Intesa Sanpaolo SpA (ISP.MI) chief executive Corrado Passera said Thursday that the decision to relist its asset management unit, Banca Fideuram, was strategic, and that the securities-services unit was not core to the bank business.

"We delivered what we announced last year, that was to sell our depositary bank and maximize the value of Fideuram," Passera said.

Intesa Sanpaolo boards are scheduled to meet Feb. 9, to also decide the possible timetable of the listing, according to people with knowledge of the situation. According to analysts, Banca Fideuram could be worth around EUR3 billion.

Intesa Sanpaolo, Italy's largest bank with about 6,000 branches, in September announced a plan to boost its capital ratios, which included improving its ratios by 100 basis points through the sale of non-strategic assets or the listing of its units.

In December, the Milan-based bank announced the sale of its securities service operations to State Street Corp. (STT).

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