MILAN, May 3 (Reuters) - Intesa Sanpaolo's asset
management unit Eurizon has bought the individual portfolio
management business of Sicilian lender Banca Agricola Popolare
di Ragusa (BAPR), the two companies said on Monday.
Through its Milan-based brokerage arm, BAPR managed assets
worth 430 million euros ($518 million) as of end-December, of
which around 170 million euros were individual portfolios for
the bank's customers, a joint statement said.
The deal, whose financial terms were not disclosed, is
effective as of May 1.
The BAPR's unit changing hands serves both retail and
institutional customers, the companies said, adding that BAPR
would continue to handle the needs of managed clients under the
new distribution agreement.
Eurizon said the transaction strengthened its position in
the asset management sector, in line with targets set under
Intesa's strategic plan through 2021.
Intesa's business model is geared towards fees earned
through wealth management and insurance, which has helped
Italy's biggest bank cope with the challenge that negative
interest rates pose to banks' core lending activity.
($1 = 0.8302 euros)
(Reporting by Sabina Suzzi; editing by Valentina Za)