Intesa exec says competition for corporate deposits increasing

Kitco Media
By Reuters
Published:
Updated:
Reuters
MILAN, March 14 (Reuters) - Retail deposits at Intesa Sanpaolo are stable while rising interest rates are stoking competition to retain deposits of businesses and very wealthy individuals, the head of group treasury and finance at the Italian bank said. Speaking at a banking seminar Alessandro Lolli said monetary policy tightening was pushing banks to rely a lot more on capital markets, with high volatility posing the main challenge to issuers. As for deposits, Lolli said current accounts with a balance of 10,000 to 20,000 euros ($21,436.00) which people used to pay for transactions were stable, while companies and the ultra-rich were looking for better remuneration for their cash. ($1 = 0.9330 euros) (Reporting by Valentina Za, editing by Gavin Jones)

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