Intesa Sanpaolo - Poste Italiane partnership to invest in the real economy

The Intesa Sanpaolo Group and Poste Italiane have signed an agreement that mutually reinforces their investments in the real economy. The partnership involves the acquisition by Poste Italiane - through a dedicated capital increase - of 40% of Eurizon Capital Real Asset SGR ("ECRA"), a company controlled by Eurizon, active in alternative private market investments.

Poste Vita will grant Eurizon Capital Real Asset SGR a mandate worth around €2.5 billion, which will take ECRA's assets to over €6.5 billion, making it a leading player in Italy.

The joint venture will generate synergies that will enhance the activities of the two Groups and Eurizon’s distribution capacity in the institutional and private banking markets.

The closing of the transaction, which is subject to obtaining authorisation from the supervisory authorities, is expected to take place by the end of the year and ECRA's share capital will be divided as follows:

• Poste Italiane Group 40% (corresponding to 24.50% of voting rights)
• Intesa Sanpaolo Vita at 40% (corresponding to 24.50% of voting rights)
• Eurizon at 20% (corresponding to 51% of voting rights).

The assets under management will be fully attributable to Eurizon Capital SGR, in whose financial statements ECRA will remain 100% consolidated.