Tuesday May 13, 05:04 PM
Intesa sees no reason for Fideuram IPO until market conditions improve UPDATE
(Adds comments on asset disposals, impact of Basel 2 adoption, taxes)
MILAN (Thomson Financial) - Intesa Sanpaolo SpA CEO Corrado Passera said he sees no reason 'to force' the planned listing of its asset management unit Banca Fideuram SpA (Milan: BFI.MI - news) until market conditions improve.
'It will depend very much on the situation,' he said in a conference call with analysts on Tuesday to present the bank's quarterly results.
Passera said he sees the asset management industry picking up 'well before' the end of the year and repeated that at present Intesa (Milan: ISP.MI - news) has dropped plans to carry out an acquisition in the sector.
He said Intesa might be engaged over the next two or three years in higher value asset disposals than planned and that identifying which assets to sell will be a 'detailed, carving out' process.
He said asset disposals would make possible further extraordinary dividends.
He said the full adoption of Basel 2 standards would bring the Core Tier 1 capital adequacy ratio to 6.5 percent from 6.0 percent, based on Basel 1, and 6.1 percent, based on a partial Basel 2 adoption, at the end of March.
Passera also said it is reasonable not to change the guidance for a 30 percent tax rate.
Economy Minister Giulio Tremonti recently said banks will have to pay higher taxes unless mortgage costs for families fall.
'I don't know what Tremonti has in mind,' Passera said.
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