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Intesa Sanpaolo to sell Custodian unit to State Street.

Global Banking News-16 December 2009-Intesa Sanpaolo to sell Custodian unit to State Street(C)2009 ENPublishing - http://www.enpublishing.co.uk

Global Banking News - 16 December 2009(c)2005 - Electronic News Publishing - http://www.enpublishing.co.uk

Italian bank Intesa Sanpaolo (ISP.MI) (OTCBB: ISNPY) is expected to sell its custodian unit to US financial services holding company State Street Corporation (NYSE: STT) for up to EUR1.8bn, Dow Jones has reported citing a separate report by financial daily Il Sole 24 Ore.

The deal is expected to be announced before the end of the year, the report said, without citing its sources. The boards of Intesa Sanpaolo and State Street have yet to approve the deal, it added.

Intesa Sanpaolo chief executive Corrado Passera has announced the intention of selling the unit months ago, as part of a plan to further strengthen the bank's capital ratios.

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

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Publication:Global Banking News (GBN)
Date:Dec 16, 2009
Words:168
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