Italian banking major Intesa Sanpaolo has announced that it will pay more than €22bn to shareholders by 2025.
The move is part of the lender’s 2022-2025 business plan.
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As part of the plan, Intesa Sanpaolo will distribute the amount through cash dividends and share a buyback of €3.4bn in 2022.
The plan also includes an investment of €4.8bn in technology and growth, which includes an investment of nearly €650m in a new digital bank.
Intesa Sanpaolo’s plan includes the hiring of around 4,600 people and reskilling/redeployment of nearly 8,000 employees.
The lender plans to deploy nearly 2,600 people for its digital branch, 4,000 to technology, 3,500 to priority initiatives and 2,500 to other initiatives such as ESG / Impact Banking, control functions and turnover.
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By GlobalDataIntesa Sanpaolo seeks to become a zero-NPL bank and expects to reduce NPL to €9.3bn gross in 2025 from €15.2bn in 2021, and €4.6bn net, from €7.1bn in 2021.
The lender plans to offer €25bn in social lending to support non-profit activities, vulnerable individuals and young people.
As part of the ESG strategy, Intesa Sanpaolo plans to lend €88bn with a focus on supporting the green transition of corporates and SMEs.
Intesa Sanpaolo’s plan includes the closure of over 1,050 new branches adding to the 450 branches shuttered in the fourth quarter of 2021.
The 2022-2025 business plan also aims to increase Intesa Sanpaolo‘s net profit from €4.2bn in 2021 to €6.5bn.
