The credit rating of Banca Intesa (hereinafter, the Bank) reflects the strong standalone creditworthiness assessment (SCA), which stems from an adequate business profile, strong capital adequacy assessment, and adequate assessments of the risk profile and funding and liquidity. In addition, the rating takes into account the possibility of the Bank receiving extraordinary support from its parent company (hereinafter, the Supporting Entity or the SE).
Banca Intesa is a subsidiary bank of one of Europe’s largest financial institutions. The Bank is among the 100 largest Russian banks and focuses on operations with legal entities.
KEY ASSESSMENT FACTORS
The adequate business profile assessment (bbb) takes into account the Bank’s market positions in the Russian banking system and rather low diversification of sources of operating income. The corporate governance system is assessed as strong, including taking into account control exercised by the SE. The Bank’s strategy involves lending to legal entities, providing transaction services, and placing liquidity in interbank loans, however, the current operating environment may influence the execution of the strategy. The ownership structure is transparent and the Supporting Entity has a strong business reputation.
Strong capital position. As of March 1, 2026, regulatory standards were fulfilled with a substantial margin (as of that date, the N1.2 was 136.41%). The current capital adequacy enables the Bank to withstand significant growth of credit risk. The averaged capital generation ratio (ACGR) for 2021 to 2025 exceeded 200 bps due to high income and an absence of dividend payments.
The Bank’s adequate risk profile assessment stems from the high quality of receivables (including interbank receivables) and the adequate quality of risk management.
The Bank’s risk management system corresponds to the scale and specifics of its business and has been created in line with the SE’s requirements. Stress testing of significant risks is carried out on a regular basis.
As of December 31, 2025, the bulk of assets was loans placed with the Bank of Russia and nostro accounts. The Agency notes the low credit risk of interbank loans due to the high creditworthiness of counterparties. The share of the credit portfolio in assets is insignificant, while the lion’s share of non-performing loans in the loan portfolio is covered by reserves. Taking into account the specifics of its activities, the Bank is characterized by a very high concentration on the 10 largest borrowers / groups of related borrowers.
Adequate funding and liquidity position. The Bank has surplus short-term liquidity in both ACRA’s base case and stress scenarios. The Bank’s long-term liquidity deficit corresponds to a strong assessment.
The funding sub-factor is assessed taking into account the heightened concentration of the resource base on the funds of the largest group of creditors and the 10 largest groups of creditors in the Bank’s liabilities. As of December 31, 2025, the Bank’s liabilities were mainly funds of legal entities, which evidences the low diversification of the structure of liabilities. In ACRA’s opinion, these risks are already factored into the assessment of concentration on the funds of the largest groups of creditors, and therefore the Agency has not reduced the assessment of the funding sub-factor in this area.
The degree of the support that the Supporting Entity may provide, if necessary, is assessed by ACRA as medium in view of the following:
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The scale of operations and the creditworthiness of the SE considerably exceed the scale of operations and the standalone creditworthiness of the Bank, and the SE has sufficient resources to promptly support the Bank;
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The SE exercises complete strategic and operational control over the Bank (determines the Bank’s corporate procedures and risk management standards, taking Russian law into account);
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The Bank and the Supporting Entity operate under the same brand, and therefore the bankruptcy of the Bank may impact the SE.
ACRA highlights the fact that the current assessment of the level of support continues to take into account the different jurisdictions of presence of the Bank and the SE, which makes the possibility of providing support dependent on the freedom of movement of capital between the countries.
Taking the above into account, the Agency has affirmed the Bank’s credit rating at AA-(RU).
key assumptions
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Maintaining the ownership structure and the SE’s operational control;
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Maintaining the current business model, supporting operational efficiency and reserves for capital adequacy and liquidity.
potential outlook or rating change factors
The Stable outlook assumes that the rating will highly likely stay unchanged within the 12 to 18-month horizon.
A positive rating action may be prompted by:
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Reducing the concentration of funds from the largest group of creditors and the 10 largest groups of creditors in the Bank’s liabilities and improving the diversification of funding sources;
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Better assessment of the degree of support from the SE.
A negative rating action may be prompted by:
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Significant decline of capital adequacy indicators;
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Significant decline of the quality of the credit portfolio and/or interbank claims;
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Lower interest of the SE in supporting its business in Russia and changes to the Bank’s ownership structure;
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Emergence of factors that lead to the Supporting Entity losing its ability to support the Bank in terms of capital or liquidity.
RATING COMPONENTS
SCA: а.
Support: ACRA assumes that the Supporting Entity maintains the ability to provide extraordinary support sufficient to ensure the Bank’s smooth operation. The Bank’s credit rating has been set at two notches higher than the SCA taking support into account.
ISSUE RATINGS
There are no outstanding issues.
REGULATORY DISCLOSURE
The credit rating has been assigned to Banca Intesa based on the following methodologies: the Methodology for Assigning Credit Ratings to Banks and Bank Groups under the National Scale for the Russian Federation to calculate the SCA and determine the credit rating and the credit rating outlook of Banca Intesa under the national scale for the Russian Federation, Methodology for Assigning Credit Ratings with External Support to determine factors of external influence, and the Key Concepts Used by the Analytical Credit Rating Agency within the Scope of Its Rating Activities to ensure consistent and uniform application of ACRA’s methodologies, rating scales, models, and key rating assumptions. The principles of the following methodologies were also applied: the Methodology for Assigning Credit Ratings to Banks and Banking Groups under the International Scale to determine the creditworthiness of the Supporting Entity under the international scale, Methodology for Assigning Credit Ratings to Sovereign Entities under the International Scale to determine the Supporting Entity’s operating environment, and the Methodology for Mapping Credit Ratings Assigned under ACRA’s International Scale to Credit Ratings Assigned under ACRA’s National Scales to determine the creditworthiness of the Supporting Entity under the national scale for the Russian Federation.
The credit rating of Banca Intesa assigned under the national scale for the Russian Federation was published by ACRA for the first time on May 8, 2024.
The credit rating was last published on April 23, 2025.
The credit rating and its outlook are expected to be revised within one year.
The credit rating was assigned based on data provided by Banca Intesa, information from publicly available sources, and ACRA’s own databases. The rating analysis was performed using the IFRS accounting (financial) statements of Banca Intesa as of December 31, 2025 and the financial statements of Banca Intesa drawn up in compliance with the requirements of the Bank of Russia.
The credit rating is solicited and Banca Intesa participated in its assignment.
In assigning the credit rating, ACRA used only information, the quality and reliability of which were, in ACRA’s opinion, appropriate and sufficient to apply the methodologies.
ACRA provided no additional services to Banca Intesa during the year preceding the rating action.
No conflicts of interest were discovered in the course of credit rating assignment.
