Intesa Sanpaolo Sydney Office to Become Operational Branch
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 email@example.com;
(END) Dow Jones Newswires
December 30, 2020 05:32 ET (10:32 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.