An agreement was signed for the sale of Intesa Bank Canada, Gruppo Intesa’s fully-owned Canadian subsidiary, to HSBC Bank Canada.

Banca Intesa will sell its entire stake and receive a consideration approximately equal to Intesa Bank Canada’s book value of C$114 million.

This transaction is consistent with the disposal of non-core assets envisaged in the 2003-2005 Business Plan of Banca Intesa.

The closing of the transaction, where Rothschild has advised Banca Intesa, is expected to take place on 31^st May 2004 subject to regulatory approval.