November 26, 2013 / 5:35 PM / in 4 years

Intesa CEO says bank could be seen as takeover target

TURIN, Italy (Reuters) - Intesa Sanpaolo (ISP.MI), Italy’s biggest retail bank, said on Tuesday that a recovery in the Italian economy could prompt foreign banks to look at Intesa as a takeover target.

    In the text of a speech he made to the bank’s managers, CEO Carlo Messina said the bank could remain independent only if it boosted its profitability and market capitalisation.

    Italian lenders have been hit hard by the longest recession since World War II. Intesa earns around 80 percent of its revenues in its home country.

    Reporting by Gianni Montani, editing by Isla Binnie

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