By Pierre Bertrand
Intesa Sanpaolo SpA said late Friday that it expects to achieve a fully loaded common equity Tier 1 ratio well above 12% during the course of its business plan to 2025.
The Italian bank, responding to a media report, said it expects the ratio at around 13% as of Dec. 31, 2022.
Bloomberg on Friday, citing unnamed sources, reported the bank was cutting risk-weighted assets by as much as 20 billion euros ($21.71 billion) through the sale of loans and other assets, after the European Central Bank critiqued its risk assessment methodology.
Intesa Sanpaolo said its actions to reduce its risk-weighted assets during the fourth quarter of 2022 relate to regulatory changes by European Banking Authority guidelines applicable as of Jan. 1 and "contribute to the significant value creation and distribution to shareholders."
Write to Pierre Bertrand at pierre.bertrand@wsj.com
(END) Dow Jones Newswires
01-23-23 0201ET