Intesa Sanpaolo Makes EUR150 Million Gain On Visa Europe Stake Sale
June 21 2016 - 12:16PM
Dow Jones News
By Giovanni Legorano
MILAN--Intesa Sanpaolo SpA said Tuesday the Italian lender sold
its 0.49% stake in Visa Europe to Visa Inc, making a net capital
gain of 150 million euros ($170 million).
The bank said it will book the gain on its second-quarter
results.
The transaction follows the agreement reached in May to sell two
payment units -- Setefi and Intesa Sanpaolo Card -- for EUR1.04
billion to a consortium comprising private-equity funds Advent,
Bain Capital and Clessidra.
In recent years, Intesa has increased its business focus on
lending, asset management and investment banking. In the past, its
management said it would have considered buying companies mainly
active in asset management, while exiting investments outside of
its core activity.
Write to Giovanni Legorano at giovanni.legorano@wsj.com
(END) Dow Jones Newswires
June 21, 2016 12:01 ET (16:01 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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