Intesa Sanpaolo Seeks to Put Funds in Reserve Rather than Pay Italian Banking Tax
26 Octubre 2023 - 2:25AM
Noticias Dow Jones
By Pierre Bertrand
Intesa Sanpaolo said late Wednesday that it will propose to
shareholders that it exercise the option given to it by the Italian
government to put funds aside rather than pay the government's
banking windfall tax.
Intesa said that it will instruct its subsidiary banks,
Fideuram, Intesa Sanpaolo Private Banking and Isybank, to follow
its lead in setting aside two-and-a-half times the amount they
would have paid as tax.
Across the whole group, 2.07 billion euros ($2.19 billion) will
be put in a non-distributable reserve-- a fund that can't be
distributed to shareholders--based on a tax amount of around EUR828
million, Instesa said.
Intesa, the parent company, intends to put around EUR1.99
billion aside, based on a calculated tax amount of around EUR797
million, the bank said.
Shareholders will consider the proposal when approving the
bank's 2023 financial statements, Intesa said.
Write to Pierre Bertrand at pierre.bertrand@wsj.com
(END) Dow Jones Newswires
October 26, 2023 03:10 ET (07:10 GMT)
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