Vladimir Putin approved the sale of 100% of the Russian subsidiary of the largest Italian group, Intesa Sanpaolo. The bank, which has been operating in Russia since 2003, was previously included in the list of organizations whose transactions with shares require separate permission from the authorities.

Putin approved transactions with shares of the Russian subsidiary of the Italian group Intesa

“Allow transactions (operations) that directly and (or) indirectly involve the constitution, modification, extinction or encumbrance of the rights of ownership, use and (or) disposal of 100% of the shares of the Banca Intesa public limited company,” it says. the order of the head of the Russian Federation.

In August it was reported that the bank would close its representative office in Moscow, but this would not affect the organization’s work in the country. Reuters wrote that Intesa Sanpaolo was previously unable to obtain approval for a complete exit from the country due to restrictions on the sale of assets.

In terms of assets, Intesa ranks 65th. In 2022, the organization increased its profits to 2.02 billion rubles according to RAS, an increase of almost six and a half times.

Since April 2023, Intesa stopped opening foreign currency accounts for individuals.

Previously, the media wrote about possible buyers of the business. According to Interfax, the local management may purchase the assets of the Russian subsidiary. Frank Media reported at the end of last year that the business could be acquired by Gazprombank structures.


Natalia Gormaleva

Source: RB

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