Bank Intesa

Main article: Foreign banks in Russia

Performance indicators

2023: Russia profit €138m

European banks continue to make higher profits in Russia and pay more taxes than before the outbreak of the conflict in Ukraine

2022: 6.4-fold profit increase to RUB 2.02 bln

Italian bank Intesa increased its profit in Russia by 6.4 times in 2022 compared to 2021 - to 2.02 billion rubles. The credit institution published the corresponding data in mid-March 2023.

According to Kommersant, citing materials from Intesa, the bank's assets in 2022 amounted to 135 billion rubles, which is 43 billion rubles more than a year earlier. Net loan debt fell by half, to 51.9 billion rubles. Net interest income (before the provision) increased 1.8 times, to 4.5 billion rubles, and net commissions decreased by almost 21%, to 0.9 billion rubles.

Intesa Bank's profit in Russia in 2022 amounted to 2.02 billion rubles

The presentation to the results of the financial group notes that in half of 2022 alone, lending in Russia was halved, and "cross-border risks per country" - by 70%, to 1 billion euros. Independent expert Olga Ulyanova told the publication that under the cross-border risks accepted for Russia, the group may mean loans that are issued to Russian clients, but are on the balance sheet of the parent group. The group estimates the risks assumed on Russian counterparties included in the SDN list at 0.4 billion euros.

At the same time, all the profits received by foreign banks remain in Russia: until the restrictions on the distribution of dividends to accounts in "unfriendly" jurisdictions are lifted, profit will remain in the country, said Mikhail Alexandrov, partner of the A2 law firm. The sale of the bank is complicated by the fact that it was included in the list of 45 organizations, the sale of which requires permission from the President of Russia.

Intesa's "ordinary" loan portfolio is likely to have been "kicked out" a lot, and this is similar to winding up the bank's business, said independent expert Alexei Nechaev.^[1]

History

2023: Closure of the representative office in Moscow with the continuation of operations in Russia

In early August 2023, the Italian bank Intesa Sanpaolo announced the closure of a representative office in Moscow. At the same time, the credit institution assured that this decision will not affect the activities of Intesa Sanpaolo in Russia, but the bank will continue to reduce operations related to the Russian Federation.

2022: Termination of lending in Russia

By November 2022, amid the conflict in Ukraine, Italy's largest banking group Intesa Sanpaolo almost completely stopped lending in Russia. Until recently, Intesa Sanpaolo was represented in Russia by a subsidiary of Bank Intesa.

2010: Reorganisation and renaming as "Bank Intesa"

Since January 2010, Bank Intesa CJSC has become part of a reorganized bank with the name Bank Intesa CJSC.

2003: Subsidiary of Intesa Sanpaolo joins KMB Bank

The subsidiary bank of the Italian Banking Group Intesa Sanpaolo - Bank Intesa CJSC (86.75% - Intesa Sanpaolo Group and 13.25% - EBRD) was formed as a result of reorganization in the form of merger with KMB BANK (CJSC) of another subsidiary of the parent company Intesa Sanpaolo in Russia Bank Intesa CJSC. KMB-Bank also had its full name: Small Business Lending Bank.

CJSC Bank Intesa received a license from the Central Bank of the Russian Federation on October 27, 2003, becoming the first bank in Russia with Italian capital. 100% of the shares of Bank Intesa CJSC belonged to the parent company Intesa Sanpaolo.

CJSC Bank Intesa was located in Moscow and provided a full range of banking services for corporate clients. The Bank assisted in the implementation of commercial initiatives of Italian and other foreign investors in the Russian Federation, as well as Russian entrepreneurs interested in business development in Italy and other European countries. Among the main areas of activity - lending to medium and large enterprises.

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