Intesa Sanpaolo intends to ‘protect its interest’ in TI

20 Sep 2013

Italian bank Intesa Sanpaolo is said to be open to all solutions regarding its investment in Telecom Italia (TI) – as long as it can help the debt-laden telco and safeguard its interests as shareholder and creditor at the same time, chairman Gian Maria Gros-Pietro has confirmed. Reuters quotes him as saying: ‘Telecom is a big company, important for the country and a solution must be found’. However, he admitted that Intesa Sanpaolo did not discuss injecting fresh funds into TI at the bank’s latest board meeting.

According to TeleGeography’s GlobalComms Database, the bank owns an 11.6% stake in Telco, the holding company that controls 22.39% of TI. Fellow investors in Telco include Telefonica (46.0%), Mediobanca (11.6%) and insurer Generali (30.6%). Earlier this week Mediobanca CEO Alberto Nagel confirmed that the bank would prefer to exit TI, while Telefonica is keen to increase its own stake by buying out its fellow shareholders.

Italy, Telecom Italia (TIM)