Italy’s Intesa Sanpaolo is mulling a flotation of its private banking unit to facilitate its expansion strategy.
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The move will help the lender expand through acquisition of an international wealth management brand in the US, the UK, Switzerland or Asia, reports Financial Times.
In an interview with the Financial Times, Intesa Sanpaolo CEO, Carlo Messina, said: "I am ready to consider the flotation of my private banking activity which is something that is a significant portion of the value of Intesa Sanpaolo.
"My clear targets are triple A countries outside the eurozone. That means the US, the UK, Switzerland and Asia. I’m evaluating different possibilities. I have nothing defined on the table but it is clear that this is a strategic priority for me."
According to Messina, the private bank’s IPO could enable it to pay for an acquisition using the unit’s more highly valued shares, instead of cash.
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By GlobalData"By making a flotation of my business I will also have a currency at the same value," said Messina.
The private arm, primarily serving wealthy Italian clients, has raised its assets under management from 6bn to 86bn in the first nine months of 2014.
