IMI Corporate & Investment Banking - Comprehensive Analysis Report

Summary

IMI Corporate & Investment Banking, the investment banking division of Intesa Sanpaolo, serves institutional investors, financial networks, corporations, and government institutions. The division provides a range of financial products and services with a focus on supporting large corporations, public finance entities, and financial institutions. It aims to strengthen partnerships with Italian companies, offering strategic support on business issues.

1. Strategic Focus & Objectives

Core Objectives

• Provide financial services to large corporations, public finance entities, and financial institutions.

• Support Mid-Cap Italian companies and major clients in Eastern European and North African countries where Intesa Sanpaolo has a presence.

• Strengthen partnerships with Italian companies, offering strategic support on business issues.

• Focus on innovation, digital transformation, and financial risk management.

• Develop forms of financing and solutions for sustainable investments.

Specialization Areas

• Financial services for large corporations and public finance entities.

• Strategic support for Italian companies.

• Innovation and digital transformation in financial services

• Development of sustainable investment solutions.

Target Markets

• Large corporations

• Public finance entities

• Financial institutions

• Mid-Cap Italian companies

• Major clients in Eastern European and North African countries.

2. Financial Overview

Funding History

• As of January 2025, Intesa Sanpaolo had a market capitalization of US$73 billion.

3. Product Pipeline

Key Products/Services

• Structured Asset Management Solutions: Focuses on structured asset management solutions.

• Widening Product Range: Plans to widen its range of products and introduce new payoff/underlying combinations that will show appealing yield/risk ratios.

4. Technology & Innovation

Technology Stack

• Market Hub: A market-access platform that enables over 350 Italian and foreign institutional clients to access the main domestic and international markets (equities, bonds, and derivatives).

• Best Execution: Offers Best Execution through its smart order routing service in both Equities and Fixed Income.

• Liquidity Aggregator: Acts as a liquidity aggregator in Fixed Income.

• MX.3 Platform: A centralized cross-asset platform to consolidate all front office activities on a single instance, making it easier for trading desks to interact using the same pricing models, analytics, and data.

5. Leadership & Management

Executive Team

• Gaetano Miccichè: Chairman of IMI Corporate & Investment Banking.

• Mauro Micillo: Chief of IMI Corporate & Investment Banking Division.

• Massimo Mocio: Deputy Chief of IMI Corporate & Investment Banking Division.

• Andrea Mayr: Head of Client Coverage & Advisory.

• Nicola Doninelli: Head of Distribution Platforms & GTB.

Recent Leadership Changes

• Massimo Mocio was appointed General Manager of the investment bank and also maintains the position of Head of the Global Markets Business Unit ad interim.

• Marco Lattuada assumed the position of Head of the Corporate and Strategic Finance Business Unit.

• Raffaello Ruggieri was appointed Head of the Global Corporate Department, succeeding Marco Rottigni.

6. Competitive Analysis

Major Competitors

• Primary competitors include UniCredit, JPMorgan Chase, and Morgan Stanley.

• Additional competitors of Intesa Sanpaolo include Credito Emiliano, Azimut, Odeabank, and Money Dashboard.

• Additional competitors of IMI include Smiths Group (SMIN), Melrose Industries (MRO), and The Weir Group (WEIR).

7. Market Analysis

Market Overview

• The outlook for global economic growth shows significant vulnerabilities and downside risks, primarily relating to the uncertainty of the recovery of trade and global manufacturing and geopolitical tensions, which remain high.

• The spread of COVID-19 may have a significant dampening effect on global growth.

• Businesses are sensitive to adverse macroeconomic conditions in Italy.

• Business may be adversely affected by conditions in the global financial markets and economic conditions generally both in Italy and internationally.

• Macroeconomic analysis forecasts 2025 economic growth supported by consumption and investments, but the international context remains complex, with the risk of a trade war with the United States potentially impacting Italian exports.

8. Strategic Partnerships

• Next Generation Executive Program: Collaboration with SDA Bocconi School of Management and Digit'Ed.

• Guido Maria Brera: Collaboration with Guido Maria Brera, entrepreneur and writer, author of the best-selling book "Diavoli".

• Murex: Collaboration with Murex to develop a new relationship approach.

9. Operational Insights

• Leverages the extensive portfolio of relationships that Intesa Sanpaolo Group has built up in Italy and around the world.

• Service model, in-depth knowledge of the market, and strong relationships with customers and distributors are distinctive elements.

10. Future Outlook

Strategic Roadmap

• Widen its range of products, introducing new combinations of payoff/underlyings that will show appealing yield/risk ratios.

• Focus efforts on structured asset management solutions.

• Widen activity with old and new partners, and replicate abroad the success its achieved in Italy so far.