Italy-based banking group Intesa Sanpaolo has signed sale and purchase agreements with Banca Carige, Credito Valtellinese, Veneto Banca and Banca Popolare di Bari relating to 198 branches to be sold by Intesa Sanpaolo for E1.9 billion.
The branches to be sold are located in 11 regions and 16 provinces. The branches will be allocated as follows: 78 branches to Banca Carige, 35 branches to Credito Valtellinese, 42 branches to Veneto Banca and 43 branches to Banca Popolare di Bari.
The consideration for the sale is divided as follows: Banca Carige E996 million, Credito Valtellinese E395 million, Veneto Banca E328 million and Banca Popolare di Bari E181 million.
Finalization of the deal with the disposal of the branches to the purchasers is expected by the first quarter of 2008 and is conditional upon the necessary authorizations from the competent authorities.