Principal Investing

We are currently simplifying our group structure in order to focus on specialist banking services. We have therefore sold almost all of our non-strategic investments and exited shareholders’ agreements.

Starting in June 2013, when we presented our 2014-2016 business plan, we have sold equity investments totalling about 2  billion euro generating gains of about 700 million euro. The aim is to strengthen our operations in specialised areas of banking that have a low capital intensity and generate high recurring income.

Our main investment today is the Generali stake; it will be reduced to a 10% stake in accordance with our current business plan.

 

THE TABLE SHOWS OUR MAIN EQUITY INVESTMENTS (MARCH 2019)

EQUITY
INVESTMENTS
% ORDINARY
SHARE CAPITAL
BOOK VALUE
€m
AFS RESERVE
(AVAILABLE FOR SALE)
Assicurazioni Generali 13.0 3,060 n.m.1
Italmobiliare 6.1 59 35
RCS Media Group 6.6 44 22
Seed capital   369 n.m.1
Private equity Funds   68 n.m.1
Other listed equities   8 3
Other    140 9
Total   3,748 69

1) Not misurable (equity-accounted)

Last update: 09/05/2019