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Intesa Sanpaolo sells Allfunds Bank stake for 900 mln euros
March 7, 2017 / 6:40 AM / 8 months ago

Intesa Sanpaolo sells Allfunds Bank stake for 900 mln euros

MILAN, March 7 (Reuters) - Italy’s Intesa Sanpaolo 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 ($953 million).

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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