Italian bank Banca Popolare di Milano has signed an agreement with Intesa Sanpaolo to buy Intesa’s online trading unit IntesaTRADE SIM SpA for €45 million ($58 million).
The deal completes BPM’s offering of services and financial products sold via the Internet, adding to those provided by its online unit Webank, BPM said in a statement on Monday.
“The acquisition of IntesaTRADE SIM has a negligible impact on BPM’s capital ratios and therefore does not change the target to reach a core tier 1 higher than 6% at the end of 2008,” it said.
In 2007 IntesaTRADE reported gross revenue of €30 million, managed assets of €1.2 billion, 35,000 customers and more than 3 million orders, it said. (Reuters)