Intesa in Carifirenze Acquisition

July 27, 2007

Cleary Gottlieb represented Citigroup Global Markets Limited as financial advisor to Intesa Sanpaolo S.p.A in connection with Intesa’s purchase of a controlling stake in Banca CR Firenze S.p.A. (also known as Carifirenze). The deal was announced on July 27.

As a result of the acquisition, Intesa is expected to launch a mandatory cash tender offer for Carifirenze’s remaining shares.

Intesa, recently formed as a result of a merger between Banca Intesa and Sanpaolo IMI, is a leading Italian banking group with a strong presence in Central Eastern Europe and the Mediterranean basin.