September 5, 2014 / 11:52 AM / 3 years ago

Intesa Sanpaolo sticking to plans to exit Telecom Italia

CERNOBBIO, Italy, Sept 5 (Reuters) - Italy’s biggest retail bank Intesa Sanpaolo is sticking to its plans to exit Telecom Italia without any rush, the chairman of the bank’s management board said on Friday.

“Our plan says that we will shed all our non-banking shareholdings while trying to protect the value of our stakes,” said Gian Maria Gros-Pietro on the sidelines of the Ambrosetti forum in Cernobbio.

Intesa Sanpaolo is a member of the Telco vehicle that currently controls the Italian telecoms company.

The Italian partners in Telco - who also include Mediobanca and Generali - have recently signaled a desire to exit the unprofitable seven-year investment to focus on their core banking or insurance businesses.

Spain’s Telefonica is also a shareholder of Telco.

Reporting by Gianluca Semeraro, writing by Stephen Jewkes

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