By Joshua Kirby

Intesa Sanpaolo SA said Monday that it has concluded the acquisition of Prudential Financial Inc.'s 35% stake in Pramerica SGR, taking it to 100% ownership of the Italian asset-management company.

The Italian bank said the transaction is part of a commitment to being one of Europe's leading wealth-management and protection companies, as well as supporting its business model of full ownership of its product factories.

Intesa didn't disclose the financial details of the deal.

Write to Joshua Kirby at joshua.kirby@dowjones.com; @joshualeokirby

(END) Dow Jones Newswires

March 29, 2021 09:03 ET (13:03 GMT)

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