Intesa Sanpaolo is to sell its securities services business to State Street, according to reports in the Wall Street Journal. When asked, State Street declined to comment on market rumour or speculation. A meeting of the Intesa Sanpaolo Management Board on Friday resolved to sell the Groups securities services business and gave a mandate to CEO and Managing Director Corrado Passera to finalise the relative agreement. Local media quote the sale for around 1.75 billion.
According to Intesa Sanpaulo chief executive Corrado Passera, the sale of asset management unit Banca Fideuram is also a possibility.
State Street has recently bought Mourant International Finance Administration, making it the worlds largest alternative asset administrator at around $600 billion.