Intesa Sanpaolo SpA (ISP.MI) Chief Executive Corrado Passera Friday said the bank isn't ruling out selected acquisitions and will continue to rationalize its existing presence in Italy.

"The bank aims to expand its operations via organic growth and also were it can find adequate [acquisition] opportunities," Passera said at the bank's general meeting.

Intesa Sanpaolo is Italy's largest retail bank with over 6,000 branches.

When asked for a comment on the sale of its securities services unit to U.S. financial services company State Street Corp. (STT), Passera said the bank is concentrating on operations it can handle efficiently.

"Those operations are part of a sector that is becoming more and more global," Passera said, adding that international participants in this sector are much bigger than Intesa Sanpaolo.

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