Intesa Sanpaolo to sell share of Bank of Italy

Italy’s Intesa Sanpaolo has announced that it has signed preliminary agreements for the sale of a stake representing about 5.7% of the Bank of Italy’s share capital to pension funds Enpam, Inarcassa, Cassa Forense, Enpaia, Cassa dei Ragionieri, and to Banca del Piemonte.

The stake is being sold at nominal value, which is equal to its carrying value, for an amount of approximately €430m.

The completion of each transaction is conditional on the positive outcome of the verification by the Board of Directors of the Bank of Italy that the buyer satisfies all necessary requirements, Intesa Sanpaolo also said.

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