Italian banking group Intesa Sanpaolo has agreed to sell a 5.7% stake in the Bank of Italy at a nominal value of nearly EUR430m ($459m).
The stake will be offloaded to a group of pension funds that includes Enpam, Inarcassa, Cassa Forense, Enpaia, Cassa dei Ragionieri, as well as Banca del Piemonte.
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The deal is currently subject to approval from Bank of Italy’s board of directors.
The share sale forms part of the bank’s strategy to dilute its holding in Bank of Italy in accordance with a law that requires lenders to reduce their holding in the central bank to below 3% within three years. At present, Intesa owns a 42.4% stake in the central bank.
In addition, the law, which secured the green light last year, also enabled banks to raise the value that they attributed to their stakes in their financial accounts.
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By GlobalData
