Intesa Sanpaolo Presents Ambitious 2026-2029 Business Strategy
MILAN, Feb. 02, 2026 – Intesa Sanpaolo, one of Europe's leading banking groups, has officially unveiled its comprehensive 2026-2029 Business Plan. The strategic framework builds upon the institution's established operational model, existing business infrastructure, and previous investments to create a roadmap for sustainable growth and enhanced shareholder value.
A Foundation of Strength and Resilience
The newly announced plan represents a continuation of Intesa Sanpaolo's proven approach to banking excellence. Rather than pursuing radical transformation, the strategy focuses on scaling successful existing operations while maintaining the group's characteristic financial stability. This deliberate approach minimizes execution risk while maximizing the potential for consistent returns.
The cornerstone of the plan is a technology-driven, fee-based business model that has demonstrated effectiveness across the organization. This model supports Intesa Sanpaolo's ongoing commitment to maintaining a zero non-performing loan profile while delivering sustainable returns on equity exceeding 20 percent.
Financial Targets and Capital Distribution
Intesa Sanpaolo has established ambitious yet achievable financial targets for the 2026-2029 period. By 2029, the group aims to achieve net income surpassing €11.5 billion, with a return on equity of 22 percent and a return on tangible equity reaching 27 percent.
Remarkably, the plan anticipates absolute costs declining by 1.8 percent between 2025 and 2029, while revenues are projected to grow at a compound annual growth rate of 3 percent. Customer Financial Assets are expected to reach approximately €1.7 trillion, supported by a robust Common Equity Tier 1 ratio remaining above 12.5 percent.
The most significant commitment to shareholders comes in the form of capital returns totaling approximately €50 billion over the 2025-2029 timeframe. This distribution will consist of a cash dividend payout ratio of 75 percent for the plan period, complemented by share buybacks representing approximately 20 percent of total distributions.
Expansion of Advisory Networks
Intesa Sanpaolo's strategy emphasizes the continued development and expansion of its advisory capabilities across multiple markets. The group operates a fully integrated Wealth Management, Protection and Advisory platform supported by proprietary product factories and distribution networks under complete strategic control.
In Italy, the Business Plan foresees the continued development of advisory networks, including the significant expansion of the Global Advisors network within the Banca dei Territori Division. This expansion is expected to establish Italy's third-largest financial advisory network, while Fideuram, part of Intesa Sanpaolo, will maintain its market leadership position.
The International Banks Division represents a crucial growth driver for the organization. The plan envisions exporting the proven Italian business model to international subsidiaries, supported by enhanced advisory capabilities, technological advancements, and deeper synergies with other Group Divisions. By 2029, a Fideuram-style advisory network comprising approximately 1,200 advisors will be established within the International Banks Division.
European Expansion Through isywealth Europe
A particularly innovative aspect of the Business Plan involves the introduction of isywealth Europe as a strategic option for mid-term growth. This initiative leverages Intesa Sanpaolo's established leadership in Wealth Management, significant technology investments, and existing branch presence to position the group as a challenger in key European markets including France, Germany, and Spain.
The isywealth Europe strategy combines sophisticated digital capabilities with the development of a substantial advisory network, while utilizing fully owned product factories and selective partnerships with global industry leaders. This approach represents a balanced method of European expansion that builds upon existing strengths while exploring new market opportunities.
Customer Growth and Digital Transformation
Supporting these strategic initiatives is an ambitious customer acquisition target. Intesa Sanpaolo expects to deliver a net increase of 2.5 million customers over the plan period, supported by a comprehensive digital offering and the expansion of advisory capabilities both within Italy and internationally.
The group's digital transformation efforts will play a crucial role in achieving these customer growth targets while maintaining operational efficiency. By combining technological innovation with human advisory expertise, Intesa Sanpaolo aims to create a banking experience that meets evolving customer expectations across multiple markets.
Throughout the implementation of this Business Plan, Intesa Sanpaolo will maintain its characteristic focus on risk management, with the cost of risk expected to remain in the range of 25-30 basis points. This disciplined approach to risk, combined with strategic investments and operational excellence, positions the organization for sustainable success through 2029 and beyond.
