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With its business model geared towards fee-earning businesses, Intesa reaps 61% of its gross income from wealth management and protection activities.
“Looking at possible acquisition we will look … more at teams of private bankers. The price-to-book – so the goodwill embedded in the acquisition – of wealth management companies is too high to justify synergies,” Messina told Bloomberg TV.
“We will be more focused on making acquisitions of teams or boutiques or other non-significant players in the market,” he said.
