1. News of the GroupApril 2010 - n° 5
Marco Morelli is the Deputy General Manager
and Head of the Banca dei Territori Division. Gaetano Miccichè
is Head of the Corporate and Investment Banking Division
n February 9th
, upon the proposal of the Mana-
ging Director and CEO, Corrado Passera, and
with the favourable opinion of the Supervisory
Board - chaired by Giovanni Bazoli - Intesa
Sanpaolo’s Management Board - chaired by Enrico Sal-
za - decided to appoint Marco Morelli Deputy General Ma-
nager and Head of the Banca dei Territori Division,
and Gaetano Miccichè as General Manager and Head of
the Corporate and Investment Banking Division.
The powers entrusted to the Managing Director and
O
IntesaSanpaolo's
twonewGeneralManagers
Intesa Sanpaolo's two
new General Managers
1
London: a Hub branch
for 17 countries
9
The Group’s
communication campaign
3
Trade in southern
Mediterranean countries
11
In Malawi a project
that makes a difference
4The International Business
Development Desk
is improved in Romania
3
“This is how we manage
risk in Albania”
7

2. 2
CEO have remained unchanged.
The CEO and Managing Director, the Management Board, and
the Supervisory Board showed to Francesco Micheli their
“unanimous appreciation and gratitude for the crucial work
carried out over the past few years, given the complete per-
formance of all of the tasks entrusted to him, from the in-
tegration of the Intesa Sanpaolo Group following the mer-
ger to the reorganisation of the Banca dei Territori Division,
and the implementation of growth drivers”.
Marco Morelli
Marco Morelli was born in Rome on 8th
December 1961. He
is married and has four children. He graduated from the
Luiss University of Rome in 1984 with a degree in Econo-
mics and Business with honours and obtained a specializa-
tion degree in Finance from the London Business School.
In the meantime, he joined KPMG Italia and was later em-
ployed by the Corporate Finance Group of Banque Bruxel-
les Lambert in Brussels.
From 1989-1994, he worked first for the Corporate Finan-
ce Group of Samuel Montague & Co and later for UBS.
In 1994, he returned to Italy with JP Morgan Chase and was
appointed General Manager and Country Manager for Italy,
joining JP Morgan Europe’s Executive Committee.
In 2002, he was appointed Managing Director of PM & Par-
tners, a strategic and financial consultancy company.
In 2003, he joined the Monte dei Paschi Group. Since
2004, he has been the CEO of MPS Capital Services-Banca
delle Imprese, which has progressively incorporated diffe-
rent product companies belonging to the Group.
In 2006, he was appointed Deputy General Manager of Ban-
ca Monte dei Paschi di Siena SpA, in charge of Corporate
Banking & Capital Markets Division, which was responsible
for large corporate clients, SMEs, local institutions, small
businesses and international activities.
During that same year, shareholding banks also appointed
him Chairman of Hopa SpA, an office he retained until 2007.
Since 2008, as Deputy General Manager of Banca Monte
dei Paschi di Siena, he has also been the Group’s Chief Fi-
nancial Officer. Moreover, some operational divisions of
the Group reported to him: operational management and
business planning for network distribution clients; risk
management; strategies & development; investor rela-
tions; market dealings; treasury & capital management;
budget & administration, and extraordinary operations. At
the same time, he also serves as Chairman of the Grou-
p’s credit committee and risk committee and is a mem-
ber of the product committee and investment committee
of the MPS Group.
Gaetano Miccichè
Gaetano Miccichè was born in Palermo on 12th
October 1950.
He graduated in Law and obtained his MBA degree with ho-
nours in Business Administration from SDA Bocconi.
In 1971 he joined Cassa Centrale Risparmio Provincie Sici-
liane, where he remained until 1989 and was appointed He-
ad of Corporate Clients.
In 1989, he became the CFO of Rodriquez Spa, a global lea-
der company in the yachting sector.
From 1992-1995, he was the General Manager - and later
Liquidating Administrator - of Gerolimich-Unione Mani-
fatture, a holding company with stakes in various industrial
sectors.
During the 1996-97 two-year period, he was appointed Ge-
neral Manager of Santavaleria Spa, a holding company
with stakes in the chemical and glass sectors.
Afterwards, he worked for Olcese SpA, where he served as
Managing Director and General Manager.
In 2002, he joined Banca Intesa SpA as Head of the Lar-
ge Corporate and Structured Finance Division. In January
2005, he was appointed Head of the Corporate Division.
After the merger, in 2007 he was appointed Head of the In-
tesa Sanpaolo's Corporate and Investment Banking and as
CEO of Banca IMI SpA.

3. its clients more effectively. He stated: "First of all, in Roma-
nia, we approach clients we know at a Group level and with a
positive opinion in terms of credit. Secondly, we approach
clients that already know us. It must be noted that Intesa
Sanpaolo is a relatively young brand in Romania, but it has
achieved fairly good level of recognition. In terms of interna-
tional operations, size and reliability, our target for clients
currently focuses on the large corporate sector. This means big
Italian groups, as well as the multinationals we work with in
France, Germany, the United States, and in all the countries
where the Group operates. Our objective is to provide support
to branches, working on information provided by our Italian
and Rumanian network, while also being proactive and ap-
proaching potential clients directly."
International Business Development Desk contact informa-
tion: Ionela Marin in Bucharest (ionela.marin@intesasanpao-
lo.ro); Piero Antonini in Timisoara (piero.antonini@intesa-
sanpaolo.ro).
3
TheGroup’s
communication
campaign
Intesa Sanpaolo’s institutional campaign was launched at the end
of February on leading Italian and financial newspapers, on televi-
sion, and in top cinema circuits.
The press campaign was designed to promote all of the bank’s acti-
vities with positive impact on Italian society by showing illustrati-
ve situations that involve families, businesses, the public sector,
the service sector, and research. To achieve this objective, the
creators have employed real figures from the activities carried out
in order to highlight and describe the bank’s operations. They have
also emphasized the bank support for both the country and its bu-
sinesses with highly striking photographs. The press campaign
showcases nine different concepts, each representing a specific
feature: close contact with customers, care for business needs, on-
going commitment to NGOs, and presence abroad.
Conversely, the TV campaign focuses on dreams, with three adver-
tisements by three Italian directors: Francesca Archibugi, Silvio
Soldini, and Paolo Virzì.
Three styles, three personalities, and three approaches are used to
tell the stories of Claudio, Luca, Giulia, and Sara, each of whom has
had to fight for their dream, be it a research project, a company, or
a day-care centre.
Long advertising films in 60 and 90 second formats have been
used and the stories are all portrayed in a similar manner: intro-
duction of the protagonists, explanation of their dreams, and de-
scription of the courage showed in tackling obstacles as well as in
hurtling headlong into an adventure with an uncertain outcome.
However, as the advertisement states, “the important thing is that
there are many people just like them, with stories such as these.”
Because Intesa Sanpaolo wants to stand alongside people like
them, who are able to fight for their dreams.
TheInternational
Business
DevelopmentDesk
isimprovedinRomania
At Intesa Sanpaolo Bank Ro-
mania, support for internatio-
nal clients is on the rise, par-
ticularly in relation with the
Italian ones. These latter are
often proposed by colleagues
from the domestic network,
taking advantage of the po-
tentiality which derive from
belonging to this big banking
Group. Intesa Sanpaolo Bank
Romania was established in
1996 and became part of the
Group in 2001. Its client por-
tfolio is centred on companies (small businesses and SMEs) and
is currently expanding to include retail clients.
Marco Sisti is the Head of the International Business Develop-
ment Desk, which was recently enhanced to meet the needs of

4. 4
ProjectMalawiisahumanitariancommitmentundertaken
byIntesaSanpaoloandFondazioneCariplointheheart
ofAfricathatcontinuestoimprovelivingconditions
ofthelocalpopulation.Thefiguresconfirmit.
InMalawi
aprojectthatmakesadifference
Six years have passed since our first trip to Malawi and fi-
ve years since the official launch of Project Malawi. The aim
of the project is to contribute to preventing the spread of
AIDS as well as to reduce the impact that the disease has
on this tiny and extremely poor sub-Saharan country. In
2005, the project was launched in the pilot district of Blan-
tyre, one of the most densely populated areas of the coun-
try and one of the hardest hit by the HIV virus. Thanks to
the programme, in 2006, the district could already take ad-
vantage of a molecular biology laboratory and of a clinic
centre for HIV/AIDS treatment. These structures were of-
fered alongside initiatives to stop the virus from spreading,
which were carried out by the Scout Association and asso-
ciations providing assistance for orphans.
Comunità di Sant’Egidio’s DREAM strategy with the aim of
eradicating the disease has been the cornerstone of the pro-
gramme from its inception. It is centred on a system of in-
tegrated activities carried out by Save the Children, The
Scout Association of Malawi and Comitato Internazionale
per lo Sviluppo dei Popoli (CISP - International Committee
for the Development of Peoples ).
The collaboration and experience of our partner associa-
tions, the direct participation of the local population,
and the involvement and suggestions we have received from
the government of Malawi were all essential to preparing
our model of intervention. The model has proved to be ve-

5. 5
ry effective and has had a noticeable impact on the terri-
tory, so much so that the project has been repeated - in all
of its parts - for the benefit of new districts and a larger
segment of the population.
Project Malawi has been operative in the districts of Lilon-
gwe and Balaka for a little over a year. Some of our most
successful initiatives - improved by what has become a con-
solidated experience - have been repeated in the area. In
these cases, the local citizens are not just simple benefi-
ciaries, but are asked to become directly involved in a ca-
pillary manner.
Key words
The key words leading our work in Malawi are: health
planning, safeguarding childhood, eliminating false beliefs,
constructing the future, and supporting nutrition. They are
associated with precise objectives, which have been iden-
tified, renewed, and planned until 2011. Each partner
contributes to these within the scope of their own skills,
in synergy with the others.
Health planning means increasing the number of people who
receive treatment for HIV/AIDS, bolstering drug distribu-
tion centres, providing them with new equipment, and in-
creasing their scope of action. Above all, it means invol-
ving 24,000 HIV positive, pregnant women in the
programme to prevent them from transmitting the virus to
their children.
Safeguarding childhood means reaching new villages, rai-
sing awareness, and training the greatest possible number
of parents and operators so that they can implement ini-
tiatives to provide psycho-social support for orphans and
vulnerable children. The aim of the project is to increase
the number of orphans that receive support and to ensu-
re home care for HIV positive children undergoing treatment
in clinical centres.
Care for the weakest segments of society, children, and ado-
lescents cannot be separated from the efficient diffusion of
the correct behaviour that must be adopted in terms of pre-
vention. Here lies our third objective: to eliminate the fal-
se beliefs that still bring about death in Malawi. These be-
liefs justify the abuse of minors in order to cure a person
from AIDS and convey the idea that condoms transmit the
virus. In the coming years, at least another 2,000 groups of
Scouts will be trained to provide sex education and infor-
mation on risky behaviours to more than 21,000 adolescents.
Building a future means providing assistance to no less than
600 small entrepreneurs and 1,500 families at risk - so that
they can launch economic activities - as well as supporting
another 1,400 families - so that they can establish infor-
mal, saving and credit circles - giving rise to a highly im-
portant synergy in the battle against AIDS.
Agriculture and nutrition
As of a year ago, the Department for Nutrition, HIV and
AIDS of the Government of Malawi has become one of the
project’s partners with initiatives in support of nutrition.
Upon the specific request of local government authorities,
which are facing some of the most serious emergencies in
the country - at constant risk of famine due to an alterna-
tion of droughts and floods - the scope of the programme
has been extended to include two food-related issues.
The first is the nutritional support for patients under-
going treatment at DREAM centres, while the second is the
Once again, our colleagues at Intesa Sanpaolo renewed their
Christmas commitment to the population of Malawi with a fund
drive on December 21th
to January 21th
2009 and collected al-
most € 160 thousand, donated by more than 7 thousand people.
After the three previous stages – Diamo un futuro al Malawi
(Let's Give Malawi a Future) in 2005, L’unione fa la forza (Uni-
ted We Stand) in 2007, and Insieme, l’impegno continua (Toge-
ther, Ongoing Commitment) in 2008 – our highly successful
journey continues.
The funds will be used to build and open a new, integrated ma-
ternity-infant ward at the Comfort Clinic of Balaka, ensure pae-
diatric and neonatology assistance for healthcare emergencies,
train local medical staff, provide nutritional support in clinical
centres, and teach successful crop growing techniques.
As Corrado Passera stated “The country is facing great difficulties.
After these years of our joint commitment, it can certainly look
forward to a better future, when compared to a few years ago."
For the latest information on what has been done and what will
be done in the country, please go to the new www.projectmala-
wi.it website or send an email to progettomalawi@intesasan-
paolo.com
Ourcolleagues’
commitmentcontinues

6. 6
spread of accurate nutritional information among the local
population. The programme favours the training of expert
staff in order to increase familiarity with alternative crops
in the villages involved in the project and it also launches
efficient systems to monitor and coordinate interventions
within this sphere.
These are the objectives that are being pursued. However,
the project goes beyond this.
Neonatology and paediatrics
Thanks to the donations and support of so many colleagues
from the Group and with the collaboration of Società Ita-
liana di Pediatria (SIP - Italian Society of Paediatrics) and
Società Italiana di Neonatologia (SIN - Italian Society of
Neonatology), a maternity ward was built at the Comfort
Clinic of Balaka. It has been operative since 2007.
Today, Project Malawi is about to broaden its involvement
in the healthcare system of the District of Balaka. It will
fund the construction and launch of a Maternity and Child
Hospital with the intention of noticeably improving the qua-
lity of mother-infant care. The new paediatric ward will ha-
ve 16 beds, with the relative services (triage room, docto-
r’s office, etc.), and will be located within the Comfort
Clinic compound. It will work as a unit with the materni-
ty ward, creating an Integrated Maternity-Paediatric Depar-
tment, which is managed by local staff and is part of the
country’s healthcare programme.
The new unit will have the support of the DREAM Centre of
Balaka and will be equipped with an analysis laboratory with
cutting edge technology so that it can provide excellent ca-
re for pregnant women and children suffering from AIDS.
The agreement entered into with the Italian Society of Pae-
diatrics (SIP) and the Italian Society of Neonatology (SIN)
will ensure the voluntary presence of senior paediatri-
cians and neonatologists, who will provide training and ca-
re. In addition, professors of paediatrics will also be pre-
sent - in a purely teaching capacity - and will organise
intensive courses for local doctors and clinical officers. The
training programme was inaugurated last autumn with re-
fresher courses on cardiac diseases among children for
in-house staff as well as for doctors from the District Ho-
spital of Balaka. Moreover, obstetrics courses were also of-
fered at Balaka’s Comfort Clinic. The cycle of lessons enti-
tled “Refresher courses on how to treat illnesses of the
cardiac valve in children” was given particular relevance.
It was held by one of the volunteer doctors - Paolo Arci-
prete - a paediatric heart surgeon from Monaldi Hospital of
Seconda Università degli Studi of Naples, and was attended
by students from the Department of Paediatrics of the
Queen Elisabeth General Hospital of Blantyre (Medical Col-
lege/ Uni Malawi).
The figures speak for themselves
The figures confirm the extremely positive impact that Pro-
ject Malawi has had on the situation in the country.
Since its launch, 15,582 patients were treated at DREAM
clinical centres, with 166,709 visits being provided.
As of today, 1,599 healthy children were born of HIV po-
sitive mothers and 3,270 children below 15 years of age ha-
ve received care.
1,280 entrepreneurs obtained training and credit assi-
stance. Moreover, 64 income-generating businesses have be-
en established to the benefit of 2,562 families struck by the
virus.
As of today, 51,000 people have joined local Scout program-
mes to raise awareness and provide training. Their numbers
have increased tenfold since 2005. Additionally, 181
schools have been involved.
3,735 operators were trained to provide paediatric care and
1,222 orphans received assistance in the 14 centres that
have been built.
Currently, 18 voluntary neonatologists and paediatricians
work alongside local clinical officers. They provide training
support and help face paediatric and neonatal emergencies
at the maternity ward of Balaka, the nearby district hospi-
tal, the DREAM centre of Blantyre, and the Polyfunctional
Centre in Kapeni.
The figures are eloquent. They prove that Project Malawi is
very important to both the children and adults of Malawi,
who are trying to build their futures. And it will continue
to be important.
Last year on December 4th
, Teatro alla Scala of Milan dedicated a
preview of the inaugural evening of the 2009-2010 opera season
to youths and held a performance of Bizet’s “Carmen", conducted
by Daniel Baremboim and directed by Emma Dante. This is how
“LaScalaUnder30” was born. The programme was conceived to al-
low youths under 30 to draw closer to musical culture by means
of an extensive series of facilitations.
Teatro alla Scala has renewed its support for Project Malawi and
will devolve part of its income from “LaScalaUnder30” to the pro-
gramme.
It is important to notice that the most important lyrical theatre
in the world has recognised the value of a social project for a
young population in Africa, when it is promoting cultural growth
among new generations, both in Italy and in Europe. When refer-
ring to this collaboration, Corrado Passera noted, “All youths de-
serve a great amount of attention, even though their needs and
priorities are different in various parts of the world. In many
countries, young people must be helped to grow and build a futu-
re for themselves, free from illness and poverty. In our world, they
must also be helped to preserve their artistic sensitivity - in all of
its forms - as well as their sensitivity to others. Bringing together
Teatro alla Scala and Project Malawi's activities means recognising
these needs and raising awareness among more fortunate youths,
so that they are conscious of the situations that less fortunate
youths face. Awareness is the cornerstone for a better world, whe-
re equality, sharing, trust, and knowledge prevail.”
Project Malawi wanted a group of young people who are thorou-
ghly familiar with the project to be part of the audience. As such, it
awarded 30 free tickets to youths who provided the correct answers
to a number of questions published on www.projectmalawi.it.
“LaScalaUnder30”
withProjectMalawi

7. 7
An interview with Piergiuseppe Vigani, Head of Risk
Management at Intesa Sanpaolo Bank Albania
“Thisishowwemanagerisk
inAlbania”
We continue our journey of
discovery of the Group’s In-
ternational Subsidiary Banks
through the tale of the pro-
fessional challenges faced
by Italians abroad. In this
number, Mosaico meets
Piergiuseppe Vigani, Head
of the Risk Management De-
partment at Intesa Sanpao-
lo Bank Albania.
After a career spent almost
entirely in Italy as Head of
the Regional Area of Sicily,
Piedmont, and Lombardy
you decided to go and work
abroad. How come?
In Italy, I was given the op-
portunity to reinforce my pro-
fessional skills. After the In-
tesa and Sanpaolo IMI mer-
ger, I was offered a position
abroad. It was a sign of trust
from the bank, an investment
in my professionalism, in spi-
te of the fact that I was no
longer so young on paper.
How did Albania strike you?
Albania is the ideal place for a new professional and per-
sonal adventure. I found a young, dynamic environment and
colleagues who want to learn from each other. The dialo-
gue and the way ideas are exchanged within a group of
open–minded individuals with an excellent level of profes-
sionalism was an immediate stimulus that spurred me to ke-
ep up with the times. Moreover, I was given the chance to
share my experience, which was gratifying.
Over the past few months, we have rewritten the vast ma-
jority of the rules, procedures, and activities - which, at ti-
mes, were little more than drafts - in order to bring them
into line with the Group’s standards. This has not always
been easy because, in addition to the obstacles intrinsic to
changes, we must have the humility to realize that, as Ita-
lians, we are guests in a country with a different culture and
approach, which must be respected as well as understood.
Moreover, the entire banking system is little more than a
decade old. In some respects, being in Albania is truly li-
ke being on the frontier. The country is evolving rapidly and
moving swiftly to meet European standards. Furthermore,
it has very short-term objectives for joining the EU.
Tell us about your experience in Tirana.
From a personal point of view, apart from work, I have ve-
ry little free time. The week just flies by - and not just on
trips to and from Italy. On average, I work twelve hours a
day. In addition to this, I am entrusted with relations and
representation tasks. My family supports me in this perso-
nal and professional challenge. Of course, I miss my wife
and children. Luckily, we have skype programme so that we
can see each other and keep abreast of the latest develop-
ments in our daily lives.
Sometimes, Albania reminds me of Italy in my youth. He-
re, I see the very hands-on approach in daily life that I ex-
perienced in the past. The country is full of contradictions:
Roma children approach you and poignantly beg for a few
coins while being surrounded by great richness and avera-
ge wages standing at around € 300 a month. Albania is a
growing country that is constructing roads, buildings, and
shopping centres at a breakneck pace.
One fourth of the Albanian population lives in Italy. Indu-
bitably, we are the country of reference for them. In Alba-
nia, a lot of Italians work for companies, national and in-
ternational institutions, and NGOs. The Italian community
is socially well integrated.
Let us talk about risk management.
Our work is not easy, since the tools we use to assess risk
- such as public information, as well as sector and market
valuations - are limited and not particularly comprehensive.
This is why it is important to train individuals and to ha-
ve an efficient organisation. Recently, my division under-
went an internal reorganisation and the Retail and Corpo-
rate Credit Analysis Departments became a single unit. A
number of resources with the skills required to take part in
the credit grant decision process were identified, based on
new powers and on recently reviewed mandates. The Mar-
ket and Operational Risk Department was strengthened
and entrusted with monitoring and developing regulations
and controls. The Policy and Methodology Department was
deeply transformed. In just a few months, it has gone from
being a mere unit of calculation into becoming a veritable
office devoted to the creation of new procedures and real
data analysis, which are essential to obtain insight into cre-
“Relations with
emigrants are a great
opportunity for the bank.
More than 400 thousand
Albanians live in Italy
and keep regular contact
with their families
in their home country”

8. 8
In June 2007, Intesa Sanpaolo funded the purchase of 80% of
the American Bank of Albania (ABA), which was established in
Tirana in 1998. In January of 2008, the bank merged with Ban-
ca Italo Albanese (BIA) to become the second largest bank in
the country in terms of total assets.
Ranking: 2
Total assets: € 830 million
Number of branches: 35
Figures updated as at 30 September 2009
dit risk with respect to the local market, as well as within
the scope of the other countries in the area.
All of the units involved contributed to re-writing the vast
majority of the credit procedures used for the commercial
sectors. Moreover, the Credit Committee -which was previou-
sly considered to be an administrative stopgap and was
used to distribute files and decisions that had already be-
en made - has become a crucial moment in the life of the
company. In the Committee, we not only debate proposals,
but - above all – we discuss logics and strategies with our
credit and commercial colleagues. They are invited to ta-
ke part in the Committee from time to time, when intere-
sted in the clients or subjects under discussion.
Was the international downturn felt in Albania?
The economic slump is manifest in Albania as well, where
– sometimes ambitiously - risks are taken, in particular in
the building sector. Many entrepreneurs in this sector ha-
ve previously worked in other markets. Frequently, they are
former restaurateurs, car salesmen, or shopkeepers. This ma-
kes us assess the risk of new investments very carefully, al-
beit within the scope of the logic of a bank that supports
development in the country. Professional growth among col-
leagues, daily debates, and open discussions on our clients
are essential to our business.
Relations with emigrants are a great opportunity for the
bank. More than 400 thousand Albanians live in Italy and
keep regular contact with their families in their home
country. In future, Intesa Sanpaolo Bank Albania must in-
vest in this.

9. 9
The Head of the Hub, Stefano Burani, explains
the role of this international hub within the framework
of the new Corporate Foreign Network
London:aHubbranchfor17countries
Hub branch: what has changed for your branch?
Our organisation and our foreign business plans have changed
markedly, more than what can be perceived from the internal regu-
lations. International business is becoming increasingly important
within the new framework of the Corporate Foreign Network. The
establishment of a Hub branch has improved organisation and ra-
tionalised costs. Business support structures have been concentra-
ted in these branches in order to take advantage of existing exper-
tise. Moreover, this new organisation has shifted the focus onto
commercial coordination and the need to spread information flows
in an appropriate manner, by promoting collaboration and coope-
ration among all structures. The main role of the Head of the Hub is
not to explain to colleagues from other branches – who are all se-
nior and very skilled – what they need to do and what business op-
portunities they need to gain with clients they know very well.
Being in charge of the Hub means keeping everyone on the same
wavelength in terms of both objectives and results to be achieved.
Furthermore, it means increasing cooperation, sharing successes
and failures, information and ideas in order to maximise cross-sel-
ling among the bank’s products, while tenaciously and professio-
nally pursuing every opportunity and leaving nothing to chance.
Innovative ideas are even more winning if all the Hub community
can share them and offer its contribution.
What does the coordination of offices and branches in such diverse,
distant, countries mean?
At an organisational level, it means physically moving around a
fairly large area, with many different situations in terms of opera-
tions as well as time zones. Experience has taught us that the best
way to come to grips with any situation is to do so personally, even
if our schedules and budgets do not permit this at times. I try to
bridge geographic distances with telephone calls, emails, confe-
rences, and periodic video-calls as far as possible.
What agency and branch activities does the Hub coordinate?
Most of the branches perform fairly traditional commercial activi-
ties: medium-term and syndicated loans/syndication where they
act as underwriters/arrangers/agents, treasury services, issue of fi-
nancial guarantees and commercial bonds, etc. In some markets,
such as London or Frankfurt, there is more work with multinatio-

10. 10
nals. In other places, such as
Munich, our work is primarily
based on the Italian-related
mid corporate sector. In some
branches, we have specialist
centres for financial institu-
tions, trade finance activities,
and structured export finance.
For example, in Warsaw, our bu-
siness is strictly corporate. You
could call it a loan production
office. Generally speaking, re-
presentative offices play an es-
sential role in providing a con-
nection with local financial in-
stitutions, in particular for tra-
de finance activities. Moreover,
they are a point of reference for
the Group’s clients in the coun-
try where they operate.
What are the main economic
features of the different
reference markets?
We say that variety is the spice
of life. Indubitably, the Hub is no exception to this. Just think of
how different business is in Frankfurt or London, compared to all
of our other offices in the Mediterranean region. In the EMEA (Eu-
rope, Middle-East & Africa) area, it is difficult to compare markets -
and therefore product ranges - between branches and representati-
ve offices. The bank can meet all the business and financial service
needs typically seen in mature markets, as well as provide assistan-
ce to businesses in emerging markets. In the latter case, we have a
policy of long-term loans, so that we can bring Italian business
closer to the markets of the future (Eastern Europe, North Africa,
and the Middle East), where we have a specific interest, as well as
to virtuous businesses in emerging markets. Becoming part of all
of these reference markets is not easy, since we must prove to be
functional to the development of the economy of the country in
question. We also must demonstrate to have specific expertise and
to be able to build a relationship of reciprocity with the reference
markets.
Two words describe the market in London: opportunity
and difficulty.
London is the quintessential financial marketplace and always of-
fers a myriad of opportunities, even though it is a mature market.
Operatively speaking, the Hub has increased the number and size
of projects that are currently underway, without impairing the or-
dinary management of a branch which is already complicated. He-
re, the difficulties often lie in the complexity of the structure,
which works like a bank within a bank, to some extent. For opera-
tive and licensing reasons, we do not work with private clients.
Apart from this, we work with any type of business - from SMEs to
multinationals and financial institutions - providing commercial
banking and structured finance services through Banca IMI, as
well treasury activities. In addition to our ordinary operations, we
offer all the essential services required in support of our branches
(accounting, IT, human resources) and of the Hub (legal and syn-
dication). With respect to the market, our difficulties are tied to
the effects of the international economic crisis. Here, the market
has remained somewhat sceptical about risks and is slightly frosty
towards business. Nonetheless, the latest economic figures reveal
the City to be the driving force that is dragging Great Britain out of
the recession. London will revive both growth and the markets in
the years to come.
How is Intesa Sanpaolo seen in the markets you coordinate?
We have been operating in London for almost a century – exactly
since 11 December 1911, albeit with various interruptions during
the war – and have always been considered to be the leading Italian
bank present here. We have entered the other markets more recen-
tly, but the key issue is the same: we are always the reference Ita-
lian bank. London is a privileged observatory. It is striking to see
how much reliability and image Italian banks have gained – I hope
that everyone has noted this – over the past eighteen months, par-
ticularly Intesa Sanpaolo. Our objective is to take advantage of this
opportunity, proud of the vibrant interest shown by financial insti-
tutions, the authorities and, above all, international clients.
How do you interact with banks belonging to the Group as well as
with the International Subsidiary Banks Division?
The Hub’s aim is to favour collaboration and cross-selling between
different members of the Group, with no exceptions. In particular,
collaboration with International Subsidiary Banks is extremely im-
portant for branches belonging to the international network. In
fact, commercial presentations for international clients, which are
mostly multinationals, place great deal of emphasis on the Group’s
capillary presence - as a local bank - in many markets in Central-
Eastern Europe and in the Mediterranean area. This always catches
the attention of our interlocutors and often brings about good op-
portunities of development.
Objectives for the future?
I believe we need to exert all our effort to favour greater collabora-
tion with some divisions of the bank. For us, becoming more aware
of what other operative units do in the Group is a good starting
point. As such, we are trying to favour every initiative that invol-
ves exchanging information, job rotations, training, team building
opportunities, etc.
“The establishment of a
Hub branch has improved
organisation and
rationalised costs.
Business support
structures have been
concentrated in these
branches in order
to take advantage
of existing expertise”

11. 11
Growth and business opportunities within the scope
of trade with the European Union
Tradeinsouthern
Mediterraneancountries
Southern Mediterranean countries are not homogenous.
They can be classified into three sub-groups according to
a number of distinctive features. These groups are: North
African countries that are great petrol producers (Algeria
and Libya) with concentrated exports (over 90% energy re-
sources and derivatives) to EU countries, North African
countries with a moderate amount of development in terms
of labour-intensive manufacturing (Tunisia, Morocco, and
Egypt) and ongoing business dealings with the EU, and Mid-
dle Eastern countries (Jordan, Israel, Lebanon, Syria),
which have a noticeable balance in favour of services and
are more integrated within the global economy. The latter
are countries that enjoy significant trade even outside the
EU, particularly with the United States, China and Persian
Gulf states. The Euro-Mediterranean Partnership has been
the driving force behind integration. Back in 1995, the ob-
jectives of the Barcelona Process included the creation of
a free market area in the Mediterranean by 2010. Further
impetus towards integration of the region will be provided
through the development of regional negotiations to libe-
ralise services and recognise the right to establishment ba-
sed on the Euromed Trade Roadmap beyond 2010. Moreo-
ver, important infrastructural projects in the energy, water
management, environmental, transport, and sustainable ur-
ban development sectors, together with the launch of new
initiatives for entrepreneurial development in the region,
have been planned within the scope of the Union for the
Mediterranean project, which was launched in July 2008 to
endow the Barcelona Process with new momentum.
Foreign trade structure and dynamics
Over the past few years, the southern Mediterranean region
has seen a decisive growth in trade. According to the
IMF, trade stood at approximately $ 620 billion in 2008,
equal to around 1.9% of the global total amount. Average
annual growth for the nominal value of exports during the
2000-2008 period was close to 28%, while imports increa-
sed by over 24%. These figures highlight an annual growth

12. 12
rate which was markedly higher than the one registered
around the world (for example in Latin America), but lower
than the one experienced in emerging European coun-
tries. Economic policies adopted by governments - combi-
ned with international initiatives and intra-area economic
collaboration programmes - have opened the doors to tra-
de and to direct foreign investments.
From a historical point of view, the European Union is the
main market for the sale and purchase of goods in the area,
both because of its economic ties and because of its geo-
graphic proximity. In 2008, the value of trade with the EU-
15 was equal to a little more than half of the total trade
that took place in southern Mediterranean countries. Ho-
wever, in 2009, this percentage dropped to the advantage
of other emerging nations. In that same year, the United
States was the region’s second trading partner. South-
East Asia and the Persian Gulf have also begun to play an
increasingly important role over the last decade. According
to the World Bank, the reduced amount of regional integra-
tion in the area can be primarily attributed to a low level
of complementarity between trade and production. Southern
Mediterranean countries have different geographic structu-
res for trade. The EU-15 is the reference market for ener-
gy-exporting countries (Algeria and Libya) as well as for
North African countries. Trade between Europe and the Mid-
dle East is more limited. On the other hand, for these coun-
tries, dealings with their Arabian neighbours in the Persian
Gulf, as well as with the US and South-East Asia, are mo-
re significant.
In 2008, mineral fuel exports were almost half of total ex-
ports in the region. These were followed by precious sto-
nes, electric and electronic machines, inorganic chemistry,
and non-textile clothing accessories.
The economic crisis also affected emerging and developing
countries, starting in the second half of 2008. Its repercus-
sions on trade were also felt in countries in the area du-
ring the vast majority of last year. The collapse in foreign
demand limited the export both of raw materials and of hi-
ghly specialised finished products, in addition to interme-
diate processing for a third party.
Italy’s importance for trade
Italy is an important trading partner for southern Mediter-
ranean countries and, in turn, these account for a relevant
share of Italian trade. In 2008, Italian imports stood at
8.8%, while exports were at 4.7%.
Italian imports in the region primarily concern petrol pro-
ducts and their derivatives. These are followed by textiles
and clothing, synthetic fibres, and chemical products, in ad-
dition to processed metal products. In 2008, approximate-
ly one third of total exports from Italy to southern Medi-
terranean economies included machines and mechanical
equipment, followed, to a lesser extent, by refined petrol
products, metals and metal products, chemical products and
synthetic fibres, as well as electric and electronic machi-
nery.
Among the business clusters that are most involved in tra-
de with Mediterranean countries, special mention must
be made of jewellery and clothing/textiles sectors. A signi-
ficant presence of iron and steel manufacturers from Bre-
scia has been registered in Algeria. Moreover, it must be no-
ted that a number of sectors saw brilliant performances in
these countries, even in 2009. The results achieved by pac-
kaging machines from Bologna, jewellers from Vicenza
and Arezzo, instrumental mechanics from Vicenza, and
textile machinery and machines for plastic materials from
Bergamo were particularly noticeable.
UE 15
USA
Latin
America
Asia
0.0 10.0 20.0 30.0 40.0 50.0 60.0
Persian
Gulf States
Export
Import
UE 15
USA
Latin
America
Asia
0.0 10.0 20.0 30.0 40.0 50.0 60.0
Persian
Gulf States
Export
Import
ITALY 2008 ITALY % RANK
IMPORT EXPORT IMPORT EXPORT IMPORT EXPORT
(CIF) (FOB)
Algeria 39.3 79.3 11.0 15.5 2 2
Libya 19.2 61.6 22.2 37.5 1 1
Egypt 64.6 32 7.3 9.4 5 1
Morocco 42.5 19.2 6.5 4.2 3 4
Mauritania 2.3 2.3 2.1 6.9 * *
Tunisia 24.8 17.5 19.2 17.6 2 2
Jordan 16.7 7.8 3.2 0.7 * *
Israel 65.2 61.4 3.9 2.7 * *
Lebanon 17.2 3.9 7.3 1.2 1 *
Totale
Mediterranean area 320.3 302 8.4 15.1
Source: prepared by Intesa Sanpaolo based on IMF Direction of Trade data (no data available for the Palestinian Territories)
Trade with Italy