MILAN (Reuters) – Intesa Sanpaolo is not offering higher remuneration on its retail deposits and has only moved to pass on higher interest rates to its key corporate customers, its finance chief told investors on Tuesday according to a person who attended the meeting.
Speaking in London at a banking conference organised by Morgan Stanley, Chief Financial Officer Stefano Del Punta said Intesa was now paying the Euribor rate on the deposits of its most important clients in the large corporate cluster – who were earlier charged a negative 50 basis point rate, the person said.
Del Punta said Italy’s biggest bank had also slightly improved deposit remuneration for its private banking customers while there was no repricing whatsoever on retail deposits, with clients asking for remuneration being offered instead money market products.
(Reporting by Valentina Za; Editing by Crispian Balmer)
