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Intesa Sanpaolo sells Pravex-Bank, stake in Union Life
January 23, 2014 / 10:47 AM / 4 years ago

Intesa Sanpaolo sells Pravex-Bank, stake in Union Life

MILAN, Jan 23 (Reuters) - Italy’s Intesa Sanpaolo said on Friday it agreed to sell Ukrainian subsidiary Pravex-Bank to CentraGas Holding, a unit of Ukraine-based Group DF, for 74 million euros.

Italy’s biggest retail bank said it expects to complete the sale within three to six months. It said its consolidated income statement would record a negative contribution of about 100 million euros ($135.64 million) as a result.

Intesa also said it had signed a binding memorandum of understanding concerning the sale of a 19.9 percent stake in Chinese insurance company Union Life for 146 million euros.

Intesa confirmed it expected to record a net capital gain of around 150 million euros in the first half of 2014 from the sale of its stake in payment services group SIA. ($1 = 0.7372 euros) (Reporting by Isla Binnie)

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