Putin allowed transactions with 100% shares of Bank Intesa – Kommersant
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Russian President Vladimir Putin has issued permission to conduct operations with a 100% stake in a subsidiary of the Italian bank Intesa Sanpaolo in Russia. Document published on the official legal information portal.
“To allow transactions (operations) entailing directly and (or) indirectly the establishment, change, termination or encumbrance of the rights of ownership, use and (or) disposal of 100% of the shares of the Banca Intesa joint stock company,” the document says.
2 August Intesa Sanpaolo announced about the decision to close its representative office in Moscow within a few months. The organization assured that this will not affect activities in Russia, while the bank will continue to reduce operations related to the Russian Federation. The decision, as noted by Reuters, was made without the necessary permission from Moscow for a complete exit from the Russian subsidiary, which is required as part of the country’s restrictions on the alienation of assets.
Joint Stock Company “Banca Intesa”, according to data website Bank of Russia has six branches and 21 additional offices in the country.
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