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Milano, 22 December 2003

As part of the disposal of non-core assets envisaged in the 2003-2005 Business Plan, Banca Intesa finalised today the sale of Bankhaus Löbbecke, the German bank wholly owned by Gruppo Intesa, to M.M. Warburg & CO.

 

Prior to its sale Bankhaus Löbbecke transferred its non performing loans (ca. €100 million) and its syndicated loans (ca. €170 million, largely to Italian banks) to Gruppo Intesa while retaining performing loans to SMEs, customer deposits and assets under management.

 

Banca Intesa received both a cash consideration approximately equal  to the share capital of Bankhaus Löbbecke (ca. €90 million) from M.M. Warburg & CO and the remaining disposable shareholders’ equity (ca. €270 million). Taking into account the carrying value of Bankhaus Löbbecke of around €420 million, Banca Intesa consequently records a charge of approximately €60 million in the 2003 consolidated income statement due to loan book write-downs and restructuring costs.

 
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