Capital management

To guarantee capital ratios in line with the new regulations, we have implemented a series of measures to optimize assets and use of capital, including via a programme of stake disposals to reduce our exposure to equity. These measures have enabled us to preserve solid capital ratios without having to implement rights issues (our most recent dates back to 1998).

In the last decade we have optimized the use of capital, through equity stake disposals and strengthening our presence in k-light/fee-based businesses. At the same time we increased remuneration for shareholders and expanded our Group through external acquisitions.

In the BP23-26 particular focus will be placed on growing capital-light assets and on optimization actions to allow capital to be managed more efficiently. In addition, the new strategic plan envisages growth in capital generation (~220 bps per annum up from 150 bps) deriving from high profitability (ROTE at 15%), supported by the absence of material adverse impacts from regulation in the coming years. Higher capital will be used to finance organic and inorganic growth, and shareholder remuneration.