This report does not constitute a rating action. ALAC--Additional loss-absorbing capacity. CRA--Comparable ratings analysis. GRE--Government-related entity. ICR--Issuer credit rating. SACP--Stand-alone credit profile. Overview Key strengths Key risks Diversified and digitally advanced business model supports earnings resilience. Small scale and high-cost base, compared to larger domestic peers, constrains efficiency. Stable family ownership underpins strategic continuity and a conservative risk appetite. High level of geographic concentration in Italy. Strong focus on fee-generating activities and a granular funding base. S&P Global Ratings views the bank?s limited scale and elevated costs as the main structural constraints on profitability, which limits efficiency and returns compared to larger Italian peers. However, Sella Group is leveraging its strong presence in wealth management, payments, and small and midsize
