Intesa Sanpaolo boards approve sale of Custodian operation unit.
Global Banking News - 18 December 2009(c)2005 - Electronic News Publishing - http://www.enpublishing.co.uk
Intesa Sanpaolo SpA (ISP.MI) (OTCBB: ISNPY) has said that its management and supervisory boards have approved the sale of the bank's securities services unit and that the deal could be announced shortly, Dow Jones has reported.
Citing people familiar with the situation, the report said that Intesa Sanpaolo was in advanced talks with US group State Street Corporation (NYSE: SST) in a deal worth up to EUR1.8bn.
The sale of non-core assets was announced by Intesa Sanpaolo chief executive Corrado Passera earlier this year as part of a plan to strengthen the bank's capital ratios, it noted.
[Editorial queries for this story should be sent to firstname.lastname@example.org]
((Distributed via M2 Communications - http://www.m2.com))