ROME (AP): Banca Intesa SpA and fellow lender Sanpaolo IMI SpA said Saturday they had agreed to merge, creating Italy's biggest bank with about US$650 billion (euro509 billion) in combined assets.
The banks said the new group would have a 20 percent share of the market and be based in Turin in northern Italy, and added that the merger would be complete by the end of the year or by early 2007. It also said it would have a market capitalization of over euro60 billion (US$76.6 billion).
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