Business & Finance
Intesa posts 3bn euro Q4 loss on clean-up, UBI deal costs
- Intesa Sanpaolo last year snatched the healthiest among Italy's second-tier banks following a strenuous takeover battle, reaping a multi-billion paper profit thanks to discounted market valuations for banks.
MILAN: Italy's biggest bank Intesa Sanpaolo posted a 3.3 billion euro ($4 billion) profit for 2020 after a similar-size loss in the fourth quarter when it used an accounting boost from its takeover of rival UBI to fund restructuring and clean-up costs.
Intesa Sanpaolo last year snatched the healthiest among Italy's second-tier banks following a strenuous takeover battle, reaping a multi-billion paper profit thanks to discounted market valuations for banks.
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