Intesa Sanpaolo S.p.A. (ISP.MI)

Intesa CEO says still trying to finalise Russian exit

Intesa Sanpaolo is working to dispose of its business in Russia but "bureaucratic steps" have so far prevented it from closing the deal, the CEO of Italy's biggest bank said. Reuters first reported in August that Intesa was getting closer to securing approval to transfer its Russian business to local management and in September President Vladimir Putin signed a decree authorising transactions involving the assets. CEO Carlo Messina told Bloomberg Television that Intesa had cut its overall exposure to Russia to a "negligible" level, but had not managed to severe ties yet with the local subsidiary.