Milano, 17 March 2004
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 31st May 2004 subject to regulatory approval.
Last updated 17 March 2004 at 14:25