MILAN Feb 4 Italy's biggest retail bank Intesa
Sanpaolo faces no risks from derivatives trading, the
bank's chief executive said on Monday.
"Absolutely not," Enrico Cucchiani said answering a question
whether Intesa faced a derivatives risk like the one that has
engulfed Italy's No. 3 bank Monte Paschi di Siena.
Monte Paschi is under investigation over an opaque series of
derivatives and structured finance contracts between 2007 and
2009 that have left it facing losses of 720 million euros and
dependant on a state lifeline.
Cucchiani said the Monte Paschi affair posed no systemic
risk for Italy's banking sector.
"I think the system is under control," he said.