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Generali agrees with Credit Agricole on Intesa Sanpaolo.

Global Banking News-27 June 2009-Generali agrees with Credit Agricole on Intesa Sanpaolo(C)2009 ENPublishing - http://www.enpublishing.co.uk

Global Banking News - 27 June 2009(c)2005 - Electronic News Publishing - http://www.enpublishing.co.uk

Italian insurer Assicurazioni Generali (G.MI) has signed a new agreement with French bank Credit Agricole (ACA.FR) (CAGR.PA) for bank Intesa Sanpaolo SpA (ISE: ISP) (ISP.MI).

The new agreement, which is valid for a period of three years, takes effect from Thursday, and replaces the one announced in April, which was challenged by the Italian antitrust regulator, forcing Generali and Credit Agricole to put the agreement on hold.

The new pact, which takes into account the antitrust regulator's objections, provides for a preliminary consultation process between Generali and Credit Agricole 'with the aim of creating the maximum value for their stakes in Intesa Sanpaolo,' the two parties said in a joint statement. However, competition issues between Intesa and the two shareholders are excluded from the consultation process. The new agreement also excludes the possibility for Generali and Credit Agricole to present a joint list to Intesa's supervisory board, they said.

Intesa Sanpaolo, Italy's largest retail bank, was risking a fine of up to EUR500m over the issue.

[Editorial queries for this story should be sent to gbn@enpublishing.co.uk]

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Publication:Global Banking News (GBN)
Date:Jun 27, 2009
Words:227
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