The management board of Intesa Sanpaolo, an Italy-based banking group, has given the managing director a mandate to finalize the agreement related to the sale of 198 group branches. This sale will be made to a consortium of banks including Banca Carige, Banca Popolare di Bari, Credito Valtellinese and Veneto Banca for a total cash consideration of E1.9 billion.

Among the proposed 198 branches, 78 branches will be sold to Banca Carige for E0.99 billion and 42 branches will be sold to Veneto Banca for E0.33 billion.

The sale agreements are expected to be signed within a month.