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. Our main investment today is the Generali stake. The aim is to strengthen our operations in specialised areas of banking that have a low capital intensity and generate high recurring income.

THE TABLE SHOWS OUR MAIN EQUITY INVESTMENTS (DECEMBER 2019)

EQUITY
INVESTMENTS
% ORDINARY
SHARE CAPITAL
BOOK VALUE
€m
HTC&S RESERVE
 
Assicurazioni Generali 12.9 3,790 n.m.1
Other listed equities   114 64
Other unlisted equitie   77 14
Seed capital   370 n.m.1
Private equity   66 n.m.1
Other Funds   59 n.m.1
Total   4,476 78

1) Ass. Generali is equity-accounted, while seed capital and private equity holdings are recognized at FVTPL

Last update: 06/02/2020