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Sanpaolo buys IEB majority stake

Sanpaolo IMI Internazionale, a wholly-owned subsidiary of Intesa Sanpaolo, a bank created from the merger of the Italian banks Sanpaolo IMI and Banca Intesa, acquired on January 1 an 85.9% stake in Inter-Europa Bank (IEB), according to an announcement in trade gazette Tőzsdepiac.

In addition to IEB the Italian bank also owns another bank in the country, CIB Bank, which was formerly the unit of Banca Intesa. The merged Italian bank has not revealed any information on a possible merger of the two Hungarian banks. (Econews)