Intesa Sanpaolo SpA (ISP.MI) said Friday its management and supervisory boards approved the sale of the bank's securities services unit and that the deal could be announced in the coming days.

As reported earlier, according to people with knowledge of the situation, Intesa Sanpaolo is in advanced talks with U.S. group State Street Corp. (SST) in a deal worth up to EUR1.8 billion.

The sale of non-core assets was announced by Intesa Sanpaolo Chief Executive Corrado Passera earlier this year as part of a plan to strengthen the bank's capital ratios.

In September Intesa Sanpaolo said it was also going to evaluate the possibility of selling or listing its asset management unit Banca Fideuram. Friday Passera said that an initial public offering of Fideuram was likely.

When asked about the size of the assets repatriated from the tax amnesty plan that ended Dec 15, Passera said he expected about EUR10 billion inflows from the plan.

The Italian government is expected to release figures of assets repatriated as of Dec 15 late Friday.

Company Web site: www.intesasanpaolo.com

-By Sabrina Cohen, Dow Jones Newswires, +39 02 5821 9906; sabrina.cohen@dowjones.com
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