DAVOS-Intesa to list Fideuram unit in coming months

DAVOS, Switzerland, Jan 27 (BestGrowthStock) – The head of Italy’s
biggest retail bank Intesa Sanpaolo (ISP.MI: ) said on Wednesday
plans to boost its capital base will be completed with the
listing of an asset management unit, due in the coming months.

“The decision (to list Fideuram) has already been taken,”
Intesa Sanpaolo Chief Executive Officer Corrado Passera told
Reuters in an interview. “We will discuss the modalities of the
listing in one of our next board meetings.”

Passera, in Davos to attend the World Economic Forum, also
spoke in favour of less stringent capital ratios for banks that,
like Intesa, have a large retail activity and less volatile
earnings than those engaged in investment banking activities.

Intesa had planned to boost its capital ratios by 100 basis
points through asset sales or listings of units.

They include asset manager Banca Fideuram, which analysts
have valued at between 2.5 billion euros ($3.52 billion) and
3.5 billion euros.

Intesa sold in December its securities service business in
Italy and Luxembourg to State Street Corp (STT.N: ) for $1.87
billion [ID:nWNBB3585]

(Reporting by Lisa Jucca, davos newsroom)


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DAVOS-Intesa to list Fideuram unit in coming months