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Intesa Sanpaolo sells Allfunds Bank stake for 900 million euros
March 7, 2017 / 6:45 AM / 9 months ago

Intesa Sanpaolo sells Allfunds Bank stake for 900 million euros

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).

A man takes a picture in front of Intesa Sanpaolo bank in downtown Rome, Italy, July 23, 2010. REUTERS/Alessandro Bianchi/File Photo

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

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