(Il Sole 24 Ore Radiocor) - Milano, 8 giu - Intesa said the proposed takeover of BMPS is expected to be accretive for all shareholders, with net income for the combined group reaching over 16 billion euros, compared with over 11.5 billion euros expected in the Intesa Sanpaolo's 2026-2029 business plan, with a ROE exceeding 20%, while keeping unchanged the business plan's conservative assumption of Euribor stable at around 1.95%, and additional revenue upside from interest rate increases.

Intesa expects combined distribution for 2025-2029 of around 61 billion euros, compared with around 50 billion euros expected in Intesa Sanpaolo's 2026-2029 business plan, resulting from an extraordinary cash distribution for 2026-2027 of 2.7 billion euros and the confirmed distribution policy set in the business Plan, envisaging a 95% payout ratio, calculated on the stated net income, for each year of the 2026-2029 period, of which 75% through cash dividends and 20% through buybacks, and additional distributions to be evaluated year by year starting from 2027.

It expects 2029 earnings per share (EPS), dividend per share (DPS), and total distribution per share, including buybacks, up by around 8% on those expected in the business plan.

The common equity tier 1 ratio in 2029 is expected to exceed 14%, compared with 13.2% expected in the business plan.

The combined group's profitability, after the disposal, will benefit from expected pretax synergies of around 2.9 billion euros per year at run rate in 2029, of which around 1.5 billion euros from costs, or around 10% of the combined group's 2025 pro-forma costs, and, taking revenue attrition into account, around 1.4 billion euros from revenues, equal to around 4% of the combined group's 2025 pro-forma revenues.

Integration charges are expected to total around 2.1 billion euros before taxes and 1.4 billion after.

Cost synergies of around 0.6 billion euros are expected to derive from personnel expenses, resulting from the additional exits, exclusively on a voluntary basis, of around 6,800 people, including around 5,000 from the Intesa Sanpaolo perimeter, and additional hiring of around 6,800 young people, including around 2,700 Global Advisors, through one new hire for every voluntary exit, and around 0.9 billion euros related to other administrative expenses and.

depreciation.

(RADIOCOR) 08-06-26 08:10:31 (0107) 5 NNNN