Banca Intesa continues with strong growth
The parent group Intesa Sanpaolo acquired 100% of share capital of the Ukraine Pravex bank and thereby, the acquisition process initiated at the beginning of February of this year, when Intesa Sanpaolo invested EUR 493 million in this bank, was successfully completed.
The purchase of Pravex bank enabled the Group to enter more efficiently the great Ukraine market with 47 million citizens due to the fact that Pravex bank has been fully devoted to retail activities offering its services through 580 branches, 1.900 counters located in leading retail chains and 290 ATMs. Until December 31, 2007 inclusive, Pravex bank had total assets amounting USD 1.150 million, consumer loans amounting to approximately USD 751 million, clients’ deposits amounting to approximately USD 727 million and share capital of circa USD 121 million. As for number of clients, this bank is one of the biggest in Ukraine, and what makes this bank unique is the fact that its portfolio of the approved loans is fully financed from the Bank clients’ deposits.
Acquiring Pravex, group Intesa Sanpalo continued with realization of its strategy of selective expansion in central and southeastern Europe and in the Mediterranean basin where it has the strategy coverage of more than 1.900 branches in 13 countries serving the needs of more than 8 million clients.
The presence strengthened also in Asia
In order to strengthen its participation on Asian market, Intesa Sanpaolo, in cooperation with Italian import-export credit agency SACE, signed the Agreement, pursuant to which, it approved a thee-year-agreement to Vietnamese bank Vietcombank amounting to USD 100 million. On this occasion, top-level delegation of the Italian embassy was present during signing the Loan on crediting, and 70% of the loan will be covered by the guarantee issued by the agency SACE, an Italian leader in loan and investment insurance, as well as issuing guarantees for covering political and commercial risks.
Vietcombank, with the head office in Hanoi, is the biggest economy bank in Vietnam and it is partially state-owned, with total assets amounting to USD 12,2 billion as of December 31, 2007. Vietcombank is the most profitable banking group offering financial services in Vietnam, with approximately USD 267 million income before provisioning as of December 31, 2007.
Intesa Sanpaolo has been present in Asia through its branches in Hong Kong, Singapore, Shanghai and Tokyo offering debt-financing services, trade financing, structure and project financing, as well as teller and direct investment services. Owing to the importance of this market for expansion and promotion of the Group operations with business entities in Vietnam and in wider region, Intesa Sanpaolo has recently asked permission from local authorities to open its office in Vietnam, emphasizing the potentials recognized in this country.