MILAN (Reuters) - Italy’s Intesa Sanpaolo (ISP.MI) said it had agreed to sell its 50 percent share in mutual fund platform Allfunds Bank to private equity Hellman & Friedman and Singapore sovereign fund GIC for around 900 million euros in cash (779 million pounds).
Italy’s biggest retail bank said in a statement on Tuesday it would book a net capital gain from the sale of some 800 million euros.
Madrid-based Allfunds Bank is jointly owned by Intesa and Santander Asset Management.
Intesa Sanpaolo was advised by Bofa Merrill Lynch and Morgan Stanley.
($1 = 0.9445 euros)
Reporting by Giulia Segreti and Stephen Jewkes