It is expected to wait for better market conditions to list Fideuram, Italy’s market-leading asset manager.
A spokesman for the bank said work on the initial public offering was going ahead as planned. No decision had been made on its timing or structure, he said.
In a separate move yesterday, major Russian agricultural group Rusagro postponed its $300m (£205m) public share offering because of jittery global markets that have been unsettled by the Eurozone debt crisis. Newspaper reports have said Intesa Sanpaolo, Italy’s biggest retail bank, will list Fideuram in June. But that is now thought likely to be delayed until after the summer due to current market conditions.
Listing Fideuram is a big part of plans by Intesa Sanpaolo to list, sell or set up partnerships for about €11bn (£9.4b) in non-core assets. The programme outlined last year is aimed at shoring up the Core Tier 1 ratio -- a measure of capital held against risky assets -- by 100 basis points. The ratio was 7.1 per cent in December.