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Intesa Sanpaolo vs UniCredit

Side-by-side credit pricing comparison from Pillar 3 disclosures.

Last updated: March 2026 · Data source: public Pillar 3 disclosures
Verdict:

On a representative BBB+ EUR 25M 5-year term loan, Intesa Sanpaolo is the cheaper lender by 0bp in minimum spread. For a EUR 25M facility, that's EUR 256 per year.

Bank profiles compared

Metric Intesa Sanpaolo
Italy		 UniCredit
Italy
IRB approachMixedMixed
Cost-to-income42.2%38.0%
Effective tax rate28.0%27.0%
Avg corporate PD4.13%4.52%
Avg LGD unsecured39.3%32.1%
Avg LGD secured23.6%19.3%
Funding spread (bp)18bp20bp
Corporate EADEUR 138bnEUR 183bn

Sample RAROC: BBB+ EUR 25M 5Y term loan

Both banks priced on the exact same deal — 150bp spread, 20bp commitment fee, 60-month maturity. Higher RAROC means the bank earns more from this deal. Lower min-spread means the borrower gets a better rate.

Component Intesa Sanpaolo UniCredit
Annual revenueEUR 385,000EUR 385,000
Operating costEUR 154,000EUR 154,000
Expected lossEUR 28,750EUR 28,750
Capital required (FPE)EUR 2,451,320EUR 2,451,320
RAROC (after tax)6.76%6.68%
Min spread for 12% RAROC269bp269bp
This is just one sample deal.

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FAQ: Intesa Sanpaolo vs UniCredit

Which bank is cheaper on corporate credit: Intesa Sanpaolo or UniCredit?
On a BBB+ EUR 25M 5-year term loan, Intesa Sanpaolo requires a minimum spread of 269bp to reach a 12% RAROC hurdle, versus 269bp at the other bank — a difference of 0bp on the same deal.
How do Intesa Sanpaolo and UniCredit compare on corporate PD?
Intesa Sanpaolo reports an EAD-weighted corporate PD of 4.13%, while UniCredit reports 4.52%. The gap reflects differences in obligor mix and geography rather than underwriting quality.
How do the two banks differ on IRB approach?
Intesa Sanpaolo uses Mixed and UniCredit uses Mixed. The IRB approach determines whether internal LGD models or supervisory LGDs apply, which materially affects capital required on every corporate facility.
What deal is used in this comparison?
A single standardised facility: BBB+ rated, EUR 25M drawn on a EUR 30M commitment, 5-year tenor, 150bp spread, 20bp commitment fee. Both banks are priced on this exact deal using their own disclosed Pillar 3 parameters.