Intesa Sanpaolo has committed to returning about €50bn to shareholders through 2029, reinforcing a capital-light strategy that sidelines major M&A in favour of dividends, buybacks, and expansion in wealth-linked businesses, according to a report by Bloomberg.

The Milan-based lender plans to distribute 95% of profits over the next four years, with 75% paid through dividends and the balance via share buybacks. Management expects net income to exceed €11.5bn by 2029, alongside a cost-to-income ratio of 36.8%.

Chief executive Carlo Messina has repeatedly highlighted Intesa’s limited scope for large domestic acquisitions, choosing instead to focus on cost discipline, fee growth, and wealth management expansion. The bank also announced a €2.3bn buyback beginning in July and plans to reduce headcount by around 7% through voluntary exits.

For private equity investors, the strategy signals fewer opportunities for bank-led consolidation in Italy, but continued potential in asset management, insurance, and wealth platforms that remain central to Intesa’s long-term growth model.

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