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Intesa Sanpaolo CEO says bank faces no derivatives risk
February 4, 2013 / 7:05 PM / 5 years ago

Intesa Sanpaolo CEO says bank faces no derivatives risk

MILAN, Feb 4 (Reuters) - 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.

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