Intesa Sanpaolo transfers 173 bank branches to Credit Agricole unit Cariparma |
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Published
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Wed, 27 Jun 2007 09:34
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MILAN (Thomson Financial) - Intesa Sanpaolo SpA said it has transferred 173 former Banca Intesa bank branches to Credit Agricole unit Cassa di Risparmio di Parma e Piacenza (Cariparma) after receiving authorization from the Bank of Italy.The transfer will be effective as of July 1, Intesa Sanpaolo said.The operation is in accordance with agreements made between the Intesa Sanpaolo group and Credit Agricole as part of the merger between Banca Intesa and Sanpaolo IMI.That merger became effective as of January 1 this year.The Cariparma shares which Intesa Sanpaolo will find in its hands will then be sold on a proportional basis to Credit Agricole and the Fondazione Cariparma for a total of 1.194 bln eur.Intesa Sanpaolo said it will book the resulting capital gain of about 850 mln eur in the third quarter of this year.stephen.jewkes@thomson.comsj/lceCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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Intesa Sanpaolo CEO says bank never considered sale of Intesa Vita jv 