Banca Intesa and BNP Paribas signed today a final agreement whereby the accounts of the high-net-worth clientele of Banca Intesa’s subsidiary Banque Sudameris in Miami (USA) will be transferred to BNP Paribas’ Miami-based subsidiary, BNP Paribas Investment Services. Subject to the approval of all relevant regulatory authorities, the transaction is expected to be completed in the third quarter of 2004.

The transaction will involve the transfer of up to US$700 million in client assets currently held by Banque Sudameris in Miami on behalf of approximately 900 non-US high-net-worth individuals and families. The transaction is in line with BNP Paribas’ stated strategy to further develop its private banking franchise in selected international markets.

For Banca Intesa the transaction is consistent with the disposal of non-core assets outlined in its 2003-2005 business plan.

According to the agreement, Banque Sudameris will receive a cash consideration to reflect the effective transfer of the clientele to BNP Paribas Investment Services up to a maximum of US$14 million.

UBS Investment Bank advised Banca Intesa on the transaction.