Giubergia UBS Warburg is favourably impressed by the bank s shareholder-focused management, asset quality turnaround and stakes in telecommunications and internet companies. BNL remains our favourite restructuring play, with stronger than expected earning growth, was the verdict. Another bank that gets a buy recommendation from Giubergia UBS Warburg is SanPaolo IMI which has become an attacker in the digital delivery of products with IMIWeb . The securities house also likes SanPaolo IMI s strong track record in cross-selling savings products and its highest market share of funds under management in Italy. This will bring an enormous boost to efficiency in the traditional bank branch, says Rainer Masera, SanPaolo IMI s managing director.
Staff are an important factor in the drive for efficiency.
Overall the number of employees on the books of Italian banks has been falling. From a peak of 335,500 in 1993 the number fell to 318,100 in 1997 and 312,400 in 1998. At the end of last year the figure was 306,800. BNL group reduced its payroll from 24,700 at year-end 1997 to 22,800 at the end of last year, and the numbers are destined to fall further. BNL is one of many.