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Intesa targets digital solutions for mass-market clients, says CEO

Intesa targets digital solutions for mass market clients - CEO
Intesa targets digital solutions for mass market clients - CEO   -   Copyright  Thomson Reuters 2021
By Reuters

MILAN -Italian bank Intesa Sanpaolo will bet on digital solutions to serve mass market clients under a new plan due in February, its CEO said on Monday, adding that this is the only way for lenders to face competition from non-banking players.

Intesa Chief Executive Carlo Messina told the annual meeting of banking union FABI that such clients had no use for branches and were snubbing them already.

Italy’s biggest bank by assets, Intesa will aim to meet these clients’ needs with digital services while concentrating its human capital on value-added services, he said.

Messina said that the plan would include branch closures but no further job cuts were to be expected after Intesa in November agreed with unions 2,000 early staff exits and 1,100 new hires by the end of 2025.