By Joshua Kirby 

Intesa Sanpaolo SpA's Sydney office is to become an operational branch and will be fully up and running in the first quarter of 2021, the Italian bank said Wednesday.

The transformation from representative office to operational branch was granted authorization by the Australian authorities in the last few days and will strengthen the bank's international network, the company said. The branch will be supervised by the Hong Kong hub.

"Australia is one of the most attractive international markets for Italian businesses," said Gianluca Cugno, head of the International Department within the IMI Corporate and Investment Banking division, adding that Intesa Sanpaolo will be the only Italian bank with a branch in the country.


Write to Joshua Kirby at; @joshualeokirby


(END) Dow Jones Newswires

December 30, 2020 05:32 ET (10:32 GMT)

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