Prospectus - Notowania

Private Banking
Introduction
The Private Banking business unit primarily targets high-net-worth individuals by providing advisory services and solutions for
wealth management using a comprehensive approach. The business unit operates through a network of around 1,200 private
bankers located in more than 250 branches in the three main countries (Italy, Germany and Austria), in addition to a selective
presence in several offshore European markets (Switzerland, Luxembourg and San Marino).
Financial performance
The financial markets picked up sharply in the third quarter of 2009, a trend that had begun to emerge in the second quarter
following the turbulence seen in the first few months of the year. As at 30 September 2009, the major stock exchanges were
up significantly on December 2008 (FTSE MIB +20.62%, DAX 30 +17.98%, ATX +50.63%), which had a positive effect on
managed and administered financial assets. Benefits were also seen in the asset management segment, to the extent that
mutual fund assets in Italy, for example, increased by 4.9% compared with December 2008 and by 5.2% compared with the
previous quarter. There may have been net outflows of €7.6 billion since the start of the year, but net inflows in the third
quarter of 2009 were approximately €7 billion.
Against this background, the trend of growth in financial assets, which had begun in the second quarter, continued. At 30
September 2009, they amounted to about €134 billion, an increase of 7% on the end of 2008 and of 5.1% on the previous
quarter.
Total Financial Assets (billion €)
PRIVATE BANKING
CONSOLIDATED INTERIM REPORT
AS AT SEPTEMBER 30, 2009
AMOUNTS AS AT VARIAZIONE SU DIC '08
09.30.2009 06.30.2009 12.31.2008 AMOUNT %
Total Assets 134.2 127.7 125.4 8.8 + 7.0%
Ordinary Assets 105.0 101.8 100.9 4.1 + 4.1%
AuM 34.6 32.8 33.3 1.3 + 3.8%
AuC 47.1 45.8 44.3 2.8 + 6.4%
Deposits (inc. Repos) 23.0 22.9 23.0 .. + 0.2%
AuA and Other 0.3 0.3 0.3 .. ..
Even net of extraordinary items 1 , signs of recovery can be seen compared with the end of 2008 - an increase of 4.1% - and
with reference to the previous quarter, when the increase was 3.2%. The increase on the beginning of the year was driven by
ordinary net inflows 1 of €0.1 billion to 30 September 2009 and an equally positive performance effect valued at about €4
billion. Ordinary net flows 1 in the third quarter of 2009 were slightly negative at about €0.2 billion, showing a new trend in
portfolio composition having favoured largely liquid or low-risk investments for several months, customers started to re-invest
in asset management products, with quarterly inflows of €700 million compared with redemptions of a similar amount in the
first half of the year.
1 Excluding extraordinary transactions, meaning those which, due to their timing, large size and little or no profitability, are not attributable to
ordinary business.
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