October 7, 2015 / 6:11 PM / 3 years ago

UPDATE 1-Intesa's top shareholder seeking adviser to sell 4 pct stake

(Adds statement from banking foundation)

TURIN, Oct 7 (Reuters) - The top shareholder in Intesa Sanpaolo is seeking an adviser for the sale of a 4 percent stake in the Italian bank, an executive at banking foundation Compagnia di San Paolo said on Wednesday.

“We haven’t found the adviser yet for the sale of a 4 percent stake in Intesa San Paolo. By the end of the year we will communicate to the economy ministry details of the transaction,” Compagnia di San Paolo’s General Secretary Piero Gastaldo said.

A statement from the foundation later on Wednesday said it was not speeding up the sale, which it has until April 2018 to complete.

Compagnia di San Paolo owns around 9 percent of Intesa and must inform the economy ministry - which supervises banking foundations - about how it plans to cut its stake in Intesa Sanpaolo in line with a reform of banking foundations approved earlier this year.

The reform is aimed at making sure banking foundations reduce concentration risks in their holdings. (Reporting by Gianni Montani; writing by Francesca Landini, editing by Valentina Za and David Evans)

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