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Intesa Sanpaolo sells service to State Street.

Global Banking News-22 December 2009-Intesa Sanpaolo sells service to State Street(C)2009 ENPublishing - http://www.enpublishing.co.uk

Global Banking News - 22 December 2009(c)2005 - Electronic News Publishing - http://www.enpublishing.co.uk

Intesa Sanpaolo SpA (ISP.MI) has said that it has sold its securities services business to US financial services company, State Street Corp (NYSE: STT).

The deal was worth EUR1.75bn. The bank sold its global custody, fund administration, depository bank as well as correspondent bank operations. Its local custody service has been retained.

Intesa Sanpaolo said that it would book a profit of around EUR740m from the deal.

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

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Publication:Global Banking News (GBN)
Date:Dec 22, 2009
Words:125
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