- 3 min
Intesa Sanpaolo contributes 173 branches to Cariparma
After authorisation from the Bank of Italy, Intesa Sanpaolo S.p.A. contributed 173 former Banca Intesa branches to Cassa di Risparmio di Parma e Piacenza (Cariparma) with effect as of 1st July 2007.
The resulting Cariparma shares will be subsequently sold by Intesa Sanpaolo S.p.A. to Crédit Agricole and Fondazione Cariparma on a proportional basis for a consideration of 1,194 million euro. A capital gain of approximately 850 million euro will be recognised in Intesa Sanpaolo's consolidated statement of income for the third quarter of 2007.
All the above is in accordance with both the disclosures made in the press releases issued by Banca Intesa and Crédit Agricole S.A. on 11th October 2006 and by Intesa Sanpaolo and Crédit Agricole S.A. on 1st March 2007 and the decision of the Italian Competition Authority “AGCM” issued on 20th December 2006.