Exec says Intesa Sanpaolo may partake in Sovcomflot privatization

SOCHI, Feb 28 (PRIME) -- Italian banking group Intesa Sanpaolo is interested in privatization of Russian shipping company Sovcomflot, Antonio Fallico, chairman of the board of directors of Intesa Sanpaolo’s Russian unit Banca Intesa, told reporters on Tuesday on the sidelines of the Russian Investment Forum.

Economic Development Minsiter Maxim Oreshkin said on Monday that the government will privatize 25% in Sovcomflot on the Moscow Exchange. Previously, Intesa acted as an investment advisor in privatization of 19.5% in oil major Rosneft and provided a 5.2 billion euro loan to buyers of the stake – the Qatar Investment Authority (QIA) and commodity trader Glencore.

Intesa will participate in any privatization deal in Russia if it is invited to it, including the deal on Sovcomflot. “We have had a meeting with them, but they have not made a decision yet. The company is not only looking at Intesa, but it cooperates with other banks, though it does not rule out our bank,” Fallico said.

Fallico said that the interest was expressed by both the bank and the company.

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