Intesa Sanpaolo sells 55% stake in Biverbanca to MPS
Italian finance giant Intesa Sanpaolo has signed an agreement to sell its 55% stake in Biverbanca to Banca Monte dei Paschi di Siena, for a total purchase price of E398.7 million.
Intesa Sanpaolo expects a capital gain of approximately E270 million in its consolidated income statement as a result of this transaction. In addition, Intesa Sanpaolo (ISP) and Banca Monte dei Paschi di Siena (MPS) have signed a further agreement which will see ISP pay E196.2 million to purchase a company that will carry out the depositary bank services of MPS. Furthermore, the banks have stated that the agreement commits MPS to negotiate, on an exclusivity basis for a six-month period, the acquisition by Intesa Sanpaolo of MPS' custody activities. As a result of the sale-and-purchase deal, MPS will significantly strengthen its presence in northern Italy, while ISP will see its securities services activities strengthen. The transactions are subject to regulatory approvals.
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