bank resolution transaction
[1]The group acquired the sound assets of Banca Popolare di Vicenza and Veneto Banca during their resolution.
- 2014
Designated a significant European banking institution
[1]With the launch of European Banking Supervision, Intesa Sanpaolo became directly supervised by the European Central Bank as a significant institution.
- 2007
Intesa Sanpaolo established
[1]Banca Intesa and Sanpaolo IMI completed their merger, creating the present banking group.
- 1998
Sanpaolo IMI formed
[1]Istituto Bancario San Paolo di Torino merged with Istituto Mobiliare Italiano to create Sanpaolo IMI.
- 1998
Banca Intesa created
[1]Cariplo and Banco Ambrosiano Veneto merged, forming the core of Banca Intesa.
- 1894
Banca Commerciale Italiana founded
[1]Banca Commerciale Italiana began as a commercial and industrial lender and later became part of the Banca Intesa group.
- 1823
Milan savings-bank predecessor established
[1]The Cassa di Risparmio delle Provincie Lombarde was established in Milan and later became part of the Cariplo lineage.
Products and positioning
A systemically important Italian universal bank combining a dominant domestic retail and business franchise with corporate finance, wealth management, insurance, and international banking capabilities.
Retail and commercial banking
Banca dei Territori
The group’s principal Italian retail and local-business banking platform. It provides current accounts, payments, mortgages, consumer credit, savings products, and lending to entrepreneurs and small and medium-sized enterprises. The division is closely associated with the group’s Turin headquarters and its nationwide Italian customer franchise.
Corporate finance
Corporate and Investment Banking
Services for large companies, financial institutions, governments, and institutional investors. Activities include corporate lending, structured finance, advisory, capital markets, transaction banking, and investment-banking services. The division is headquartered in Milan within the group’s dual-center structure.
Wealth management
Private Banking
Advisory, portfolio management, banking, and wealth-planning services for high-net-worth individuals, families, entrepreneurs, and selected institutional clients. The group has expanded this area through specialist operations in Italy, Switzerland, and Luxembourg.
Investment management
Asset Management
Investment-management products and services distributed to retail, private, institutional, and corporate clients. The activity complements the group’s banking and wealth-management operations and forms one of the specialist divisions based principally in Milan.
Insurance
Insurance
Insurance products distributed through the banking network and related channels, including protection and savings-oriented solutions. Insurance is managed as a distinct group division alongside private banking and asset management.
International banking
International Banks Division
The division coordinates banking subsidiaries outside Italy, with a focus on Central and Southeastern Europe and selected markets in the Middle East and North Africa. Its network has included CIB Bank, PBZ, VÚB Banka, and Alexbank.
Controversies
2024
Unauthorized account-access investigation
An internal investigation led to the dismissal of employee Vincenzo Coviello after evidence emerged that he had repeatedly accessed accounts without authorization. Prosecutors in Bari alleged that approximately 3,500 people were affected, including senior political, judicial, defense, and law-enforcement figures. The episode raised questions about data governance, employee access controls, privacy, and possible attempts to target Italian institutions.
Brand decisions
2022
Plan an exit from RussiaStrategyBackground
The Russian invasion of Ukraine created geopolitical, regulatory, reputational, and operational risks for international banks with Russian subsidiaries.
Action taken
Intesa Sanpaolo announced that it would work toward divesting its Russian operations.
Aftermath
The cited reference material reported that the exit had not been finalized by January 2025 and that approval for a sale plan was obtained in September 2023.
2020
Launch and complete the UBI Banca public exchange offerM&ABackground
Intesa Sanpaolo sought to increase its domestic scale through a voluntary share exchange offer for UBI Banca. The transaction required regulatory and competition clearances.
Action taken
The bank offered newly issued Intesa Sanpaolo shares for UBI shares, secured more than 90% of UBI’s capital, and proceeded with delisting and merger integration.
Aftermath
Competition authorities required the disposal of roughly 500 branches, which were transferred to BPER Banca as part of the remedy process.
2017
Acquire the sound assets of two resolved Veneto banksM&ABackground
Banca Popolare di Vicenza and Veneto Banca entered resolution after failing, with Italian authorities arranging a transaction for their sound assets and depositor protection.
Action taken
Intesa Sanpaolo acquired the sound assets and selected subsidiaries, initially operating many acquired branches within its own network.
Aftermath
The transaction enlarged the group’s northeastern Italian franchise and was followed by branch closures, legal integrations, and absorption of acquired entities.
2007
Merge Banca Intesa with Sanpaolo IMIM&ABackground
The two banks were among Italy’s largest financial institutions and had complementary historical strengths in Milan, Turin, retail banking, corporate finance, and investment banking.
Action taken
They completed a merger in January 2007, creating Intesa Sanpaolo and a large Italian universal-banking group.
Aftermath
The group became a leading domestic bank and began integrating numerous predecessor brands, subsidiaries, and regional banking operations.
Recent events
- Unconfirmed
Granarolo finalizes €450 million financing agreement[3]
Reported:
Granarolo Group finalized a €450 million sustainability-linked financing agreement with a consortium of financial institutions. The financing is structured across two term facilities and a revolving credit line to fund its strategic expansion plan.
Sources3 sources
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